Common use of Valuation of Ship Clause in Contracts

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. Each of the Ships The Ship shall, for the purposes of this clause 8.2.28.2, be valued in Dollars as at yearly intervals by an independent firm of international shipbrokers nominated by the Borrower and when approved by the Bank shall require or, failing such nomination or approval, appointed by an Approved Shipbroker and the Bank in any event at least once a quarter immediately prior to each Margin Set Date its sole discretion (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 valuation shall constitute the value of the Ships Ship for the purposes of this clause 8.2.2 unless the Borrower Bank objects to any valuation provided by an Approved Shipbroker a shipbroker nominated by the Borrower within ten fourteen (1014) 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 an independent firm of international shipbrokers appointed by the BorrowerBank (on the same basis as specified above). The value of the Ships Ship 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. 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 Borrowers object 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.