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 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. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s Borrowers’ expense) in USD by taking a either (i) the valuation prepared by an Approved Broker appointed by the Borrower, or, Borrowers or (ii) if requested by the Agent (acting on the instructions of the Majority Lenders) so requestsAgent, the average arithmetic mean of valuations prepared by the Approved Broker so appointed by the Borrower Borrowers and an Approved Broker appointed by the Majority LendersAgent (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, 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% or more then the Agent shall appoint Borrowers may select a third Approved Broker to provide a valuation and the Valuation amount Amount shall be the average arithmetic mean of such three valuations, such valuations to . Valuations shall be obtained:

Valuation of Mortgaged Vessels. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s Borrowers’ expense) in USD by taking a either (i) the valuation prepared by an Approved Broker appointed by the Borrower, or, Borrowers or (ii) if requested by the Agent (acting on the instructions of the Majority Lenders) so requestsAgent, the average arithmetic mean of valuations prepared by the Approved Broker so appointed by the Borrower Borrowers and an Approved Broker appointed by the Majority LendersAgent (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, 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 10% or more than 15% then the Agent shall appoint Borrowers may select a third Approved Broker to provide a valuation and the Valuation amount Amount shall be the average arithmetic mean of such three valuations, such valuations to . 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 by an Approved Broker appointed by the Majority LendersAgent, 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. Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s Borrowers’ expense) in USD by taking a either (i) the valuation prepared by an Approved Broker appointed by the Borrower, or, Borrowers or (ii) if requested by the Agent (acting on the instructions of the Majority Lenders) so requestsAgent, the average arithmetic mean of valuations prepared by the Approved Broker so appointed by the Borrower Borrowers and an Approved Broker appointed by the Majority LendersAgent (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, 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% or more then the Agent shall appoint may select a third Approved Broker to provide a valuation and the Valuation amount Amount shall be the average arithmetic mean of such three valuations, such valuations to . Valuations shall be obtained: