Common use of Vessel Requisition Clause in Contracts

Vessel Requisition. During the continuance of (1) a taking or requisition of the use of any Vessel by any government or governmental body, or (2) a charter, with the Mortgagee’s prior consent, of the use of any Vessel by the Government, the provisions of this Section shall be deemed to have been complied with in all respects if such government or governmental body shall have agreed to reimburse, in a manner approved by the Mortgagee in writing, the Mortgagor for loss or damage covered by the insurance required hereunder or resulting from the risks under Subsections (a) and (d) of this Section or if the Mortgagor shall be entitled to just compensation therefor. In addition, the provisions of this Section shall be deemed to have been complied with in all respects during any period after (A) title to any Vessel shall have been taken or requisitioned by any government or governmental body or (B) there shall have been an actual or constructive total loss or an agreed or compromised total loss of any Vessel. In the event of any taking, requisition, charter or loss contemplated by this Subsection, the Mortgagor shall promptly furnish to the Mortgagee an Officer's Certificate stating that such taking, requisition, charter or loss has occurred and, if there shall have been a taking, requisition or charter of the use of any Vessel, that the government or governmental body in question has agreed to reimburse the Mortgagor, in a manner approved by the Mortgagee, for loss or damage resulting from the risks under Subsections (a) and (d) of this Section or that the Mortgagor is entitled to just compensation therefor.

Vessel Requisition. During the continuance of (1) a taking or requisition of the use of any Vessel by any government or governmental body, or (2) a charter, with the MortgageeAdministrator’s prior consent, of the use of any Vessel by the Government, the provisions of this Section shall be deemed to have been complied with in all respects if such government or governmental body shall have agreed to reimburse, in a manner approved by the Mortgagee Administrator in writing, the Mortgagor Shipowner for loss or damage covered by the insurance required hereunder or resulting from the risks under Subsections (a) ), (b), and (de) of this Section or if the Mortgagor Shipowner shall be entitled to just compensation therefor. In addition, the provisions of this Section shall be deemed to have been complied with in all respects during any period after (A) title to any Vessel shall have been taken or requisitioned by any government or governmental body or (B) there shall have been an actual or constructive total loss or an agreed or compromised total loss of any Vessel. In the event of any taking, requisition, charter or loss contemplated by this Subsection, the Mortgagor Shipowner shall promptly furnish to the Mortgagee Administrator an Officer's Certificate stating that such taking, requisition, charter or loss has occurred and, if there shall have been a taking, requisition or charter of the use of any Vessel, that the government or governmental body in question has agreed to reimburse the MortgagorShipowner, in a manner approved by the MortgageeAdministrator, for loss or damage resulting from the risks under Subsections (a) ), (b), and (de) of this Section or that the Mortgagor Shipowner is entitled to just compensation therefor.