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 Facility 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. (b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations. (c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually during the Security Period. (d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee). (e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter. (f) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship and any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that Ship and any other vessel and also for the purpose of testing the security cover requirement under Clause 24.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other time.
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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 Facility 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.
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 15 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 23.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually once per year during the Security PeriodPeriod and from time to time as the Facility Agent may reasonably request.
(d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 30 days before the Utilisation Date, while each of the valuations valuation(s) referred to in paragraph (dc) above shall be obtained not more than 30 days before at the Test Date (as such term is defined in the Guarantee) of the relevant quarterFacility Agent's re quest.
(fe) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship and any other vessel over which additional security has been created in accordance with Clause 24.2 23.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that Ship and any other vessel and also for the purpose of testing the security cover requirement under Clause 24.1 23.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other time.
(f) The valuations referred to in paragraph (a) to (c) above shall be obtained at the cost and expense of the Borrowers and the Borrowers shall within three Business Days of demand by the Facility Agent pay to the Facility Agent all costs and expenses incurred by it in obtaining any such valuation. The cost of the valuation(s) referred to in paragraph (c) for the Borrowers shall be limited to once annually, unless an Event of Default has occurred or the covenant contained in Clause 23.1 (Minimum required security cover) is not complied with, in which case the cost of all valuations shall be borne by the Borrowers.
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Samples: Term Loan Facility (Navios South American Logistics Inc.)
Provision of valuations. (a) For The Borrower shall provide to the purpose Facility Agent (acting on the instructions of the Utilisation and subject to paragraph (b) belowMajority Lenders), the Market Value of any Ship shall be determined by reference to the together with each Excess Cash Certificate, one valuation of that the Ship as given by an and any other vessel over which additional Security has been created in accordance with Clause 23.2 (Provision of additional security; prepayment), from one Approved Valuer selected and appointed by the Borrowers and addressed Borrower, showing:
(i) the Market Value of the Ship for the purposes of Clause 23.1 (Minimum required security cover) on a quarterly basis; and
(ii) the Market Value of any other vessel over which additional Security has been created in accordance with Clause 23.3 (Value of additional vessel security), in order to enable it to determine the Market Value of those other vessels. Provided that, if the Facility Agent or in (acting on the event that instructions of the Borrowers fail to do so appointed Majority Lenders) does not agree with the Market Value of the Ship determined by such sole valuation, it (acting on the Facility Agent. The Facility Agent shall, in its full discretion be entitled to request instructions of the Majority Lenders) may obtain a second valuation of the Ship or any other vessel over which additional Security has been created in accordance with Clause 23.2 (Provision of additional security; prepayment), from an one Approved Valuer selected and appointed by the Facility Agent, in which case, Agent (acting on the instructions of the Majority Lenders) and the Market Value of the Ship or such other vessel shall be the arithmetic average mean of such two valuations, (with the arithmetic mean of any range to apply, if an Approved Valuer gives a range) Provided that if the two valuations differ by an amount greater than 10 per cent. of the two valuationslower valuation a third valuation shall be prepared by one Approved Valuer selected and appointed by the Facility Agent (acting on the instructions of the Majority Lenders) and the Market Value of the Ship or such other vessel shall be the arithmetic mean of the three valuations obtained (with the arithmetic mean of any range to apply if an Approved Valuer gives a range).
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually during the Security Period.
(d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter.
(f) The Facility Agent may at any time after Whilst an Event of Default has occurred and which is continuing continuing, the Facility Agent shall be entitled to obtain (acting on the instructions of the Majority Lenders) at any time at the Borrower’s expense valuations of any the Ship and any other vessel over which additional security Security has been created in accordance with Clause 24.2 23.2 (Provision of additional security; prepayment) ), from Approved Valuers to enable selected by the Facility Agent to determine (acting on the instructions of the Majority Lenders), showing the Market Value of that the Ship and any other each such vessel and also for (which Market Value shall be notified to the purpose of testing the security cover requirement under Clause 24.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other timein writing).
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Provision of valuations. (a) For the purpose of the Utilisation obtaining a valuation and subject to paragraph paragraphs (b) and (c) 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 Facility Agent and K-SURE shall, in its their 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.
(b) For the purpose of a Utilisation under each Delivery Tranche, the Market Value of any Ship shall be determined by reference to two valuations 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, in which case, the Market Value shall be the arithmetic average of the two valuations.
(c) If the two valuations in respect of a Ship obtained pursuant to paragraph paragraphs (a) and (b) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(cd) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to and (bc) above, semi-annually during the Security Period.
(de) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(ef) Each of the valuations referred to at paragraphs (a), (b) and (bc) above shall be obtained not more than 14 days before the Utilisation Date, while each of the valuations referred to in paragraph (de) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter.
(f) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship and any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that Ship and any other vessel and also for the purpose of testing the security cover requirement under Clause 24.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other time.
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Provision of valuations. (a) For Each Borrower shall provide the purpose Facility Agent with valuations of the Ship owned by it or that will be owned by it on the relevant Utilisation Date and subject any other vessel over which additional Security has been created in accordance with Clause 29.3 (Value of additional vessel security), from an Approved Valuer, to paragraph enable the Facility Agent to determine the Fair Market Value of that Ship.
(b) belowThe valuations referred to in this Clause 29.7 (Provision of valuations) are to be obtained:
(i) on or before the first Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 30 days prior to the Utilisation Date except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously) and shown, in respect of such Ship when not on or before a Utilisation Date, in June and December of each year during the Facility Period provided that, in the case of testing financial covenants contained in Clause 25.1 (Financial covenants) at the end of the first and third financial quarters in each year, the Borrowers shall obtain up to date Fair Market Value Values of any Ship shall be determined by reference to of 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 Ships if requested by the Facility Agent, acting on the instructions of the Majority Lenders. The If the Facility Agent shalldoes request any such additional valuations these valuations shall be at the Lenders' cost, unless the valuations show a failure to comply with Clause 29.1 (Minimum required security cover), in which case these additional valuations shall be at the Borrowers' cost; or
(ii) at any other time requested by the Facility Agent in its full discretion absolute discretion.
(c) The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 29.7 (Provision of valuations) shall be entitled to request at the Borrowers' cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 29.7 (Provision of valuations) show a second breach of Clause 29.1 (Minimum required security cover), in which case any additional valuations will be at the Borrowers' cost.
(d) The arithmetic average of the two valuations will then be determined, save that where there is a variance of more than twenty per cent. between the two valuations, a third valuation shall be obtained from an Approved Valuer selected by the Facility Agent and appointed by the Facility Agent, Agent and in which case, such case the Fair Market Value shall be the arithmetic average of the two three valuations.
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually during the Security Period.
(d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter.
(f) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship and any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that Ship and any other vessel and also for the purpose of testing the security cover requirement under Clause 24.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other time.
Appears in 1 contract
Samples: Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp)
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 Facility 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.
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 23.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually during the Security Period.
(d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 30 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter.
(f) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship and any other vessel over which additional security has been created in accordance with Clause 24.2 23.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that Ship and any other vessel and also for the purpose of testing the security cover requirement under Clause 24.1 23.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other time.
(g) The valuations referred to in paragraph (a) to (c) above shall be obtained at the cost and expense of the Borrowers and the Borrowers shall within three Business Days of demand by the Facility Agent pay to the Facility Agent all costs and expenses incurred by it in obtaining any such valuation. The cost of the valuations referred to in paragraph (d) for the Borrowers shall be limited to four times per annum, unless an Event of Default has occurred or the covenant contained in Clause 23.1 (Minimum required security cover) is not complied with, in which case the cost of all valuations shall be borne by the Borrowers.
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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 Facility 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.
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually during the Security Period.
(d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 45 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter.
(f) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship and any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that Ship and any other vessel and also for the purpose of testing the security cover requirement under Clause 24.1 (Minimum required security cover). The Facility Agent shall be entitled to determine the Market Value of any Ship at any other time.
(g) The valuations referred to in paragraph (a) to (c) above shall be obtained at the cost and expense of the Borrowers and the Borrowers shall within three Business Days of demand by the Facility Agent pay to the Facility Agent all costs and expenses incurred by it in obtaining any such valuation. The cost of the valuations referred to in paragraph (d) for the Borrowers shall be provided semi-annually, unless an Event of Default has occurred or the covenant contained in Clause 24.1 (Minimum required security cover) is not complied with, in which case the cost of all valuations shall be borne by the Borrowers.
Appears in 1 contract
Provision of valuations. (a) For The Facility Agent shall be entitled to test the purpose security requirements under Clause 26.1 (Minimum required security cover) by reference to valuations in respect of each Vessel from the required number of Approved Valuers quarterly.
(b) The Facility Agent shall at the request of the Utilisation Lenders additionally be entitled to test the security cover requirement under Clause 26.1 (Minimum required security cover) by reference to a valuation in respect of each Vessel from the required number of Approved Valuers at any time and subject each such valuation shall be at the expense of the Lenders except where the Borrowers are by means of such valuation(s) shown to be in breach of Clause 26.1 (Minimum required security cover).
(c) Subject to paragraph (bd) below, the Market Value of any Ship each Vessel shall be determined by reference to the one valuation of that Ship Vessel as given by an Approved Valuer selected and appointed by the Borrowers and addressed to Borrowers.
(d) If requested by the Facility Agent or in the event that the Borrowers fail relation to do so paragraph (c) above, a second Approved Valuer shall be selected and appointed by the Facility Agent, and the Market Value of that Vessel shall be the arithmetic average of the two valuations.
(e) If one valuation in respect of a Vessel obtained pursuant to paragraphs (c) and (d) above differs by at least 10 per cent. The Facility Agent shallfrom the other valuation, in its full discretion then a third valuation for that Vessel shall be entitled to request a second valuation obtained from an Approved Valuer selected and appointed by the Facility Agent, in which case, and the Market Value of that Vessel shall be the arithmetic average of the two three valuations.
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after the Utilisation Date, to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Ship as determined in accordance with paragraphs (a) to (b) above, semi-annually during the Security Period.
(d) The Facility Agent shall ascertain compliance with clause 10 (financial covenants) of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee).
(e) Each of the valuations referred to at paragraphs (a) and (b) above shall be obtained not more than 14 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date (as such term is defined in the Guarantee) of the relevant quarter.
(f) The Facility Agent may at any time after an Event of Default has occurred and is continuing obtain valuations of any Ship a Vessel and any other vessel over which additional security has been created in accordance with Clause 24.2 26.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value Values of that Ship each Vessel and any other vessel vessel.
(g) The valuations referred to in paragraph (a), (b), (c), (d), (e) and also for (f) above shall be obtained at the purpose cost and expense of testing the security cover requirement under Clause 24.1 Borrowers (Minimum required security cover). The except where specified in paragraph (b) above) and the Borrowers shall within three Business Days of demand by the Facility Agent shall be entitled pay to determine the Market Value of Facility Agent all costs and expenses incurred by it in obtaining any Ship at any other timesuch valuation.
Appears in 1 contract
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 Facility 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.
(b) If the two valuations in respect of a Ship obtained pursuant to paragraph (a) above differ by at least 10 per cent., then a third valuation for that Ship shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent and the Market Value of that Ship shall be the arithmetic average of all three such valuations.
(c) The Facility Agent shall be entitled, after entitled to test the Utilisation Date, 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.
(b) The Facility Agent shall at the request of the Lenders additionally be entitled to test the security cover requirement under Clause 24.1 (Minimum required security cover) by reference to a valuation in respect of a Vessel from the required number of Approved Appraisers at any time and each such valuation shall be at the expense of the Lenders except where the Borrower is by means of such valuation(s) shown to be in breach of Clause 24.1 (Minimum required security cover).
(c) Subject to paragraph (d) below, the Market Value of any Ship a Vessel shall be determined by reference to one valuation of that Vessel as determined in accordance with paragraphs (a) to (b) above, semi-annually during given by an Approved Appraiser selected by the Security PeriodBorrower and appointed by the Facility Agent.
(d) The If requested by the Borrower in relation to paragraph (c) above, a second Approved Appraiser shall be selected by the Borrower and appointed by the Facility Agent Agent, and the Market Value of that Vessel shall ascertain compliance with clause 10 (financial covenants) be the arithmetic average of the Guarantee by reference to the market value of the Fleet Vessels as provided in the Latest Accounts (as each such term is defined in the Guarantee)two valuations.
(e) Each If one such valuation in respect of the valuations referred that Vessel obtained pursuant to at paragraphs (ac) and (b) above shall be obtained not more than 14 days before the Utilisation Date, while each of the valuations referred to in paragraph (d) above differs by at least 10 percent from the other valuation, then a third valuation for that Vessel shall be obtained not more than 30 days before from an Approved Appraiser selected by the Test Date (as Borrower and appointed by the Facility Agent and the Market Value of that Vessel shall be the arithmetic average of all three such term is defined in the Guarantee) of the relevant quartervaluations.
(f) The Facility Agent may at any time after an Event of a Default has occurred and is continuing obtain valuations of any Ship the Vessel and any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers Appraisers to enable the Facility Agent to determine the Market Value Values of that Ship the Vessels and any other vessel vessel.
(g) The valuations referred to in paragraph (a), (b), (c), (d), (e) and also for (f) above shall be obtained at the purpose cost and expense of testing the security cover requirement under Clause 24.1 Borrower (Minimum required security cover). The except where specified in paragraph (b) above) and the Borrower shall within three Business Days of demand by the Facility Agent shall be entitled pay to determine the Market Value of Facility Agent all costs and expenses incurred by it in obtaining any Ship at any other timesuch valuation.
Appears in 1 contract
