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:

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:

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: