Common use of Valuation of Ship Clause in Contracts

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;

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

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Valuation of Ship. The market value Market Value of a Ship (or any other Fleet Vessel), at any date is that shown byby one valuation to be prepared: 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. (a) as at a date not more than 14 30 days prior to previously; (b) by an Approved Broker appointed by the date such valuation is delivered to Agent; (c) with or without physical inspection of the Ship (as the Agent by such Approved Broker;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.

Appears in 1 contract

Samples: Amending and Restating Agreement (Paragon Shipping Inc.)

Valuation of Ship. The market value of a Ship at any date is that shown by: a. (i) in a valuation or (ii) (at the arithmetic Agent’s request acting in its sole discretion) by taking the average of 2 valuations valuations, in 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;case prepared:

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Containers Inc.)

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Valuation of Ship. The market value Market Value of a Ship at any date is that shown byby a valuation prepared: 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. (a) as at a date not more than 14 30 days prior to previously; (b) by an Approved Broker appointed by the date such valuation is delivered to Lender; (c) in Dollars; (d) with or without physical inspection of that Ship (as the Agent by such Approved Broker;Lender may require); and (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.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

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