Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Lender in obtaining up to two valuations in each year of the Facility Period one upon each anniversary of the date of this Agreement and the other six (6) months after every calendar year unless there is an Event of Default in which case the Borrower shall be liable for all costs and expenses incurred by the Lender in obtaining any number of valuations required by it pursuant to Clause 11.11 and shall reimburse the Lender in respect of all such costs and expenses on demand.
Cost of valuation. In addition to any valuations required pursuant to the terms and conditions of the Original Loan Agreement, the Borrower shall be liable for all costs and expenses incurred by the Lender in respect of obtaining two (2) additional valuations during the Waiver Period, one valuation prior to each Additional Prepayment Application Date (each such valuation to be dated within fifteen (15) days Additional Prepayment Application Date.
Cost of valuation. The cost of the determination of the purchase price in accordance with Clause 21.8 shall be borne by the defaulting Joint Venturer.
Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Lender in obtaining up to two valuations in each year of the Facility Period, such valuations to be provided by the Borrower semi-annually and annually throughout the Facility Period at a time which shall coincide with the provision of the Compliance Certificate in accordance with Clause 13.1.3 and 13.1.2 (the first such valuation to be provided within six (6) months after the Signing Date) unless there is an Event of Default in which case the Borrower shall be liable for all costs and expenses incurred by the Lender in obtaining any number of valuations required by it pursuant to Clause 11.11 and shall reimburse the Lender in respect of all such costs and expenses on demand.
Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Agent in obtaining (a) up to six valuations in each calendar year of the Facility Period, three such valuations to be provided by the Borrower semi-annually and another three annually throughout the Facility Period and within fifteen calendar days after the end of the months of December and June of each calendar year required for the purposes of determining the Market Value of the Vessels pursuant to Clause 17.11 (Market Value determination), (b) any and all valuations required for the purposes of Clause 17.10.2 (Additional Security), if the additional security comprises a Vessel (c) any valuations required pursuant to Schedule 2, Part I clause 2(e) and Part III clause 2 (f), and (d) for any additional valuations required by the Agent in its discretion following the occurrence and during the continuation of an Event of Default. All such valuations issued in respect of the Vessels shall be addressed to, and obtained by, the Agent (on behalf of the Lenders). Valuations issued in respect of a Group Vessel which is encumbered with a mortgage, shall be addressed to the mortgagee or relevant lender of that Group Vessel, and in respect of a Group Vessel which is not encumbered with a mortgage, shall be addressed to the relevant owner or managers of that Group Vessel. Section 8 Representations, Undertakings and Events of Default 18 Representations
18.1 Representations Subject to the Legal Reservations, the Borrower makes the representations and warranties set out in this Clause 18 to each Finance Party.
18.1.1 Status Each of the Security Parties:
(a) is a limited liability corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation; and
(b) has the power to own its assets and carry on its business as it is being conducted.
Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Agent in obtaining (a) semi-annual valuations throughout the Facility Period, as of 28 September and 28 March of each calendar year required for the purposes of determining the Market Value of the Vessels pursuant to Clause 17.11 (Market Value Determination), (b) any and all valuations required for the purposes of Clause 17.10(b) (Additional security), if the additional security comprises security over a Vessel, (c) any valuations required pursuant to Schedule 2, Part A clause Schedule 22.5 and Part C clause Schedule 22.6 and (d) any additional valuations required by the Agent in its discretion following the occurrence and during the continuation of an Event of Default. All such valuations issued in respect of the Vessels shall be addressed to, and obtained by, the Agent (on behalf of the Lenders). Valuations issued in respect of a Group Vessel which is encumbered with a mortgage, shall be addressed to the mortgagee or relevant lender of that Group Vessel, and in respect of a Group Vessel which is not encumbered with a mortgage, shall be addressed to the relevant owner or managers of that Group Vessel.
Cost of valuation. The expert's costs of determining the fair value will be paid by the shareholders equally.
Cost of valuation. (i) The expert's costs for determining the fair value will be paid by the transferor.
(ii) If the transferor fails to pay the expert’s costs, any party to this agreement may pay such costs and recover the cost from the transferor.
Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Agent in obtaining (a) semi-annual valuations throughout the Facility Period, as of 28 September and 28 March of each calendar year required for the purposes of determining the Market Value of the Vessels pursuant to Clause 17.11 (Market Value Determination), (b) any and all valuations required for the purposes of Clause 17.10(b) (Additional security), if the additional security comprises security over a Vessel, (c) any valuations required pursuant to Schedule 2, Part A and Part C and (d) any additional valuations required by the Agent in its discretion following the occurrence and during the continuation of an Event of Default. All such valuations issued in respect of the Vessels shall be addressed to, and obtained by, the Agent (on behalf of the Lenders). Valuations issued in respect of a Group Vessel which is encumbered with a mortgage, shall be addressed to the mortgagee or relevant lender of that Group Vessel, and in respect of a Group Vessel which is not encumbered with a mortgage, shall be addressed to the relevant owner or managers of that Group Vessel.
Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Agent in obtaining (a) semi-annual valuations throughout the Facility Period, provided that the first valuations are to be dated as of 28 January 2016, and thereafter to be provided on 22 February (excluding 22 February 2016) and 22 August of each calendar year required for the purposes of determining the Market Value of the Vessels pursuant to Clause 17.11 (Market Value Determination), (b) any and all valuations required for the purposes of Clause 17.10(b) (Additional Security), if the additional security comprises a Vessel, (c) any valuations required pursuant to Schedule 2, Part A clause 2(e) and Part C clause 2 (f), and (d) any additional valuations required by the Agent in its discretion following the occurrence and during the continuation of an Event of Default. All such valuations issued in respect of the Vessels shall be addressed to, and obtained by, the Agent (on behalf of the Lenders). Valuations issued in respect of a Group Vessel which is encumbered with a mortgage, shall be addressed to the mortgagee or relevant lender of that Group Vessel, and in respect of a Group Vessel which is not encumbered with a mortgage, shall be addressed to the relevant owner or managers of that Group Vessel.
