Common use of Valuation of Ship Clause in Contracts

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 Ship Each of the Ships shall, for the purposes of this clause 8.38.2.2, be valued in Dollars as and when the Bank shall require by an Approved Shipbroker and in its absolute discretion require, by two any event at least once a quarter immediately prior to each Margin Set Date (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, inspection and on the basis of a sale for prompt delivery for cash at arms' 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). The arithmetic mean of such Such valuations shall constitute the value of the Ship Ships for the purposes of this clause 8.38.2.2 unless the Borrower objects to any valuation provided by an Approved Shipbroker within ten (10) days of receipt of such valuation in which event, 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 relevant Ship for shall be the purposes mean of this clause 8.3the 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 Ship Ships determined in accordance with the provisions of this clause 8.3 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 Ship Each of the Ships shall, for the purposes of this clause 8.38.2.2, be valued in Dollars as and when the Bank shall require by an Approved Shipbroker and in its absolute discretion require, by two any event at least once a quarter immediately prior to each Margin Set Date (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, inspection and on the basis of a sale for prompt delivery for cash at arms' 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). The arithmetic mean of such Such valuations shall constitute the value of the Ship Ships for the purposes of this clause 8.38.2.2 unless the Borrowers object to any valuation provided by an Approved Shipbroker within ten (10) days of receipt of such valuation in which event, 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 relevant Ship for shall be the purposes mean of this clause 8.3the 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 Ship Ships determined in accordance with the provisions of this clause 8.3 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 Ship shall, for the purposes of this clause 8.38.2, be valued as in Dollars at yearly intervals by an independent firm of international shipbrokers nominated by the Borrower and when approved by the Bank shall in its absolute discretion requireor, by two (2) independent firms of shipbrokers failing such nomination or approval, appointed by the Bank in its sole discretion (each such valuation to be made without, unless required by the Bank, physical inspection, inspection and on the basis of a sale for prompt delivery for cash at arms' 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 Such valuation shall constitute the value of the Ship for the purposes of this clause 8.38.2.2 unless the Bank objects to any valuation provided by a shipbroker nominated by the Borrower within fourteen (14) days of receipt of such valuation in which event, provided however that if the two (2) valuations in respect value of the Ship vary shall be the mean of the value specified in such valuation and the value specified in a valuation issued by more than fifteen per cent (15%), the Bank acting in its sole discretion shall appoint a third an independent firm of international shipbrokers to value appointed by the Ship Bank (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 8.3specified above). The value of the Ship determined in accordance with the provisions of this clause 8.3 8.2.2 shall be binding upon the parties hereto until such time as any further such valuations shall be obtained.