Common use of Provision of valuations Clause in Contracts

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. (b) The valuations referred to in this Clause 27.7 (Provision of valuations) are to be obtained: (i) on or before the Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 14 days prior to the Utilisation Date) 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; or (ii) at any other time requested by the Facility Agent in its absolute discretion. (c) The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) shall be at the Borrowers’ cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) show a breach of Clause 27.1 (Minimum required security cover), in which case any additional valuations will be at the Borrowers’ cost.

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 29.3 (Value of additional vessel security), from an Approved Valuer, to enable the Facility Agent to determine the Fair Market Value of that Ship. (b) The valuations referred to in this Clause 27.7 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 14 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 PeriodPeriod 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 Values of any of the Ships if requested by the Facility Agent, acting on the instructions of the Majority Xxxxxxx. If the Facility Agent does 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 absolute discretion. (c) The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) shall be at the Borrowers’ cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) show a breach of Clause 27.1 (Minimum required security cover), in which case any additional valuations will be at the Borrowers’ cost.

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. (b) The valuations referred to in this Clause 27.7 (Provision of valuations) are to be obtained: (i) on or before the Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 14 30 days prior to the Utilisation Date) and shown, in respect of such Ship when not on or before a the Utilisation Date, in June and December of each year during the Facility Period; or (ii) at any other time requested by the Facility Agent in its absolute discretion. (c) The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) shall be at the Borrowers’ cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) show a breach of Clause 27.1 (Minimum required security cover), in which case any additional valuations will be at the Borrowers’ cost.

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. (b) The valuations referred to in this Clause 27.7 (Provision of valuations) are to be obtained: (i) on or before the Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 14 30 days prior to the Utilisation Date) 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; or (ii) at any other time requested by the Facility Agent in its absolute discretion. (c) The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) shall be at the Borrowers’ cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 27.7 (Provision of valuations) show a breach of Clause 27.1 (Minimum required security cover), in which case any additional valuations will be at the Borrowers’ cost. (d) If the higher of the two valuations is more than 110 per cent. of the lower of the two valuations, a third valuation shall be carried out at Borrowers’ cost and on the same terms as the first two valuations. The Fair Market Value of that Ship shall then be determined as the arithmetic average of the three valuations.

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 28.3 (Value of additional vessel security), from an Approved Valuer, to enable the Facility Agent to determine the Fair Market Value of that Ship. (b) The valuations referred to in this Clause 27.7 28.7 (Provision of valuations) are to be obtained: (i) on or before the Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 14 30 days prior to the Utilisation Date) 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; or (ii) at any other time requested by the Facility Agent in its absolute discretion. (c) The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 27.7 28.7 (Provision of valuations) shall be at the Borrowers’ ' cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 27.7 28.7 (Provision of valuations) show a breach of Clause 27.1 28.1 (Minimum required security cover), in which case any additional valuations will be at the Borrowers’ ' cost. (d) If the higher of the two valuations is more than 110 per cent. of the lower of the two valuations, a third valuation shall be carried out at Borrowers' cost and on the same terms as the first two valuations. The Fair Market Value of that Ship shall then be determined as the arithmetic average of the three valuations.