Common use of Valuation of Mortgaged Ships Clause in Contracts

Valuation of Mortgaged Ships. Each of the Mortgaged Ships shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on instructions of the Majority Banks) shall require by two (2) of the Approved Shipbrokers nominated by the Borrowers (or, failing this, by the Agent) and appointed by the Agent. Each such valuation shall be addressed to the Agent (with a copy to the Borrowers) and 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 such Mortgaged Ship. In the event that the said two (2) valuations differ between them by more than fifteen per cent (15%), then the Agent may, in its sole discretion, obtain a third valuation of a Mortgaged Ship from another Approved Broker and made on the same basis as the other two valuations for such Mortgaged Ship. The arithmetic mean of the valuations for a Mortgaged Ship eventually obtained in accordance with this clause 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 shall be binding upon the parties hereto until such time as any such further valuation shall be obtained.

Valuation of Mortgaged Ships. Each of the Mortgaged 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 any two (2) of the Approved Shipbrokers Shipbrokers, one nominated by the Agent in its sole discretion and the other nominated by the Borrowers (or, failing thissuch nomination, by the Agent) and appointed by the AgentAgent in its sole discretion. Each such valuation shall be addressed to the Agent (with a copy to the Borrowers) 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 ’s length, on normal commercial terms as between a willing buyer and a willing seller seller, without taking into account the benefit of any charterparty or other engagement concerning such the relevant Mortgaged Ship. In The arithmetic mean of the event two valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2 provided however that if the said two (2) valuations differ between them obtained in relation to a Mortgaged Ship vary by more than fifteen ten per cent (1510%) (by reference to the higher figure), then the Agent may, in its sole discretion, obtain and the Borrowers shall jointly appoint a third valuation of a Approved Shipbroker to value such Mortgaged Ship from another Approved Broker and made on the same basis as the other two (2) valuations for such Mortgaged Ship. The and, in that case, the arithmetic mean of the all three (3) such valuations for a Mortgaged Ship eventually obtained in accordance with this clause shall then constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. The value of each any Mortgaged Ship determined in accordance with the provisions of this clause 8.2 8.2.2 shall be binding upon the parties hereto until such time as any further such further valuation valuations shall be obtained.

Valuation of Mortgaged Ships. Each of the Mortgaged Ships shall, for the purposes of this Agreementclause 8.3, be valued in Dollars as and when the Agent (acting on instructions of the Majority Banks) Bank shall require in its absolute discretion require, by two (2) independent firm of the Approved Shipbrokers shipbrokers nominated by the Borrowers (Borrower and approved by the Bank in its sole discretion or, failing thissuch nomination or approval, by the Agent) and appointed by the AgentBank in its sole discretion. Each such valuation shall be addressed to the Agent (with a copy to the Borrowers) and made without, unless required by the AgentBank, physical inspection and on the basis of a sale for prompt delivery delivery, for cash at arm's length length. on normal commercial terms as between a willing buyer and a willing seller seller, without taking into account the benefit of any charterparty or other engagement concerning such Mortgaged Ship. In the event that the said two (2) valuations relating to a Mortgaged Ship differ between them by more than fifteen ten per cent (1510%), then the Agent Bank may, in its sole discretion, obtain a third valuation of a such Mortgaged Ship from another Approved Broker firm of shipbrokers and made on the same basis as the other two valuations for such Mortgaged Shipvaluations. The arithmetic mean of the two (2) or (as the case may be) three (3) valuations for eventually obtained in respect of a Mortgaged Ship eventually obtained in accordance with under this clause 8.3 shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.28.3 and the other provisions of this Agreement and the Security Documents. The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2 8.3 shall be binding upon the parties hereto until such time as any further such further valuation valuations shall be obtainedobtained for such Mortgaged Ship.