Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers’ expense) in USD by any Approved Broker, such valuations 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, taking into account the benefit or burden of any charterparty or other engagement concerning the relevant Mortgaged Vessel and such valuations to be no older than 3 months on the date on which it is 32 provided to the Bank, and to be provided to the Bank at such times as the Bank shall require at the cost of the Borrowers, Provided that if the Bank or the Borrowers do not agree with any valuation produced as hereinbefore referred to then each of the Bank and the Borrowers shall nominate an Approved Broker, and the Valuation Amount for the relevant Mortgaged Vessel or Vessels shall be the average of the valuations produced by those two Approved Brokers in accordance with the terms of this Clause. The Approved Broker’s valuations for each Mortgaged Vessel on each such occasion shall constitute the Valuation Amount of such Mortgaged Vessel for the purposes of this Agreement until superseded by the next such valuation. The Bank may request valuations of the Mortgaged Vessels at any time in its discretion.
Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers’ expense) in USD by taking either (i) the valuation prepared by an Approved Broker appointed by the Borrowers or (ii) if requested by the Agent, the arithmetic mean of valuations prepared by the Approved Broker so appointed by the Borrowers and an Approved Broker appointed by the Agent, in each case such valuations 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 the relevant Mortgaged Vessel provided that if such two valuations vary by 10% or more then the Borrowers may appoint a third Approved Broker to provide a valuation and the Valuation Amount shall be the arithmetic mean of such three valuations. Valuations shall be obtained:
Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s expense) in USD by taking a valuation prepared by an Approved Broker appointed by the Borrower, or, if the Agent (acting on the instructions of the Majority Lenders) so requests, the average of valuations prepared by the Approved Broker appointed by the Borrower and an Approved Broker appointed by the Majority Lenders, such valuations 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 the relevant Mortgaged Vessel provided that if the Agent requests two valuations such two valuations vary by more than 15% then the Agent shall appoint a third Approved Broker to provide a valuation and the Valuation amount shall be the average of such three valuations, such valuations to be obtained:
Valuation of Mortgaged Vessels. The Valuation Amount of each Mortgaged Vessel shall, for the purposes of this Agreement, be a written valuation of the relevant Mortgaged Vessel prepared in USD by an Approved Broker appointed by the Borrower, unless the Lender wishes, in its discretion, to get a valuation prepared by a second Approved Broker appointed by the Lender, in which case the Valuation Amount shall be the arithmetic mean of those two valuations. In each case such valuations must be made with or without physical inspection (at the discretion of the Lender), 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 the relevant Mortgaged Vessel, provided that, in each case, if an Approved Broker provides a range of valuations, the lowest of these figures shall be deemed to be the valuation provided by that Approved Broker for the purposes of this clause. Valuations shall be obtained:
Valuation of Mortgaged Vessels. The Valuation Amount of each Mortgaged Vessel shall, for the purposes of this Agreement, be a valuation of the relevant Mortgaged Vessel, prepared (at the Borrowers’ expense) in USD by an Approved Broker appointed by the Borrowers (the “Borrowers’ Valuation”), unless the Agent, acting on the instructions of a Lender, has also requested a valuation prepared by an Approved Broker appointed by the Agent (the “Agent’s Valuation”), in which case the Valuation Amount shall be, if either:
Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers’ expense) in USD by taking a valuation prepared by any Approved Broker appointed by 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 the relevant Mortgaged Vessel to be obtained (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders) shall additionally require, at the cost of the Lenders. The Approved Brokers’ valuations for each Mortgaged Vessel on each such occasion shall constitute the Valuation Amount of such Mortgaged Vessel for the purposes of this Agreement until superceded by the next such valuation.
Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s expense) in USD by taking the average of valuations prepared by any two Approved Brokers appointed by the Agent, such valuations 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 the relevant Mortgaged Vessel provided that if such two valuations vary by more than 15% then the Agent shall appoint a third Approved Broker to provide a valuation and the Valuation amount shall be the average of such three valuations, such valuations to be obtained:
Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers’ expense) in USD by taking either (i) the valuation prepared by an Approved Broker or (ii) if requested by the Lenders, the arithmetic mean of valuations prepared by any two Approved Brokers appointed by the Agent, in each case such valuations to be made without physical inspection, and on the basis of a sale for prompt delivery for Table of Contents 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 the relevant Mortgaged Vessel to be obtained (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders) shall additionally require, at the cost of the Lenders. The Approved Brokers’ valuations for each Mortgaged Vessel on each such occasion shall constitute the Valuation Amount of such Mortgaged Vessel for the purposes of this Agreement until superceded by the next such valuation.
Valuation of Mortgaged Vessels. For the purposes of this clause 6.4 and to determine the Relevant Fraction of the Commitments, the Mortgaged Vessels shall be valued in accordance with clause 10.2.2 at the cost of the Borrower save that, in the case of the sale of such a Mortgaged Vessel, the value of such Mortgaged Vessel shall, for the purposes of this clause, be deemed to be the Net Sale Proceeds of such Mortgaged Vessel or, if higher and if the purchaser is a Subsidiary of the Borrower or the Guarantor, the value of such Mortgaged Vessel as determined in accordance with clause 10.2.2.
Valuation of Mortgaged Vessels. (a) The Mortgaged Vessels shall, for the purposes of this clause 10.2.2, be valued in Dollars, on each Annual Valuation Date by two (2) of the Approved Valuers selected by the Borrower (each such valuation to be made without, unless required by the Facility Agent on behalf of the Lenders, 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 of any charterparty or other engagement concerning the Mortgaged Vessels). At any time when:
