Common use of Valuation of Ships Clause in Contracts

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. The Market Value of a Mortgaged Ship at any date is that shown by taking the arithmetic means average 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 15 days previouslypreviously and, for the purposes of Clause 15.9, each Compliance Date and each Dropdown Date; (b) by an Approved Broker selected, obtained by, and addressed to the Facility Agent; (c) with or without physical inspection of the relevant Ship (as the Facility Agent may require); (cd) 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; and (de) 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 15.4 is greater than 15 per cent. of the lower valuation of such valuations, a valuation shall be commissioned from a third Approved Broker appointed by the Facility Agent. Such valuation such shall 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 2 valuations and the valuation provided by the third Approved Broker.

Valuation of Ships. The Market Value market value of a Mortgaged Ship at any date is that shown by taking the arithmetic means average 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 previouslypreviously and, for the purposes of Clause 12.6 and 15.9, each Compliance Date; (b) by an Approved Broker nominated and appointed by the Borrower; (c) with or without physical inspection of the relevant Ship (as the Facility Agent may require); (cd) 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; and (de) 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 15.4 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker appointed by the Facility Agent. Such valuation such shall be conducted in accordance with this Clause 15.4 and the Market Value of that the Ship in such circumstances shall be the average of the initial two 2 valuations and the valuation provided by the third Approved Broker.

Valuation of Ships. The Market Value of a Mortgaged Ship at any date is that shown by taking the arithmetic means average 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 previouslypreviously and, for the purposes of Clause 15.9, each Compliance Date and each date of Dropdown; (b) by an Approved Broker nominated and appointed by the Borrowers; (c) with or without physical inspection of the relevant Ship (as the Facility Agent may require); (cd) 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; and (de) 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 15.4 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker appointed by the Facility Agent. Such valuation such shall 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 2 valuations and the valuation provided by the third Approved Broker.