Requisition Compensation Clause Samples

Requisition Compensation to assign and provide that Requisition Compensation is applied in accordance with Section 28 hereof as if received in respect of the sale of the Vessel.

Requisition Compensation shall be held by it upon trust in the first place to pay or make good the Expenses and the balance shall be applied by the Mortgagee in the manner specified in clause 2.10 of the Corporate Guarantee.

Requisition Compensation shall (subject to the First General Assignment) be held by it upon trust in the first place to pay or make good the Expenses and the balance shall be applied by the Mortgagee in the manner specified in clause 2.10 of the Corporate Guarantee.

Requisition Compensation includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph

Requisition Compensation. Subject to the rights of the First Mortgagee under the First Mortgage and the First Deed of Assignment, in the event that the title or ownership of the Vessel shall be requisitioned, purchased or taken by any government of any country or any department, agency or representative thereof, pursuant to any present or future law, proclamation, decree, order or otherwise, the lien of this Second Mortgage shall be deemed to attach to the claim for compensation therefore, and the compensation is hereby agreed to be payable to the Second Mortgagee, who shall be entitled to receive the same and shall apply it as provided in Section 9 of this Article III. In the event of any such requisition, purchase or taking, the Owner shall promptly execute and deliver to the Second Mortgagee such documents, if any, as in the opinion of the Second Mortgagee may be necessary or useful to facilitate or expedite the collection by the Second Mortgagee of such compensation, purchase price, reimbursement or award as is payable to them hereunder.

Requisition Compensation shall be held by it upon trust in the first place to pay or make good the Expenses and the balance shall: (a) in the case of moneys received in respect of recovery under the Insurances in relation to a Total Loss of the Ship or her Requisition Compensation: (i) if no Default has occurred and is continuing, be applied in making such prepayment as is required in accordance with clause 4.3 of the Loan Agreement and in or towards any payments required under clause 4.4 of the Loan Agreement; or (ii) if a Default has occurred and is continuing but no Event of Default has occurred and is continuing, be retained by the Mortgagee on a suspense account until such time as such Default is remedied and no other Default has occurred and is continuing (whereupon such moneys shall be applied in making such prepayment as is required in accordance with clause 4.3 of the Loan Agreement and in or towards any payments required under clause 4.4 of the Loan Agreement) provided that, until applied in accordance with clause 4.3 of the Loan Agreement and in or towards any payments required under clause 4.4 of the Loan Agreement or paragraph (b) below, moneys so retained shall be applied by the Mortgagee in or towards satisfaction of any sums from time to time accruing due and payable by the Owner under the Security Documents or any of them by virtue of payment demanded thereunder; or (b) in any other case or if an Event of Default has occurred, be applied by the Mortgagee in the manner specified in clause 13.1 of the Loan Agreement or (at the absolute discretion of the Mortgagee) paragraph (a)(ii) above.

Requisition Compensation without prejudice to clause 2.

Requisition Compensation includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of " ". " Authority " means any body which has authority to exercise any Write-down and Conversion Powers. " " means a person: (a) that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person); (b) located, organised or resident in a country or territory that is the target of Sanctions that broadly prohibit dealings with that country or territory (currently, Crimea, Cuba, Iran, North Korea, Syria, Donetsk and Luhansk); or (c) that is directly or indirectly owned or controlled by a person referred to in (a) and/or

Requisition Compensation includes all compensation or other moneys payable to a Guarantor by reason of any Requisition or any arrest or detention of a Ship in the exercise or purported exercise of any lien or claim. " Authority " means any body which has authority to exercise any Write-down and Conversion Powers. " " means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). "