Sale of Vessel Sample Clauses

Sale of Vessel. (a) If Builder terminates this Contract as provided in this Article XI, Builder shall have the full right and power either to construct/complete or not to construct/complete the Vessel and the full right and power either to sell or not to sell the Vessel (in its completed or uncompleted state, as the case may be) at any stage. Builder shall be entitled to construct the Vessel without engaging any independent construction supervisors or inspectors. If Builder engages such supervisors or inspectors, the reasonable costs of such engagement shall form part of the costs of sale which Builder is entitled to recover from Buyer. In the event that the Builder decides to sell the Vessel in its uncompleted state or to construct/complete and sell it under a shipbuilding contract with a new purchaser, Builder shall be entitled to engage newbuilding brokers to find a suitable purchaser and/or to achieve such sale (whether by way of a new shipbuilding contract or otherwise). All and any money payable to such brokers under or in relation to such engagement and/or such sale shall constitute part of the costs of sale which Builder is entitled to recover from Buyer. In the event that Builder sells the Vessel as described above, that part of the contract price for sale of the Vessel which corresponds to the changes (if any) made to the Specifications after the termination of the Contract shall be excluded from calculating the proceeds of the sale of the Vessel which are to be applied as prescribed below. (b) In the event of the sale of the Vessel in its completed state, the proceeds of sale received by Builder shall be applied firstly to payment of all costs and expenses attending such sale and otherwise incurred by Builder as a result of Buyer’s default, and secondly to payment of: (i) all unpaid Instalments and interest on such Instalments at the rate of six percent (6%) per annum from the respective due dates thereof to the date of application; and (ii) all and any other payment of money which Builder would have been entitled to receive from Buyer had the Contract been performed in full without being terminated. (c) In the event of the sale of the Vessel in its incomplete state, the proceeds of sale received by Builder shall be applied firstly to payment of all costs and expenses attending such sale and otherwise incurred by Builder as a result of Buyer’s default, and secondly to payment of: (i) all costs of construction of the Vessel less the Instalment(s) retained by Bui...

Sale of Vessel. The Borrower shall not sell the Vessel without the prior written consent of the Lenders unless the sale proceed covers the Loans and subject to Clause 7.3.

Sale of Vessel. If the BUILDER terminates this CONTRACT as provided in this Article XI, the BUILDER shall have the full right and power either to complete or not to complete the VESSEL which is the sole property of the BUILDER as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the BUILDER thinks fit without being answerable for any loss or damage. The proceeds received by the BUILDER from the sale shall be applied in addition to the instalment(s) retained by the BUILDER as mentioned hereinabove as follows : -

Sale of Vessel. 4.1 In the event of a sale by the Owner of any Vessel moored or stored at the Marina, the Owner shall pay to the Company upon request a commission of 2% of the net sale price or value realised or £250 (whichever is the greater) and VAT thereon unless sold through the Company’s nominated broker at each marina. 4.2 The Owner shall be permitted to arrange a sale of the Vessel during the term of this Contract. The Owner expressly agrees that he or his authorised agent shall be present at all times when the Boat or its equipment is viewed or demonstrated for the purpose of the sale and in no circumstance shall the Owner display any ‘For Sale’ or similar notice on or in the Vessel or any other part of the Marina, unless previously agreed with the Marina or the nominated broker. 4.3 Within seven days of any sale, transfer or mortgage of any Vessel, the Owner shall notify the Company in writing of the name and address of the purchaser, transferee or mortgagee, as the case may be if the new purchaser is remaining at the Marina

Sale of Vessel. 7.1 If the First Mortgagee decides (in its sole and absolute discretion) to exercise its power of sale of the Vessel, or if the Owner (with the prior consent of the First Mortgagee) wishes to sell the Vessel, the Second Mortgagee agrees to co-operate fully with the First Mortgagee and the Owner in connection with that sale by (without limitation) executing all documents required by the First Mortgagee not later than the date of completion of the sale to enable the First Mortgagee or the Owner to transfer title in the Vessel to the purchaser free of all encumbrances, debts and liens in favour of the Second Mortgagee. 7.2 The First Mortgagee will give the Second Mortgagee reasonable prior notice of any intended sale of the Vessel and a further notice when the price and terms of sale have been agreed in outline but before any binding agreement for the sale has been entered into. The Second Mortgagee will within five (5) Business Days from the date of such further notice: 7.2.1 give its consent to the sale at the agreed price and on the agreed terms; or 7.2.2 pay to the First Mortgagee a sum equal to the lower of the agreed sale price of the Vessel and the amount of the Senior Indebtedness. On receipt of payment in full of the sum referred to in Clause 7.2.2 the First Mortgagee will at the expense of the Second Mortgagee procure the assignment or transfer by the First Mortgagee to or to the order of the Second Mortgagee of their rights under the Senior Security Documents. 7.3 If the First Mortgagee does not receive the consent or payment required by Clause 7.2 within the time stipulated by Clause 7.2 the Second Mortgagee will be deemed to have given its consent to the proposed sale. 7.4 At or before the time of delivery of the Vessel to any purchaser pursuant to Clause 7.2, notwithstanding Clause 7.1, the Second Mortgagee will deliver to the First Mortgagees all other documents required by the First Mortgagee in recordable form for registration (if necessary) to enable the First Mortgagee and/or the Owner to provide the purchaser with evidence that the Vessel is free of all encumbrances, debts and liens in favour of the Second Mortgagee. 7.5 The proceeds of any sale of the Vessel by the First Mortgagee or by the Owner shall be held in trust by the First Mortgagee to be applied as follows: 7.5.1 first, in or towards reimbursement of the expenses of the First Mortgagee in connection with the sale, including claims ranking in priority to the claims of the First M...

Sale of Vessel. Should Vessel Owner sell or otherwise transfer interest in Vessel, Vessel Owner may upon written approval of Manager, continue renting the Slip provided Vessel Owner obtains a new vessel of size appropriate for the Slip within 90 days. Failure to purchase a new vessel within 90 days and/or provide adequate documentation of purchase transaction shall be considered grounds for immediate termination of this Agreement.

Sale of Vessel. Xxxxx hereby offers the Vessel for sale to Seaspan and Seaspan hereby accepts such offer and buys the Vessel from Xxxxx.

Sale of Vessel. If the Senior Mortgagees decide (in their sole and absolute discretion) to exercise their power of sale of the Vessel, or if the Owner (with the prior consent of the Senior Mortgagees) wishes to sell the Vessel, the Fourth Mortgagee agrees to co-operate fully with the Senior Mortgagees (acting in accordance with the Prior Co-ordination Deeds) and the Owner in connection with that sale by (without limitation) executing all documents required by the Senior Mortgagees not later than the date of completion of the sale to enable the Senior Mortgagees or the Owner to transfer title in the Vessel to the purchaser free of all encumbrances, debts and liens in favour of the Fourth Mortgagee.

Sale of Vessel. In the event a Moorage Tenant sells the Vessel in the assigned Slip, the Moorage Tenant must notify Marina Management of the sale and pro- vide the bill of sale with a request to transfer the Slip into the new owner's name. However, the person purchasing the Vessel from the Moorage Tenant will not automatically acquire any rights to the moorage Slip as all Moorage Agreements must be approved of by Port of Kennewick. Once it has been determined that the new Vessel owner will be allowed to retain the Slip, the Port Office will complete the required paperwork: including written termination by the cur- rent Moorage Tenant, and signing of a new Moorage Agreement by the new Moorage Tenant .

Sale of Vessel. If the Lease is terminated and the vessel and other property at the slip is not removed within thirty (30) days, the vessel and such property may be sold. The provisions of Section 328.17, Florida Statutes, regarding non-judicial sale of vessels, shall apply to this rental agreement. The lessee covenants that the Lessee is