Sale of Vessel. In the event of rescission of the Contract as above provided, the Builder shall have the option to sell the Vessel and all property thereof, either at private sale or public auction. Before private sale, the resale price of the Vessel shall be verified by statements of international brokers and shall be mutually agreed between the Builder and the Owner. If the Builder sells at public auction, the Owner may purchase the Vessel at such auction. Such invitation to attend shall include the place and date at which the auction will be held, which date shall not be less than 30 calendar days from the date on which invitation to attend is forwarded to the Owner. The Owner shall, forthwith upon receipt of such invitation, acknowledge by telex that the same has been received. The sale at auction may be made by the Builder upon such terms and conditions as the Builder shall reasonably deem fit, and the proceeds thereof obtained at either the public auction or private sale shall be applied to :
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 : - First, in payment of all reasonable costs and expenses of the sale of the VESSEL, including interest thereon at five per cent (5%) per annum from the respective date of payment of such costs and expenses aforesaid to the date of sale on account of the BUYER's default. Second, if the VESSEL has been completed, in or towards satisfaction of the unpaid balance of the CONTRACT PRICE, to which shall be added the cost of all additional work and extras agreed by the BUYER including interest thereon at five per cent (5%) per annum from the respective DUE DATE of the instalment in default to the date of sale, or if the VESSEL has not been completed, in or towards satisfaction of the unpaid amount of the cost incurred by the BUILDER prior to the date of sale on account of construction of the VESSEL, including work, labour, materials and reasonably estimated profit which the BUILDER would have been entitled to receive if the VESSEL had been completed and delivered plus interest thereon at five per cent (5%) per annum from the respective DUE DATE of the instalment in default to the date of sale. Third, the balance of the proceeds, if any, shall belong to the BUYER, and shall forthwith be paid over to the BUYER by the BUILDER. In the event of the proceeds from the sale together with instalment(s) retained by the BUILDER being insufficient to pay the BUILDER, the BUYER shall be liable for the deficiency and shall pay the same to the BUILDER upon its demand. (End of Article)
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. 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.
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. In the event of rescission of this Contract as provided above, 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. When the sale of the Vessel is made, the proceeds shall be received by the Seller and shall be applied by the Seller as follows:
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.
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.
Sale of Vessel. 7.1 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. 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.
