Valuation of Ships. The Market Value of a Ship:
(a) for the purposes of the Initial Market Value, is that shown by taking the arithmetic mean of two valuations issued by 2 Approved Brokers, one of which shall be issued by an Approved Broker to be nominated by the Borrowers and appointed by the Agent and the other nominated and appointed by the Agent (unless the Borrowers have not nominated an Approved Broker by the date falling 14 days prior to the Drawdown Date in which case the Agent will be entitled to select and appoint a second Approved Broker and the Market Value of the relevant Ship shall be shown by taking the arithmetic means of the two valuations obtained); and
(b) at any other date, is that shown in a valuation addressed to the Agent to be issued by an Approved Broker, nominated and appointed by the Borrowers and addressed to the Agent (the “First Valuation”) unless the Agent obtains a second valuation issued by an Approved Broker nominated and appointed by the Agent (the “Second Valuation”) in which case the Market Value of the relevant Ship at the relevant date is that shown:
(i) if the difference between the First Valuation and the Second Valuation is less than 10 per cent., by the First Valuation; and
(ii) if the difference between the First Valuation and the Second Valuation is greater than 10 per cent. but less than 15 per cent. or less, by taking the arithmetic average of such two valuations,
(c) each valuation issued pursuant to paragraphs (a) and (b) of this Clause 15.3 to be prepared:
(A) as at a date not more than 30 days previously;
(B) with or without physical inspection of that Ship (as the Agent may require); and
(C) 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
(d) if the difference between 2 valuations in respect of a Ship obtained at any one time, in each case, pursuant to this Clause 15.3 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker selected and appointed by the Agent. Such valuation to be conducted in accordance with this Clause 15.3 and the Market Value of that Ship in such circumstances shall be the arithmetic average of all three valuations.
Valuation of Ships. The Market Value of a Ship at any date is that shown by the arithmetic mean of 2 written valuations each prepared:
(a) as at a date not more than 30 days prior;
(b) 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.
Valuation of Ships. The market value of a Ship at any date is that shown by the arithmetic average of two valuations, each prepared:
(a) as at a date not more than 14 days previously;
(b) by an independent sale and purchase shipbroker which the Lender has approved or appointed for the purpose;
(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 Ships. The Market Value of a Ship (or any other Fleet Vessel) at any date during the Security Period is that shown by a valuation to be prepared:
(a) as at a date not more than 14 days previously;
(b) an Approved Broker (selected by the Borrowers and 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, if the Agent reasonably determines that the Market Value of the Ship shown by a valuation prepared in accordance with this Clause
Valuation of Ships. The Market Value of a Ship at any date is that shown by taking the arithmetic means of two valuations addressed to the Agent, each valuation to be prepared:
(a) as at a date not more than 30 days previously;
(b) by an Approved Broker nominated by the Borrowers and approved by the Agent;
(c) with or without physical inspection of the Ship (as the Agent 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 Ships. (a) The Market Value of a Mortgaged Ship at any date is that shown by a valuation issued by an Approved Broker selected and appointed by the Lender, such valuation to be addressed to the Lender and prepared:
(i) as at a date not more than 30 days previously;
(ii) without physical inspection of that Ship (as the Lender 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.
(b) If the Borrower disagrees with the valuation obtained by the Lender in accordance with paragraph (a) above, it shall be entitled to obtain a second valuation from an Approved Broker selected by the Borrower and appointed by the Lender, and prepared in accordance with sub- paragraphs (i) to (iii) of paragraph (a) above. In that case the Market Value of the Mortgaged Ship shall be the arithmetic mean of the two valuations issued provided that if the Borrower does not elect to appoint an Approved Broker within 14 days after the Lender's request to receive a valuation of a Mortgaged Ship, the Market Value of that Mortgaged Ship shall be that shown in the sole valuation obtained by the Lender in accordance with paragraph (a) above.
Valuation of Ships. The Market Value of a Mortgaged Ship at any date is that shown by taking the arithmetic means of two valuations to be issued by 2 Approved Brokers appointed by the Agent, one of which nominated by the Agent and the other by the Borrowers, each valuation to be prepared:
(a) as at a date not more than 14 days previously;
(b) with or without physical inspection of the Ship (as the Agent may require);
(c) 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
(d) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale, Provided that if the difference between the 2 valuations in respect of that Ship obtained at any one time pursuant to this Clause 15.3 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker appointed by the Agent. Such valuation such be conducted in accordance with this Clause 15.4 and the Market Value of that Ship in such circumstances shall be the average of the initial two valuations and the valuation provided by the third Approved Broker.
Valuation of Ships. (a) Each of the Mortgaged Ships shall, for the purposes of this Agreement, be valued in Dollars as and when the Bank shall require (and at least twice in each calendar year), by an independent and internationally recognised firm of shipbrokers appointed by the Bank in its sole discretion. Each such valuation shall be addressed to the Bank and made without, unless required by the Bank, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s 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 Mortgaged Ship. Such valuation shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2.
(b) The Borrower shall be entitled to request the Bank to obtain a second valuation of a Mortgaged Ship by another independent and internationally recognised firm of shipbrokers appointed by the Bank in its sole discretion, such valuation to be made on the same basis described in paragraph (a) above. In the event of the Bank so obtaining a second such valuation for a Mortgaged Ship, the arithmetic mean of the two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2.
(c) The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2 shall be binding upon the parties hereto until such time as any such further valuation shall be obtained.
Valuation of Ships. For the purpose of the Finance Documents, the value at any time of any Ship or any other asset over which additional security is provided under this clause 25 will be its value as most recently determined in accordance with this clause 25 or, if no such value has been obtained, its value under any valuation provided pursuant to clause 4 (Conditions of Utilisation).
Valuation of Ships. The Market Value of a Ship (or any other Fleet Vessel) at any date during the Security Period is that shown by a valuation to be prepared:
(a) as at a date not more than 14 days previously;
(b) an Approved Broker (selected by the Borrowers and 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 Agent reasonably determines that the Market Value of the Ship shown by a valuation prepared in accordance with this Clause 15.3 does not accurately reflect the value of that Ship, it shall have the right to appoint (at the Borrowers' expense) a second Approved Broker to provide a valuation of that Ship addressed to the Agent and prepared in accordance with the terms of this Agreement and the Market Value of that Ship shall be the arithmetic average of the two valuations.
