Valuation of Ships. The market value of a Ship at any date is that shown by a valuation prepared:
Valuation of Ships. The market value of a Ship at any date is that shown by the arithmetic average of two valuations, each prepared:
Valuation of Ships. The Market Value of a Ship:
Valuation of Ships. The Market Value of each Mortgaged Ship or any Fleet Vessel at any date is that shown by taking the arithmetic means of two valuations issued by 2 Approved Brokers:
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 Agent, such valuation to be addressed to the Agent and prepared:
Valuation of Ships. The Fair Market Value of a Ship at any date is that shown by the average of 2 valuations:
Valuation of Ships. The Market Value of a Borrower Ship (or, when applicable, a Tasman Ship) at any date is that shown by taking the arithmetic means of two valuations addressed to the Agent, each valuation to be prepared:
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.
Valuation of Ships. The Fair Market Value of each Ship shall be determined at delivery and at least 6 monthly thereafter and at any date is the average of that shown by 2 valuations each prepared:
Valuation of Ships. Each Borrower’s Ship shall, for the purposes of this Agreement, be valued in Dollars as and when the Agent (acting on the instructions of the Majority Banks) shall require (and at least once every calendar year) by any two (2) Approved Shipbrokers selected by the Borrowers or, failing such selection, selected by the Agent in its sole discretion. Each such valuation shall be made without, unless required by the Agent, 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 relevant Borrower’s Ship. The arithmetic mean of such two (2) valuations shall constitute the value of such Borrower’s Ship for the purposes of this clause 8.2. The value of each Borrower’s Ship determined in accordance with the provisions of this clause 8.2.1 shall be binding upon the parties hereto until such time as any further such valuation shall be obtained.
