Common use of Valuation of a Ship Clause in Contracts

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. A Ship shall, for the purposes of this clause 8.2, be valued in Dollars Dollars, fifteen (i15) 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 days prior to the Delivery Drawdown Date for such Additional Ship, and thereafter on a semi-annual basis or if earlier but not later than each date falling in six (6) monthly intervals after the date upon which the Initial Ships are valued or would have been valued Drawdown Date and thereafter all the Ships then financed by this Agreement shall be valued semi-annually or following a Default at any time reasonably determined by the AgentBanks. 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 BorrowerBanks) (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. 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, Ship and thereafter on a semi-annual quarterly 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 quarterly 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 charter free valuations 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 AgentArrangers, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s '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. 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, 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 valuations for such Ship from two (2) Approved Brokers independent firms of internationally recognised shipbrokers 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.