Common use of ASSIGNMENT WITH EFFECT FROM DELIVERY Clause in Contracts

ASSIGNMENT WITH EFFECT FROM DELIVERY. Provided that the BUYER shall remain responsible for the performance of all obligation under this Contract (including but not limited to paying all installments and execution of the Protocol of the Delivery and Acceptance) and further that the SELLER’s right to receive all installments (including the delivery installment) from the BUYER and all rights and benefits hereunder are not in any way prejudiced and the SELLER’s prior consent in writing, the BUYER shall be entitled to sell its interest in this Contract to a third party with effect from delivery of the VESSEL and the SELLER will upon request of the BUYER issue delivery documents in favor of such third party and deliver the VESSEL to such third party. In such event and upon delivery of the VESSEL, all rights of the BUYER shall be transferred to such third party and the BUYER shall cease to have any right in and under this Contract,

ASSIGNMENT WITH EFFECT FROM DELIVERY. Provided that the BUYER shall remain responsible for the performance of all obligation under this Contract (including but not limited to paying all installments and execution of the Protocol of the Delivery and Acceptance) and further that the SELLER’s right to receive all installments (including the delivery installment) from the BUYER and all rights and benefits hereunder are not in any way prejudiced and the SELLER’s prior consent in writing, the BUYER shall be entitled to sell its interest in this Contract to a third party with effect from delivery of the VESSEL and the SELLER will upon request of the BUYER issue delivery documents in favor of such third party and deliver the VESSEL to such third party. In such event and upon delivery of the VESSEL, all rights of the BUYER shall be transferred to such third party and the BUYER shall cease to have any right in and under this Contract,.