Common use of Valuation of Ships Clause in Contracts

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. (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 LenderAgent, such valuation to be addressed to the Lender Agent and prepared: (i) as at a date not more than 30 days previously; (ii) with or without physical inspection of that Ship (as the Lender Agent may require); and (iii) on the basis of a sale for prompt delivery for cash on normal arm's ’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 a Borrower disagrees with the valuation obtained by the Lender Agent in accordance with paragraph (a) above, it shall be entitled to obtain a second valuation from an Approved Broker selected by the Borrower Borrowers and appointed by the LenderAgent, and prepared in accordance with sub- 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 Borrowers do not elect to appoint an Approved Broker within 14 days after the Lender's Agent’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 Agent in accordance with paragraph (a) above.

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 ’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 ’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. (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 LenderAgent, such valuation to be addressed to the Lender Agent and prepared: (i) as at a date not more than 30 days previously; (ii) with or without physical inspection of that Ship (as the Lender Agent may require); and (iii) on the basis of a sale for prompt delivery for cash on normal arm's ’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 Borrowers disagree with the valuation obtained by the Lender Agent in accordance with paragraph (a) above, it they shall be entitled to obtain a second valuation from an Approved Broker selected by the Borrower Borrowers and appointed by the LenderAgent, and prepared in accordance with sub- 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 (one from the Approved Broker selected by the Borrowers and appointed by the Agent and one from the Approved Broker selected and appointed by the Agent) provided that if the Borrower does Borrowers do not elect to appoint select an Approved Broker within 14 days after the Lender's Agent’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 Agent in accordance with paragraph (a) above.