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 Agreement can be made on terms acceptable to Customer within a period of *****, then Customer shall have the option upon written notice to Contractor to terminate this Agreement without payment of any fee whatsoever, such termination 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 Agreement Charter can be made on terms acceptable to Customer Charterer within a period of *****, then Customer Charterer shall have the option option, upon written notice to Contractor Owner, to terminate this Agreement 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.