Common use of Frequency of valuations Clause in Contracts

Frequency of valuations. Each Borrower shall provide the Agent with a valuation of the Ship owned by it, dated as of June or, as the case may be, December, on the date on which the Agent receives any financial statements in accordance with Clauses 11.7(a) and 11.7(b) and the Compliance Certificate in accordance with Clause 11.18 and the Agent may, otherwise, request valuations to determine the Borrowers’ compliance under Clause 15.1 not less than twice during each 12-month period during the Security Period.

Frequency of valuations. Each The Borrower shall provide the Agent with a valuation of the Ship owned by itShip, dated as of June or, as the case may be, December, on the date on which the Agent receives any financial statements in accordance with Clauses 11.7(aparagraphs (a) and 11.7(b(b) and of Clause 11.6 for the Compliance Certificate period ending on the dates referred to above in accordance with Clause 11.18 respect of which the Market Value of the Ship will be determined and the Agent may, otherwise, request valuations to determine the Borrowers’ Borrower’s compliance under Clause 15.1 not less than twice during each 12-month period during the Security Period.

Frequency of valuations. Each Borrower The Borrowers shall provide the Agent with a valuation of the Ship owned by iteach Ship, dated as of June or, as the case may be, December, on the date on which the Agent receives any financial statements in accordance with Clauses 11.7(a) and 11.7(b) and the Compliance Certificate in accordance with Clause 11.18 and the Agent may, otherwise, may request valuations to determine the Borrowers’ compliance under Clause 15.1 not less than twice during each 12-month period during the Security Period.

Frequency of valuations. Each The Borrower shall provide the Agent with a valuation of the Ship owned by iteach Ship, dated as of June or, as the case may be, DecemberDecember of each calendar year during the Security Period, on within the date on which the Agent receives any financial statements in accordance with Clauses 11.7(a) and 11.7(b) and the Compliance Certificate in accordance with Clause 11.18 month of July or January following thereafter respectively and the Agent may, otherwise, request valuations to determine the Borrowers’ Borrower’s compliance under Clause 15.1 (Minimum required security cover) not less than twice during each 12-month period during the Security Period.

Frequency of valuations. Each Borrower The Borrowers shall provide the Agent with a valuation of the Ship owned by iteach Ship, dated as of June or, as the case may be, December, on the date on which the Agent receives any financial statements in accordance with Clauses 11.7(a11.6(a) and 11.7(b) for the period ending on the dates referred to above in respect of which the Market Value of each Ship will be determined and the Compliance Certificate in accordance with Clause 11.18 and the Agent may, otherwise, request valuations to determine the Borrowers’ compliance under Clause 15.1 not less than twice during each 12-month period during the Security Period11.20.

Frequency of valuations. Each The Borrower shall provide acknowledges and agrees that the Agent with a valuation may commission valuation(s) of the Ship owned by it, dated as of June or, at such times as the case may be, December, on the date on which the Agent receives shall deem necessary (but in any financial statements in accordance with Clauses 11.7(a) and 11.7(b) and the Compliance Certificate in accordance with Clause 11.18 and the Agent may, otherwise, request valuations to determine the Borrowers’ compliance under Clause 15.1 event not less than twice during each 12-month period during per annum as long as there is no Event of Default). Notwithstanding the provisions of this Agreement the first two valuations of the Ship to be obtained by the Agent in order to determine the Market Value of the Ship shall be dated 31 December 2016 and for the remainder of the Security PeriodPeriod each set of valuations shall be dated on 31 December and 30 June, respectively, in each calendar year.

Frequency of valuations. Each Borrower The Borrowers shall provide the Agent with a valuation of the Ship owned by iteach Ship, dated as of June or, as the case may be, DecemberDecember of each calendar year during the Security Period, on within the date on which the Agent receives any financial statements in accordance with Clauses 11.7(a) and 11.7(b) and the Compliance Certificate in accordance with Clause 11.18 month of July or January following thereafter respectively and the Agent may, otherwise, request valuations to determine the Borrowers’ compliance under Clause 15.1 not less than twice during each 12-month period during the Security Period.