Common use of Valuation of the Ship Clause in Contracts

Valuation of the Ship. The following shall apply in relation to the valuation of the Ship: (a) the Borrower will from time to time (but at intervals no more frequently than annually at the Borrower’s expense unless an Event of Default has occurred and remains unremedied) following the Delivery Date and within thirty (30) days of receiving any request to that effect from the Agent, procure that the Ship is valued by an independent reputable shipbroker or shipvaluer experienced in valuing cruise ships appointed by the Borrower and approved by the Agent (which approval shall not be unreasonably withheld or delayed and such valuation to be made with or without taking into account the benefit or otherwise of any fixed employment relating to the Ship as the Agent may require); (b) the Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 13.18 a copy thereof is sent directly to the Agent for review; and (c) in the event that the Borrower fails to procure a valuation in accordance with Clause 13.18 (a), the Agent shall be entitled to procure a valuation of the Ship on the same basis.

Valuation of the Ship. The following shall apply in relation to the valuation of the Ship: (a) the Borrower will from time to time (but at intervals no more frequently than annually at the Borrower’s expense unless an Event of Default has occurred and remains unremedied) following the Delivery Date and within thirty (30) days of receiving any request to that effect from the Agent, procure that the Ship is valued by an independent reputable shipbroker or shipvaluer experienced in valuing cruise ships appointed by the Borrower and approved by the Agent (which approval shall not be unreasonably withheld or delayed and such valuation to be made with or without taking into account the benefit or otherwise of any fixed employment relating to the Ship as the Agent may require); (b) the Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 13.18 a copy thereof is sent directly to the Agent for review; and (c) in the event that the Borrower fails to procure a valuation in accordance with Clause 13.18 (a13.1(a), the Agent shall be entitled to procure a valuation of the Ship on the same basis.