Provision of valuations. (a) Each Borrower shall provide the Facility Agent with valuations of the Ship owned by it or that will be owned by it on the relevant Utilisation Date and any other vessel over which additional Security has been created in accordance with Clause 27.3 (Value of additional vessel security), from an Approved Valuer, to enable the Facility Agent to determine the Fair Market Value of that Ship.
Provision of valuations. (a) For the purpose of the Utilisation and subject to paragraph (b) below, the Market Value of any Ship shall be determined by reference to the valuation of that Ship as given by an Approved Valuer selected and appointed by the Borrowers and addressed to the Facility Agent or in the event that the Borrowers fail to do so appointed by the Facility Agent. The Agent shall, in its full discretion be entitled to request a second valuation from an Approved Valuer selected and appointed by the Facility Agent, in which case, the Market Value shall be the arithmetic average of the two valuations.
Provision of valuations. (a) The Facility Agent shall be entitled to test the security requirements under Clause 24.1 (Minimum required security cover) by reference to valuations in respect of a Vessel from the required number of Approved Appraisers semi-annually delivered with the Compliance Certificates for the second and fourth quarter.
Provision of valuations. (a) The Facility Agent shall, subject to Clause (b) and (c) below, obtain a valuation of the Ship from Maritime Strategies International Ltd. or another Approved Valuer.
Provision of valuations. Each Borrower shall at its own cost provide the Facility Agent with a valuation of the Ship owned by it from an Approved Valuer selected by the Facility Agent, to enable the Facility Agent to determine the Market Value of that Ship Provided that if the Borrower disagrees with such valuation, the Borrower may, at its own cost, appoint a second Approved Valuer and the valuation shall be the average of both such valuations.
Provision of valuations. The Facility Agent shall be entitled to obtain a valuation of each of the Ships subject to a Mortgage in accordance with this Clause 23 (Valuations) once each Accounting Period and, in addition, at any time to enable the Facility Agent to determine the aggregate Fair Market Value of the Ships subject to a Mortgage for purposes of 20.4 (Sales, Etc. of Assets) and Clause 20.7 (Dividends).
Provision of valuations. The Facility Agent shall be entitled to test, at the cost of the Borrowers, the security cover requirements under Clause 24.1 (Minimum required security cover):
Provision of valuations. The Borrower shall provide the Facility Agent with, and the Facility Agent shall be entitled to obtain, valuations of each Ship and any other vessel over which additional Security has been created in accordance with Clause 26.2 (Provision of additional security; prepayment) from Approved Valuers, addressed to the Facility Agent (in accordance with the procedure described in the definition of "Market Value" in Clause 1.1 (Definitions)) to enable the Facility Agent to determine the Market Value of each Ship not more than 30 days before the Utilisation Date in respect of the Tranche relating to a Ship and on each of June and December of each year thereafter and following the occurrence of an Event of Default which is continuing at any other time, in each case at the cost of the Borrowers.
Provision of valuations. (a) The Borrowers shall provide to the Facility Agent (acting on the instructions of the Majority Lenders):
Provision of valuations. The Borrower shall provide the Lender with a valuation (or, if required by the Lender, two valuations) of each Ship from an Approved Valuer and any other vessel over which additional Security has been created in accordance with Clause 25.2 (Provision of additional security; prepayment), to enable the Lender to determine the Fair Market Value of that Ship on (a) a Security Cover Testing Date and (b) any other date on which the Lender is of the reasonable opinion that the security cover ratio set out in Clause 25.1 (Minimum required security cover) may have been breached (such valuation being an "Interim Valuation"), PROVIDED that unless an Event of Default has occurred and is continuing or the Borrower is required to prepay the Loan pursuant to Clause 7 (Prepayment and Cancellation), the Lender shall bear the cost of any subsequent Interim Valuations during that calendar year.
