Common use of Valuation of Mortgaged Ships Clause in Contracts

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by two (2) Approved Brokers selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent in its discretion. Each such valuation shall 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 engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by any two (2) Approved Brokers Shipbrokers selected by the Borrowers or, failing such selection by the Borrowersselection, appointed selected by the Agent in its sole discretion. Each such valuation shall 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 engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each of the Mortgaged Ship Ships shall, for the purposes of this Agreementclause 8.3, be valued in Dollars as and when the Agent (acting on the instructions Bank shall in its absolute discretion require, by an independent firm of the Majority Banks) shall require (and at least once every calendar year) by two (2) Approved Brokers selected shipbrokers nominated by the Borrowers and approved by the Bank in its sole discretion or, failing such selection by the Borrowersnomination or approval, appointed by the Agent Bank in its sole discretion. Each such valuation shall be made without, unless required by the AgentBank, physical inspection, inspection and on the basis of a sale for prompt delivery delivery, for cash at arm’s 's length, on normal commercial terms, terms as between a willing buyer and a willing seller, without taking into account the benefit of any charterparty or other engagement concerning the relevant such Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 8.3 shall be binding upon the parties hereto until such time as any further such valuation valuations shall be obtainedobtained for such Mortgaged Ship.

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by two (2) Approved Brokers selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent in its discretion. Each such valuation shall 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 '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 engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained8.

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by two (2) Approved Brokers selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent in its discretion. Each such valuation shall 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 '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 engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) Bank shall require (and but in any case at least once every calendar twice (2) a year) , by two (2) Approved Brokers selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent Bank in its sole discretion. Each such valuation shall be made without, unless required by the AgentBank, 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 engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.28.2 and the other terms of this Agreement. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each of the Mortgaged Ship Ships shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by two (2) one of the Approved Brokers selected Shipbrokers nominated by the Borrowers (or, failing such selection this, by the Borrowers, Agent) and appointed by the Agent in its discretionand the Borrowers. Each such valuation shall be addressed to the Agent and made without, unless required by the Agent, physical inspection, inspection and on the basis of a sale for prompt delivery for cash at arm’s length, length on normal commercial terms, terms as between a willing buyer and a willing seller, seller without taking into account the benefit of any charterparty or other engagement concerning the relevant such Mortgaged Ship. The arithmetic mean of such two (2) valuations Such valuation shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 8.2 shall be binding upon the parties hereto until such time as any such further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and but in any case at least once every calendar twice (2) a year) , by two (2) Approved Brokers selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent in its sole discretion. Each such valuation shall 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 engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.28.2 and the other terms of this Agreement. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each of the Mortgaged Ship Ships shall, for the purposes of this Agreement, be valued in Dollars as and when the Facility Agent (acting on the instructions of the Majority BanksLenders) shall require (and at least once every calendar year) by any two (2) Approved Brokers selected by the Borrowers and acceptable to the Facility Agent or, failing such selection by the BorrowersBorrowers or acceptance by the Facility Agent, appointed by the Facility Agent in its sole discretion. Each such valuation shall be addressed to the Facility Agent and the Lenders and made without, unless required by the Facility Agent, physical inspection, inspection and on the basis of a sale for prompt delivery for cash at arm’s length, length on normal commercial terms, terms as between a willing buyer and a willing seller, seller without taking into account the benefit of any charterparty or other engagement concerning the relevant such Mortgaged Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 8.2 shall be binding upon the parties hereto until such time as any such further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each of the Mortgaged Ship Ships shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (by an independent and at least once every calendar year) by two (2) Approved Brokers reputable firm of shipbrokers selected by the Borrowers and acceptable to the Agent or, failing such selection by the BorrowersBorrowers or acceptance by the Agent, appointed by the Agent in its discretionAgent. Each such valuation shall be addressed to the Agent and made without, unless required by the Agent, physical inspection, inspection and on the basis of a sale for prompt delivery for cash at arm’s length, length on normal commercial terms, terms as between a willing buyer and a willing seller, seller without taking into account the benefit of any charterparty or other engagement concerning the relevant such Mortgaged Ship. The arithmetic mean of such two (2) valuations Such valuation shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 8.2 shall be binding upon the parties hereto until such time as any such further such valuation shall be obtained.

Valuation of Mortgaged Ships. Each Mortgaged Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once twice every calendar year) by two (2) an Approved Brokers Broker selected by the Borrowers or, failing such selection by the Borrowers, appointed by the Agent in its discretion. Each such valuation shall be made without, unless required by the AgentAgent after an Event of Default has occurred, 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 or detriment of any charterparty or other engagement concerning the relevant Mortgaged Ship. The arithmetic mean of such two (2) valuations Such valuation shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.