Common use of Requisition of Title Clause in Contracts

Requisition of Title. In the event that title to the Vessel is requisitioned or seized by any Governmental Authority (or the Vessel is seized by any Person, entity or Governmental Authority under circumstances that are equivalent to requisition of title), the Vessel shall be off-Hire during the period of requisition and, if no assignment of this Charter can be made on terms acceptable to Charterer within a period of *****, then Charterer shall have the option, upon written notice to Owner, to terminate the Charter without payment of the Compensation Fee or any other fee or payment whatsoever, such termination shall be effective upon the date of such requisition.

Requisition of Title. In the event that title to the Vessel is requisitioned or seized by any Governmental Authority (or the Vessel is seized by any Person, entity or Governmental Authority under circumstances that are equivalent to requisition of title), the Vessel shall be off-Hire during the period of requisition and, if no assignment of this Charter Agreement can be made on terms acceptable to Charterer Customer within a period of *****, then Charterer Customer shall have the option, option upon written notice to Owner, Contractor to terminate the Charter this Agreement without payment of the Compensation Fee or any other fee or payment whatsoever, such termination shall be effective upon the date of such requisition.