Valuation of Ship. The market value of a Ship at any date is that shown by taking the arithmetic mean of two valuations each prepared:
Valuation of Ship. The Market Value of the Ship at any date is that shown by the valuation prepared:
Valuation of Ship. The Ship shall at the discretion of the Bank from time to time, for the purposes of this clause 9.2, be valued in Dollars by an independent firm of shipbrokers appointed by the Bank in its sole discretion (each such valuation to be made without, unless required by the Bank, 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 Ship). Such valuation shall constitute the value of the Ship for the purposes of this clause 9.2. The value of the Ship determined in accordance with the provisions of this clause 9.2 shall be binding upon the parties hereto until such time as any further such valuations shall be obtained.
Valuation of Ship. Subject to the following provisions of this Clause 15.4, the Market Value of the Ship shall be determined:
Valuation of Ship. (a) The Market Value of a Ship for the purpose of determination of the Initial Market Value of that Ship, is that shown by taking the arithmetic mean of two valuations issued by two Approved Brokers, one selected and appointed by the Agent and one selected and appointed by the Borrower (unless the Borrower does not select and appoint an Approved Broker within 14 days after the Agent’s request, in which case the Agent shall select and appoint both Approved Brokers).
Valuation of Ship. The Ship shall, for the purposes of this clause 8.3, be valued as and when the Bank shall in its absolute discretion require, by two (2) independent firms of shipbrokers appointed by the Bank in its sole discretion (each such valuation to be made without, unless required by the Bank, 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 Ship). The arithmetic mean of such valuations shall constitute the value of the Ship for the purposes of this clause 8.3, provided however that if the two (2) valuations in respect of the Ship vary by more than fifteen per cent (15%), the Bank acting in its sole discretion shall appoint a third independent firm of shipbrokers to value the Ship on the same basis as the other two (2) valuations and, in that case, the arithmetic mean of the three (3) valuations shall constitute the value of the Ship for the purposes of this clause 8.3. The value of the Ship determined in accordance with the provisions of this clause 8.3 shall be binding upon the parties hereto until such time as any further such valuations shall be obtained.
Valuation of Ship. The market value of the Ship shall be determined (i) on the date each compliance certificate is provided in relation to the annual accounts of the Borrower, (ii) upon request of the Agent (acting on the instructions of the Majority Lenders) 6 months after a valuation was last submitted (whether under this Agreement or the Original Loan Agreement) and (iii) upon the request of the Agent if the Agent considers that an Event of Default has occurred or that there may be a risk that the requirements of Clause 15.1 are not then being complied with. The “Fair Market Value” of the Ship is that shown by the average of 2 valuations each prepared:
Valuation of Ship. The Market Value of the Ship at any date is that shown by taking the arithmetic means of two valuations issued by 2 Approved Brokers, one of which is to be selected and appointed by the Agent and the other to be selected by the Borrower and appointed by the Agent (unless the Borrower do not elect to appoint an Approved Broker within 14 days after the Agent's request to receive a valuation of the Ship, in which case the Agent shall select and appoint a second Approved Broker), each valuation to be addressed to the Agent and prepared:
Valuation of Ship. The Fair Market Value of a Ship at any date is that shown as the average of valuations prepared by two Approved Brokers selected and appointed by the Agent:
Valuation of Ship. The market value of a Mortgaged Ship at any date is that shown by a valuation prepared:
