Common use of Cancellation in case of sale of a Vessel Clause in Contracts

Cancellation in case of sale of a Vessel. If a Vessel is sold by the relevant Owner with the prior consent of the Majority Lenders (which consent is not to be unreasonably withheld or delayed), then the Borrower will concurrent with completion of the sale cancel and prepay the relevant Tranche in accordance with Clause 4.3 and Clause 13.1. Subject to Clause 4.4, prepayment of a Tranche consequent upon the permitted sale of the relevant Vessel shall absolve the Borrower from any liability to pay prepayment fees or costs other than legal, registration or other costs incurred in relation to the release and discharge of the Security Documents and the release of the relevant Lower Saxony Guarantee.

Cancellation in case of sale of a Vessel. If a Vessel is sold by the relevant Owner with the prior consent of the Majority Lenders (which consent is not to be unreasonably withheld or delayed), then the Borrower will concurrent with completion of the sale cancel and prepay the relevant Tranche amount in accordance with Clause 4.3 3.3 and Clause 13.1. Subject to Clause 4.43.4, prepayment of a Tranche the relevant amount consequent upon the permitted sale of the relevant Vessel shall absolve the Borrower from any liability to pay prepayment fees or costs other than legal, registration or other costs incurred in relation to the release and discharge of the Security Documents and the release of the relevant Lower Saxony GuaranteeDocuments.