Common use of Valuation of Mortgaged Vessels Clause in Contracts

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: (a) on the date falling six months after the first Drawdown Date and semi-annually thereafter; and (b) (in addition to (a) above) at any other time as the Agent shall require (in its absolute discretion). 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such occasion shall constitute the Valuation Amount of such Mortgaged Vessel for the purposes of this Agreement until superceded by the next such valuation.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 Borrowers’ Borrower’s 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 average of valuations prepared by the any two Approved Broker so appointed by the Borrowers and an Approved Broker 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 cash at arms’ length, on normal commercial terms, as between a willing buyer and a willing seller 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 10more than 15% or more then the Borrowers may Agent shall appoint a third Approved Broker to provide a valuation and the Valuation Amount amount shall be the arithmetic mean average of such three valuations. Valuations shall , such valuations to be obtained: (a) on On the date falling six three months after the first Drawdown Date and semi-annually thereafter; quarterly thereafter and (b) (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders) shall require (in its absolute discretion). additionally require, at the cost of the Lenders The Approved Brokers’ 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 superceded by the next such valuation.

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 any Approved Broker appointed by the Borrowers or (ii) if requested by the AgentBroker, 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 seller, without 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 15 days on the date on which it is 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 such two valuations vary by 10% the Bank or more then the Borrowers may appoint a third do not agree with any valuation produced as hereinbefore referred to then each of the Bank and the Borrowers shall nominate an Approved Broker to provide a valuation Broker, and the Valuation Amount for the relevant Mortgaged Vessel or Vessels shall be the arithmetic mean average of such three valuations. Valuations shall be obtained: (a) on the date falling six months after valuations produced by those two Approved Brokers in accordance with the first Drawdown Date and semi-annually thereafter; and (b) (in addition to (a) above) at any other time as the Agent shall require (in its absolute discretion)terms of this Clause. The Approved Brokers’ 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 superceded superseded by the next such valuation. The Bank may request valuations of the Mortgaged Vessels at any time in its discretion, and no less than once in any twelve month period.

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 Agent may appoint select 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: (a) on each date on which the date falling six months after Borrowers are required pursuant to Clause 8.1.8 to deliver a Compliance Certificate to the first Drawdown Date and semi-annually thereafterAgent; and (b) (in addition to (a) above) at any other time as the Agent shall require (in its absolute discretion). 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 Borrowers’ Borrower’s expense) in USD by taking either (i) the a valuation prepared by an Approved Broker appointed by the Borrowers or Borrower, or, if the Agent (iiacting on the instructions of the Majority Lenders) if requested by the Agentso requests, the arithmetic mean average of valuations prepared by the Approved Broker so appointed by the Borrowers Borrower and an Approved Broker appointed by the AgentMajority Lenders, 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 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 10more than 15% or more then the Borrowers may Agent shall appoint a third Approved Broker to provide a valuation and the Valuation Amount amount shall be the arithmetic mean average of such three valuations. Valuations shall , such valuations to be obtained: (a) on On the date falling six months after on the first Drawdown Date last day of March, June, September and semi-annually thereafter; December in each year and (b) (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders) shall require (in its absolute discretion). additionally require, at the cost of the Lenders The Approved Brokers’ 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 superceded by the next such valuation.

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 AgentAgent (which shall be Maritime Strategies International Ltd. or such other Approved Broker as the Agent may notify to the Borrower), 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 1015% or more then the Borrowers may appoint select 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: (a) on the date falling six months after the first second or (or if Tranche B is not drawn down, first) Drawdown Date and semi-annually thereafter; and (b) (in addition to (a) above) at any other time as the Agent shall require (in its absolute discretion). 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 Borrowers’ Borrower’s expense) in USD by taking either (i) the a valuation prepared by an Approved Broker appointed by the Borrowers or (ii) Borrower, or, if requested by the AgentAgent so requests, the arithmetic mean average of valuations prepared by the Approved Broker so appointed by the Borrowers Borrower and by 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 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 10more than 15% or more then the Borrowers may Agent shall appoint a third Approved Broker to provide a valuation and the Valuation Amount amount shall be the arithmetic mean average of such three valuations. Valuations shall , such valuations to be obtained: (a) on the date falling six months after on the first Drawdown Date last day of March, June, September and semi-annually thereafterDecember in each year; and (b) (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders) shall require (in its absolute discretion). additionally require, at the cost of the Lenders The Approved Brokers’ 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 superceded by the next such valuation.

Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers’ Borrower’s expense) in USD by taking either (i) the one valuation prepared by an any Approved Broker appointed by the Borrowers or (ii) if requested by at the request of the Agent, ) the arithmetic mean average of valuations prepared by the any two Approved Brokers (one of which to be Maritime Strategies International Ltd.), or such other Approved Broker so appointed by as the Borrowers and an Approved Broker appointed by Agent may decide (acting on the Agentinstructions of the Majority Lenders), 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 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 are taken and they vary by 10more than 15% or more then the Borrowers may Agent shall appoint a third Approved Broker to provide a valuation and the Valuation Amount amount shall be the arithmetic mean average of such three valuations. Valuations shall , such valuations to be obtained: (a) on On the date falling six three months after the first Drawdown Date and semi-annually thereafter; quarterly thereafter and (b) (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders) shall require (in its absolute discretion). additionally require, at the cost of the Lenders The Approved Brokers’ 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 superceded by the next such valuation.

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 AgentAgent (which shall be Maritime Strategies International Ltd. or such other Approved Broker as the Agent may notify to the Borrower), 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 1015% or more then the Borrowers Agent may appoint select 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: (a) on the date falling six three months after the first Drawdown Date and semi-annually quarterly thereafter; and (b) (in addition to (a) above) at any other time as the Agent shall require (in its absolute discretion). 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 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 AgentAgent (which shall be Maritime Strategies International Ltd. or such other Approved Broker as the Agent may notify to the Borrower), 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 select 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: (a) on the date falling six months after the first Drawdown Delivery Date and semi-annually thereafter; and (b) (in addition to (a) above) at any other time as the Agent shall require (in its absolute discretion). 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.