Valuation of a Ship. A Ship shall, for the purposes of this clause 8.2, be valued in Dollars (i) in relation to an Inital Ship, at the time of acceptance of a commitment letter between the Agent and the Borrower or (ii) in relation to an Additional Ship, two (2) weeks prior to the Delivery Date for such Additional Ship, and thereafter on a semi-annual basis or if earlier the date upon which the Initial Ships are valued or would have been valued and thereafter all the Ships then financed by this Agreement shall be valued semi-annually or following a Default at any time determined by the Agent. The value of a Ship shall be calculated by taking the average of the charterfree evaluations for such Ship from two (2) Approved Brokers appointed by the Agent (one chosen by the Agent and one chosen by the Borrower) (such valuations to be made without, unless required by the Agent, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and a willing seller without taking into account the benefit of any charterparty or other contract of employment concerning such Ship). Such valuation shall constitute the value of a Ship for the purposes of this clause 8.2 until the next following valuation. The value of a Ship determined in accordance with the provisions of this clause 8.2 shall be binding upon the parties hereto until such time as any further such valuations shall be obtained.
Valuation of a Ship. The Market Value of a Ship at any date is that shown by a valuation prepared:
(a) as at a date not more than 14 days previously;
(b) by an Approved Broker;
(c) without physical inspection of that Ship (unless reasonably required by the Agent);
(d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, taking into account any existing charter; PROVIDED THAT if the Agent does not reasonably accept the valuation obtained by the Borrower by advising the Borrower in writing within 3 Business Days of the Borrower advising the Agent of such valuation, the Agent may, at the cost of the Borrowers, obtain a second valuation in accordance with paragraphs (a) to (d) of this Clause 15.3 and the Market Value of the relevant Ship will be the average of such 2 valuations.
Valuation of a Ship. The Market Value of a Ship at any date is that shown by a valuation prepared:
(a) as at a date not more than 14 days previously;
(b) by an Approved Broker;
(c) without physical inspection of that Ship (unless reasonably required by the Agent);
(d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, taking into account any existing charter; Provided that if the Agent does not reasonably accept the valuation obtained by the Borrower by advising the Borrower in writing within 3 Business Days of the Borrower advising the Agent of such valuation, the Agent may, at the cost of the Borrowers, obtain
Valuation of a Ship. The Market Value of a Ship:
(a) to be determined for the purposes of Clause 4.2(b) and paragraph 5 of Schedule 3, Part B, is that shown by taking the arithmetic average of two valuations, one of which shall be issued by an Approved Broker nominated by the Borrowers and appointed by the Agent and the other by an Approved Broker nominated and appointed by the Agent (unless the Borrowers fail to nominate an Approved Broker within 14 days following the Agent’s notice to the Borrowers requesting such a nomination, in which case the Agent shall also select the second Approved Broker); and
(b) at any other date is that shown in a valuation (each a “First Valuation”) addressed to the Agent to be issued by an Approved Broker, nominated and appointed by the Borrowers unless the Agent obtains a second valuation (each a “Second Valuation”) to be issued by an Approved Broker nominated and appointed by the Agent in which case the Market Value of that Ship at the relevant date is that shown:
(i) if at any relevant time the difference between the First Valuation and the Second Valuation is less than 10 per cent., in the First Valuation; and
(ii) if at any relevant time the difference between the First Valuation and the Second Valuation is greater than 10 per cent. but 15 per cent. or less, by taking the arithmetic average of such valuations, each valuation issued pursuant to paragraphs (a) and (b) of this Clause 15.3 to be prepared:
(A) as at a date not more than 14 days previously;
(B) with or without physical inspection of that Ship (as the Agent may require);
(C) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment, Provided that if the difference between the 2 valuations obtained at any one time pursuant to this Clause 15.3 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker appointed and selected by the Agent. Such valuation to be conducted in accordance with this Clause 15.3 and the Market Value of that Ship in such circumstances shall be the average of all three valuations.
Valuation of a Ship. Subject to the following provisions of this Clause 15.4, the Market Value of a Ship shall be determined:
(a) in Dollars, as at the date of (or no earlier than 30 days prior to the Drawdown Date) such valuation;
(b) by an independent shipbroker selected by or acceptable to the Agent and reporting to the Agent;
(c) with or without physical inspection of that Ship (as the Agent may require);
(d) on the basis of a sale for prompt delivery for cash, free of charter and free of encumbrances on normal arm's length commercial form as between a willing seller and a willing buyer.
Valuation of a Ship. The Market Value of a Ship: to be determined for the purposes of Clause 4.2(b) and paragraph 5 of Schedule 3, Part B, is that shown by taking the arithmetic average of two valuations, one of which to be nominated by the Borrowers and appointed by the Agent and the other nominated and appointed by the Agent; and at any other date is that shown in a valuation (each a “First Valuation”) addressed to the Agent to be issued by an Approved Broker, nominated and appointed by the Borrowers unless the Agent obtains a second valuation (each a “Second Valuation”) to be issued by an Approved Broker nominated and appointed by the Agent in which case the Market Value of that Ship at the relevant date is that shown:
Valuation of a Ship. The market value of a Ship at any date is that shown by a valuation prepared:
(a) as at a date not more than 15 days previously;
(b) addressed to the Lender;
(c) by an independent ship sale and purchase broker appointed or approved by the Lender;
(d) with or without physical inspection of that Ship (as the Lender may require);
(e) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and
(1) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.
Valuation of a Ship. A Ship shall, for the purposes of this Agreement, be valued in Dollars by taking the valuation prepared by an Approved Broker selected by the Borrowers and addressed to the Agent, such valuation to be made without physical inspection, and on the basis of a sale for prompt delivery for cash at arms’ length, on normal commercial terms, as between a willing buyer and a willing seller without taking into account the benefit or burden of any charterparty or other engagement concerning such Ship and shall be no older than 30 days as at any relevant date. Valuations shall be obtained:
(a) prior to the Drawdown Date and annually thereafter; and
(b) (in addition to (a) above) at any other time as the Agent shall require (in its reasonable discretion). The valuations for a Ship on each such occasion shall constitute the Market Value of a Ship for the purposes of this Agreement until superseded by the next such valuation.
Valuation of a Ship. Each Ship shall, for the purposes of this clause 8.2, be valued in Dollars on 31 December 2009 and thereafter on a quarterly basis on each Financial Quarter Day, or following a Default at any time determined by the Agent. The value of a Ship shall be calculated by taking the average of the charter free valuations for such Ship from two (2) Approved Brokers (such valuations to be made without, unless required by the Agent, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and a willing seller without taking into account the benefit of any charterparty or other contract of employment concerning such Ship). Such valuation shall constitute the value of a Ship for the purposes of this clause 8.2 until the next following valuation. The value of a Ship determined in accordance with the provisions of this clause 8.2 shall be binding upon the parties hereto until such time as any further such valuations shall be obtained.
Valuation of a Ship not subject to a long-term charter. The Market Value of a Ship which at the relevant time is not subject to a charter or other contract of employment having an unexpired term of at least 12 months with a first class charterer acceptable to the Lenders (in their absolute discretion) is that shown by taking the average of two valuations prepared:
(a) as at a date not more than 6 weeks previously;
(b) by 2 Approved Brokers appointed by the Borrower, with both reporting to the Agent;
(c) with or without physical inspection of that Ship (as the Agent may require);
(d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and
(e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale. Provided that if the difference between the 2 valuations obtained at any one time pursuant to this Clause 15.3 is greater than 10 per cent. a valuation shall be commissioned from a third Approved Broker appointed by the Agent. Such valuation shall be conducted in accordance with this Clause 15.3 and the Market Value of the Ship in such circumstances shall be the average of the initial 2 valuations and the valuation provided by the third Approved Broker.
