Within the Guaranteed Income Program, the owner has two primary paths to exit:
OPTION 1 by WITHDRAWAL FROM THE PROGRAM: Owners of yachts under the Guarnateed Income Program Management Agreement may exit the program at any time with six months notice to FYG. This period is necessary to ensure that all charters that have been booked by FYG can be completed. If there are no charters pending, the agreement may be terminated sooner. .
OPTION 2 by SALE OF THE LLC: This is, in effect, the sale of the yacht. The owner of a yacht may sell the LLC established to own and operate the yacht at any time. The buyer of the LLC can then continue in the Guaranteed Income Program under the same terms or choose to terminate per OPTION 1 above.
For all exit OPTIONS: Until the owner relocates the yacht, the owner will remain responsible for dockage in accordance with the marina lease terms. The 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. The current owner will need to provide evidence of personally provide insurance (beginning after the fleet coverage ends) in order to continue using the marina dockage