SALE OF THE VESSEL. (a) In the event of rescission of this Contract as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned to the BUYER thereby. In the case of sale of the VESSEL, the SELLER shall give telefax or written notice to the BUYER.
(b) In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the SELLER shall be applied firstly to payment of all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all unpaid instalments and/or unpaid balance of the Contract Price and interest on such instalment at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.
(c) In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER's default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalments so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss or profit due to the rescission of this Contract.
(d) In either of the above events of sale, if the proceeds of sale exceed the total of the amounts to which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of instalments already paid by the BUYER and the cost of the BUYER's supplies, if any.
(e) If the proceeds of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER shall promptly pay the deficiency to the SELLER upon request.
SALE OF THE VESSEL. The Owners shall have no right to sell the vessel during term of this Charter or any extension thereof without the Charterers’ prior written consent, whose consent may be withheld at the Charterers’ sole discretion. For the purpose of this Clause 93, any sale, assignment, transfer, conveyance or disposition of the shares of the Owners, directly or indirectly through intermediate holding companies, by their sole shareholder Arlington Tankers, Inc. to any third party not controlled by Arlington Tankers, Inc. shall be deemed a sale of the vessel This clause 93 shall not prohibit in any way the mortgaging or hypothecation of the vessel to a financial institution pursuant to a financing transaction related to the purchase of the vessel by the Owners.
(A) In the event any improvement, structural change or the installation of new equipment is imposed by compulsory legislation and/or class rules, Charterers shall have the right to require that the Owners effect such improvement, structural changes or installations. The Charterers shall fully reimburse the Owners for the total cost of all such improvements, structural changes or installations up to USD100,000 in any calendar year. To the extent that the total cost of all such improvements, structural changes or installations exceed USD100,000 in any calendar year, the Charterers shall reimburse the Owners in an amount equal to the product of (i) the cost of such improvements, structural changes or installations and (ii) a fraction, the numerator of which shall be the number of whole months remaining in the charter period at the time of completion of such improvement, structural change or installation (the “Remaining Charter Period”) and the denominator of which shall be the number of whole months remaining in the depreciation period of the vessel (calculated as 25 years from the year the vessel was built) at the time of completion of such improvement, structural change or installation (such product, the “Reimbursement Payment”) and the balance of the cost of such improvement, structural change or installation shall be paid by the Owners. If the Charterers have made a payment to the Owners pursuant to the preceding sentence and following such payment the charter period is extended as a result of the exercise by the Charterers of their option rights under Clause 49 hereof, the Charterers shall pay additional compensation to the Owners in an amount equal to the difference between the Reimbursement Payment paid by the ...
SALE OF THE VESSEL. The Seller hereby agrees to sell to the Buyer and the Buyer hereby agrees to buy from the Seller the Vessel described below pursuant to the terms and conditions of this MOA: Name of vessel: "Hilli" IMO Number: 7382720 Classification Society: DET NORSKE VERITAS Class notation: 1A1 Tanker for liquefied gas New Class notation (following conversion of the Vessel pursuant to the terms of the Conversion Contracts): OI Ship-Shaped LNG Production and Storage Unit, "POSMOOR" Year of build: 1975 Original builder: MXXX RXXXXXXXX VERFT - Norway Year of conversion: 2017 Conversion yard: Keppel Shipyard Limited, Singapore Flag: Mxxxxxxx Islands Place of registration: Majuro The Vessel will be delivered simultaneously under this MOA and the Bareboat Charter. The Vessel will on the Delivery Date be delivered by the Seller to the Buyer. Subject to compliance with the conditions in Clause 4 of this MOA, on the Delivery Date the Buyer shall accept and take delivery of the Vessel from the Seller, and the Vessel shall be deemed to be delivered under the Bareboat Charter by the Buyer to the Bareboat Charterer.
SALE OF THE VESSEL. In the event of a sale or other disposal of the Vessel, or in case of refinancing by another bank or if the Borrower requests the Lender's consent for the discharge of the Mortgage on the Vessel, the Borrower shall prepay the Outstanding Indebtedness.
SALE OF THE VESSEL. The Seller shall sell to the Buyer and the Buyer shall purchase from the Seller the Vessel. The Seller is not required to replace spare parts, but any replaced item shall be the property of the Buyer.
SALE OF THE VESSEL. OWNERS SHALL HAVE THE RIGHT TO SELL THE VESSEL DURING THE COURSE OF THIS CHARTER WITH TRANSFER OF THE CHARTER ATTACHED, SUBJECT TO CHARTERERS’ APPROVAL OF THE TRANSFER (SAID APPROVAL NOT TO BE UNREASONABLY WITHHELD).
SALE OF THE VESSEL. (a) Upon any termination of the leasing of the Vessel (or, as the case may be, the right of the Lessee to take the Vessel on lease) under this Agreement through effluxion of time or otherwise (but in the case of a Total Loss, only to the extent that the Lessor is free to dispose of the same) the Vessel shall be sold in accordance with the remaining provisions of this Clause 19.2.
(b) To the extent of its entitlement to act as the Lessor's sales agent in accordance with paragraph (d) below, the Lessee shall have the right to decide the means, timing and terms of disposal of the Vessel subject always to compliance with paragraphs (c) and (d) below and all the other provisions of this Agreement.
(c) Any sale pursuant to this Clause 19 shall comply with the following conditions:
(i) the sale shall be at a cash price payable by the purchaser in full on completion in Dollars or such other currency as the Lessor may agree (such agreement not to be unreasonably withheld) direct to the Lessor;
(ii) the sale shall be at a price which (excluding VAT or other similar taxes wheresoever and howsoever arising) shall be not less than open market value of the Vessel;
(iii) the sale may be to any person other than:
(A) the Lessee; or
(B) the Sub-Lessee; or
(C) any person who is purchasing on behalf of or in trust for the Lessee or the Sub-Lessee; or
(D) any person who is purchasing as part of an arrangement under which title will or may pass to any of the persons mentioned in (A), (B) or (C) above;
(iv) the sale shall be made without any condition, representation, recourse or warranty whatsoever to or on the part of the Lessor or any member of the Lessor's Group upon terms which do not otherwise expose the Lessor to any liability, including but not limited to any Tax Liability (excluding Corporation Tax chargeable on capital gains and any Tax Liability from a disposal for capital allowances purposes), which it would not have had but for execution of the relevant sale documents (save for liability for breach of the warranty set out in this Clause 19.2(c)) and otherwise without any representation, recourse or warranty whatsoever to or on the part of the Lessor other than a warranty that the Lessor shall pass such title to the Vessel as the Lessor has acquired pursuant to the Shipbuilding Contract and the Novation Agreement and this Agreement subject to all Vessel Liens, save for Lessor's Vessel Liens;
(v) a sale shall be on an "as is, where is and with all faults" basis and, ...
SALE OF THE VESSEL. 2.1 The Seller hereby agrees to sell to the Buyer and the Buyer hereby agrees to buy from the Seller the Vessel described below pursuant to the terms and conditions of this MOA: Name of vessel: “Golar Eskimo” IMO Number: 9624940 Classification Society: DET NORSKE VERITAS Class notation: Gas Carrier Year of build: 2014 Builder: Samsung Heavy Industries Co. Ltd. Flag: Mxxxxxxx Islands
SALE OF THE VESSEL. In the event of cancellation or rescission of this Contract by the SELLER as above provided, the SELLER shall have full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage occasioned thereby. In any case the SELLER shall use all reasonable endeavours to secure the best price obtainable. In the case of sale of the VESSEL, the SELLER shall give reasonable early written notice by letter, telefax or telex, to the BUYER but the BUYER or any Companies within its group of any of its related parties shall not be entitled to bid for the VESSEL at a public auction or to make an offer to buy the VESSEL if it receives notice from the SELLER of its intention to sell it privately.
SALE OF THE VESSEL. The Seller hereby agrees to sell the Vessel to the Buyer and the Buyer hereby agrees to buy the Vessel described below pursuant to the terms and conditions of this Agreement: Name of vessel: Golar Nanook IMO Number: 9655808 Classification Society: DNV GL Class Notation: X1A1, Tanker for Liquefied Gas Ship type 2G (Membrane tank, Maximum pressure 70kPaG, Minimum temperature -163°C and Specific gravity 500kg/m3), NAUTICUS (Newbuilding), EO, BIS, TMON, COAT-PSPC(B), GAS FUELLED, COMF-V(3)C(3), CSA-2, XXXXX, Recyclable, BWM-E(s) Year of Build: 2018 Builder/Yard: Samsung Heavy Industries Co. Ltd Flag: the Xxxxxxxx Islands
