Valuation of Ship. The market value of a Ship at any date is that shown by valuation of that Ship prepared:
(a) as at a date not more than 15 days previously;
(b) addressed to the Agent;
(c) by an independent ship sale and purchase broker appointed or approved by the Agent;
(d) with or without physical inspection of the Ship (as the Agent may require);
(e) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and
(f) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.
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:
(a) as at a date not more than 30 days previously;
(b) in the case of the first valuation, by an Approved Broker appointed by the Borrower and, in the case of the second valuation, by an Approved Broker appointed by the Agent;
(c) with or without physical inspection of the Ship (as the Agent may require);
(d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and
(e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale, Provided that if the two valuations provided pursuant to this Clause 15.4 differ by more than 15 per cent., a third valuation shall be obtained from a third Approved Broker appointed by the Agent and prepared on the basis described in paragraphs (a), (c), (d) and (e) of this Clause 15.4 and the Market Value of the relevant Ship which is the subject of the third valuation shall be the arithmetic mean of the three valuations obtained pursuant to this Clause 15.4.
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).
(b) The Market Value of a Ship or other Fleet Vessel at any other date is that shown by taking the arithmetic means of two valuations requested by the Agent to be issued by two Approved Brokers, selected and appointed by the Borrower (unless the Borrower does not select or appoint two Approved Brokers within 14 days after the Agent’s request, in which case the Agent shall select and appoint one Approved Broker and the Market Value of that Ship or other Fleet Vessel shall be that shown by the single valuation issued by such Approved Broker).
(c) Each valuation referred to in paragraphs (a) and (b) above shall be prepared:
(i) as at a date not more than 30 days previously;
(ii) with or without physical inspection of that Ship (as the Agent may require); and
(iii) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment Provided that if the higher of the two valuations in respect of a Ship or other Fleet Vessel issued for the purpose of determination of its Initial Market Value or, as the case may be, Market Value pursuant to paragraphs (a) and (b) of this Clause 15.3 shows a value of more than 115 per cent. of that shown by the lower of the two valuations, a third valuation shall be requested from a third Approved Broker selected and appointed by the Agent to be prepared in accordance with this Clause 15.3 and the Initial Market Value or, as the case may be, Market Value of that Ship or other Fleet Vessel in such circumstances shall be the arithmetic mean of all three valuations.
Valuation of Ship. The Market Value of the Ship at any date is that shown by a valuation prepared:
(a) as at a date not more than 30 days previously;
(b) by an Approved Broker;
(c) with or without physical inspection of the Ship (as the Lender may require);
(d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and
(e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.
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. The Market Value of the Ship at any date is that shown by the arithmetic mean of 2 written valuations each prepared:
Valuation of Ship. The Market Value of a Ship (or any other Fleet Vessel) at any date (a "Valuation") is that shown by the arithmetic mean of two valuations, each valuation to be prepared:
(a) as at a date not more than 21 days previously;
(b) by an Approved Broker selected by the Borrower;
(c) with or without physical inspection of the relevant Ship (as the Lender may require); and
(d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment;
Valuation of Ship. Each of the Ships shall, for the purposes of this clause 8.2.2, be valued in Dollars as and when the Bank shall require by an Approved Shipbroker and in any event at least once a quarter immediately prior to each Margin Set Date (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 relevant Ship). Such valuations shall constitute the value of the Ships for the purposes of this clause 8.2.2 unless the Borrower objects to any valuation provided by an Approved Shipbroker within ten (10) days of receipt of such valuation in which event, the value of the relevant Ship shall be the mean of the value specified in such valuation and the value specified in a valuation issued by another Approved Shipbrokers appointed by the Borrower. The value of the Ships determined in accordance with the provisions of this clause 8.2.2 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 at any date is that shown by the average of 2 valuations addressed to the Agent for the benefit of the Lenders and prepared:
(a) as at a date not more than 14 days previously;
(b) by 2 independent first class sale and purchase shipbrokers which the Agent has approved or appointed for the purpose;
(c) with or without physical inspection of the Ship (as the Agent may require);
(d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and
(e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.
Valuation of Ship. The market value of a Ship at any date is that shown by:
a. the arithmetic average of 2 valuations each prepared by an Approved Broker selected by the Agent acting upon the instructions of all the Lenders; b. as at a date not more than 14 days prior to the date such valuation is delivered to the Agent by such Approved Broker;
