Common use of Sale of Vessel Clause in Contracts

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.