Valuation frequency. The Middle Office performs daily valuation of the Company’s Supply portfolios by marking-to-market each transaction. The valuation of those transactions that are difficult to value or are valued outside of the Risk Management and Trading Systems may be estimated for daily purposes. Such transactions must be valued at least weekly. A list of all transactions that reside outside of the Risk Management and Trading Systems will be distributed by the Middle Office Manager on a monthly basis to the Chief Risk Officer, Supply / Trading and Marketing Officers, Trading Leaders and Chief Financial Officer / Chief Operating Officer. An example of a transaction that would fit into this category is a financial derivative whose price is not readily available from standard publications or other industry sources. A digital (a.k.a. binary) option with no published pricing would be a specific example.
Valuation frequency. Valuations of each Ship and each such other asset shall be addressed to the Agent (and for the benefit of the other Finance Parties) and in accordance with this clause 23 shall be obtained by the Agent on or prior to making available the Advance for that Ship, and thereafter at any time, not less frequently than once per annum.
Valuation frequency. Valuation of each Ship and each such other asset in accordance with this clause 26, may be required by the Agent at any time (but in any event not less frequently than twice per calendar year at the times referred to in clause 20.4 (Provision and contents of Compliance Certificate) without taking into account valuations obtained pursuant to clause 4 (Conditions of Utilisation), clause 7.8 (Sale or Total Loss) and Schedule 3 (Conditions precedent)).
Valuation frequency. Valuations of each Mortgaged Ship shall be carried out semi-annually, such valuations to be provided to the Agent at the same time that a Compliance Certificate is provided to the Agent at the end of the financial half-year pursuant to clause 19.2.1. In addition, valuations of the relevant Mortgaged Ship and each such other asset in accordance with this clause 26 shall be required:
(a) prior to the drawdown of each Advance in accordance with clause 4.1 (Initial conditions precedent) and paragraph 11, Part 2 of Schedule 3; and
(b) as may be further required by the Agent at any other time (in which case the provisions of clause 26.3 (Expenses of valuation) shall only apply if such valuation evidences a breach of clause 26.12 (Security shortfall).
Valuation frequency. Valuation of the Ship or, as the case may be, the Building Contract and each such other asset in accordance with this clause 24 shall be required by the Agent on or prior to making available the Pre-Delivery Commitment, the Delivery Commitment, once per annum thereafter within ten days of the end of each calendar year and at any time after the occurrence of a Default.
Valuation frequency. The Ship shall be valued in accordance with this clause 24, and such valuation shall be delivered to the Agent, not later than 15 days after the end of each Interest Period and at any other such time as may be required by the Agent.
Valuation frequency. Valuation of each Ship and each such other asset in accordance with this clause 25 may be required by the Agent (acting on the instructions of the Majority Lenders) at any time.
Valuation frequency. Valuations of each Mortgaged Ship shall be carried out semi-annually, such valuations to be provided to the Agent at the same time that a Compliance Certificate is provided to the Agent at the end of the Group’s financial year and at the end of the second financial quarter of the Group’s financial year pursuant to clause 19.2.1 and each valuation shall be dated no earlier than 30 days prior to delivery of that valuation to the Agent. In addition valuations of the relevant Mortgaged Ship (if (in the case of (b) below), at the relevant time a valuation is required, the most recently provided valuation for the Mortgaged Ship is more than 30 days old) and each such other asset in accordance with this clause 25 shall be required (a) prior to the drawdown of each Advance in accordance with clause 4.1 (Initial conditions precedent) and paragraph 11, Part 2 of Schedule 3and (b) as may be further required by the Agent at any other time if an Event of Default has occurred and is continuing.
Valuation frequency. (a) Initial valuations of each Ship (the “Initial Valuations”) shall be conducted in accordance with this Clause 24 and shall be done not earlier than 30 days but not later than 5 days before the Utilization Date for the New Term Facility.
(b) So long as no Default has occurred and is continuing, valuations of each Mortgaged Ship and each such other asset in accordance with this Clause 24 shall be conducted semi-annually, with the first such valuation, following the Initial Valuations, occurring every 6 months having commenced on June 30, 2015, and shall be provided by the Borrower to the Administrative Agent within 1 month of June 30 and December 31 of each respective year.
(c) Notwithstanding clauses (a) and (b) above, for Ships built in the same year and with similar specifications, only 1 valuation is required for all such Ships.
(d) Following the occurrence of a Default which is continuing, the Administrative Agent may request valuations at any time.
(e) The Administrative Agent may at any time request additional valuations from Approved Valuers for any Mortgaged Ship (based on objective grounds communicated to the Borrower before such request for valuation).
(f) All valuations for the Ships must be addressed to the Administrative Agent.
Valuation frequency. Valuation of each Mortgaged Ship or each Ship before the Utilisation and each such other asset in accordance with this clause 25 may be required by the Agent at any time (but in any event not less frequently than twice per calendar year).
