For the Fractional Partner Program, the owner of the fractional share has two paths to exit:
OPTION 1 by SALE OF OWNER'S FRACTIONAL SHARE: This is, in effect, the sale of the owner's share of partnership interest which can be done at any time. The buyer of the share then continues under the same Fractional Partner Agreement terms.
OPTION 2 by SALE/DISPOSAL OF THE YACHT BY THE MAJORITY PARTNERS: The owners of the majority of the partnership shares may, at anytime, collectively decide to sell or dispose of the yacht following the terms of the Fractional Partner Program Agreement, which ensure that the rights of minority fractional shareholders are respected. If FYG is a minority shareholder, the yacht's ownership cannot be transferred until all charter bookings car completed.
For all exit OPTIONS: Until the partnership relocates the yacht, the it will remain responsible for dockage in accordance with the marina lease terms. The FYG fleet insurance must be maintained until the yacht's last charter booking is completed; after that, the insurance premium can be refunded on a pro-rated basis. It is necessary to provide evidence of alterante insurance (beginning after the fleet coverage ends) in order to continue using the marina dockage.