Common use of Valuation of Mortgaged Vessels Clause in Contracts

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: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender 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such occasion shall constitute the Valuation Amount of such Mortgaged Vessel for the purposes of this Agreement until superceded by the next such valuation.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. The Valuation Amount of each Each Mortgaged Vessel shall, for the purposes of this Agreement, be a written valuation of valued (at the relevant Mortgaged Vessel prepared Borrowers’ expense) in USD by an any Approved Broker appointed by the BorrowerBroker, 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 to be made with or without physical inspection (at the discretion of the Lender)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 seller, taking into account the benefit or burden of any charterparty or other engagement concerning the relevant Mortgaged VesselVessel and such valuations to be no older than 3 months on the date on which it is provided to the Bank, and to be provided thatto the Bank at such times as the Bank shall require at the cost of the Borrowers, in Provided that if the Bank or the Borrowers do not agree with any valuation produced as hereinbefore referred to then each case, if of the Bank and the Borrowers shall nominate an Approved Broker provides a range of valuationsBroker, and the lowest of these figures Valuation Amount for the relevant Mortgaged Vessel or Vessels shall be deemed to be the valuation provided average of the valuations produced by that those two Approved Broker for Brokers in accordance with the purposes terms of this clause. Valuations shall be obtained: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender shall require (in its absolute discretion)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.

Valuation of Mortgaged Vessels. The Valuation Amount of each Each Mortgaged Vessel shall, for the purposes of this Agreement, be a written valuation of valued (at the relevant Mortgaged Vessel prepared Borrowers’ expense) in USD by an any Approved Broker appointed by the BorrowerBroker, 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 to be made with or without physical inspection (at the discretion of the Lender)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 seller, taking into account the benefit or burden of any charterparty or other engagement concerning the relevant Mortgaged VesselVessel 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 thatto the Bank at such times as the Bank shall require at the cost of the Borrowers, in Provided that if the Bank or the Borrowers do not agree with any valuation produced as hereinbefore referred to then each case, if of the Bank and the Borrowers shall nominate an Approved Broker provides a range of valuationsBroker, and the lowest of these figures Valuation Amount for the relevant Mortgaged Vessel or Vessels shall be deemed to be the valuation provided average of the valuations produced by that those two Approved Broker for Brokers in accordance with the purposes terms of this clause. Valuations shall be obtained: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender shall require (in its absolute discretion)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.

Valuation of Mortgaged Vessels. The Valuation Amount of each Each Mortgaged Vessel shall, for the purposes of this Agreement, be a written valuation of valued (at the relevant Mortgaged Vessel prepared Borrowers’ expense) in USD by an any Approved Broker appointed by the BorrowerBroker, 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 to be made with or without physical inspection (at the discretion of the Lender)inspection, and on the basis of a sale for prompt delivery for cash at arms’ length, on normal 32 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 VesselVessel 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 thatto the Bank at such times as the Bank shall require at the cost of the Borrowers, in Provided that if the Bank or the Borrowers do not agree with any valuation produced as hereinbefore referred to then each case, if of the Bank and the Borrowers shall nominate an Approved Broker provides a range of valuationsBroker, and the lowest of these figures Valuation Amount for the relevant Mortgaged Vessel or Vessels shall be deemed to be the valuation provided average of the valuations produced by that those two Approved Broker for Brokers in accordance with the purposes terms of this clause. Valuations shall be obtained: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender shall require (in its absolute discretion)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. 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 BorrowerLender, unless the Lender wishes, in its discretion, to get a valuation prepared by a second Approved Broker appointed by the Lenderit, 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: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender 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. The Valuation Amount of each Each Mortgaged Vessel shall, for the purposes of this Agreement, be a written valuation of valued (at the relevant Mortgaged Vessel prepared Borrowers’ expense) in USD by an any Approved Broker appointed by the BorrowerBroker, 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 to be made with or without physical inspection (at the discretion of the Lender)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 VesselVessel and such valuations to be no older than 3 months on the date on which it is provided to the Bank, and to be provided thatto the Bank at such times as the Bank shall require at the cost of the Borrowers, in Provided that if the Bank or the Borrowers do not agree with any valuation produced as hereinbefore referred to then each case, if of the Bank and the Borrowers shall nominate an Approved Broker provides a range of valuationsBroker, and the lowest of these figures Valuation Amount for the relevant Mortgaged Vessel or Vessels shall be deemed to be the valuation provided average of the valuations produced by that those two Approved Broker for Brokers in accordance with the purposes terms of this clause. Valuations shall be obtained: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender shall require (in its absolute discretion)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 by the next such valuation. The Bank may request valuations of the Mortgaged Vessels at any time in its discretion.

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: (a) in respect of each Vessel. Prior to the Drawdown Date of the Advance relating to that Vessel; and (b) at any other time as the Lender 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.