Common use of Valuation of Ship Clause in Contracts

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 the a Ship at any date is that shown by the average of 2 valuations addressed to the Agent for the benefit of the Lenders and a valuation prepared: (a) as at a date not more than 14 days previously; (b) by 2 an independent first class sale and purchase shipbrokers shipbroker appointed by the Borrower which the Agent Agent, acting with the authorisation of the Majority Lenders, has approved or appointed for the purpose; (c) with or without physical inspection of the that 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 the a Ship at any date is that shown by taking 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 Approved Brokers, one appointed by the Agent has approved or appointed for and the purposeother by the Borrower, with both reporting to the Agent; (c) with or without physical inspection of the that 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.