Common use of Appointment of Valuers Clause in Contracts

Appointment of Valuers. When valuations of a Mortgaged Ship are required for the purposes of this clause 25, the Agent and the Borrower shall promptly each nominate an Approved Valuer to provide such valuations and the Borrower shall be responsible for appointing such nominated Approved Valuers and obtaining the required valuations of the Mortgaged Ship. If the Borrower fails to do so promptly, the Agent may appoint both Approved Valuers to provide the required valuations.

Appointment of Valuers. When valuations of a Mortgaged Ship are required for the purposes of this clause 2526, the Agent and the Borrower Borrowers shall promptly each nominate an Approved Valuer to provide such valuations and the Borrower Borrowers shall be responsible for appointing such nominated Approved Valuers and obtaining the required valuations of the Mortgaged Ship. If the Borrower fails Borrowers fail to do so promptly, the Agent may appoint both Approved Valuers to provide the required valuations.