Valuation of the Vessel. 10.18.1 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 is continuing) within fifteen (15) days of receiving any request to that effect from the Agent, procure that the Vessel 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 Vessel as the Agent may require).
10.18.2 If the Borrower does not accept the valuation obtained pursuant to Clause 10.18.1 (the “First Valuation”) it may (at its own expense) within five (5) Business Days of receipt of the First Valuation obtain a second valuation (the “Second Valuation”) from another 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.
10.18.3 If the Second Valuation exceeds the First Valuation by a margin of no less than ten per cent (10%) of the First Valuation the Borrower may at its expense forthwith upon receipt of the Second Valuation request the shipbrokers and/or shipvaluers appointed pursuant to Clauses 10.18.1 and 10.18.2 to obtain a third valuation (the “Third Valuation”) from a further independent reputable shipbroker or shipvaluer experienced in valuing cruise ships approved by the Agent such approval not to be unreasonably withheld or delayed. Subject to the Third Valuation being made available within five (5) Business Days of the date of the Second Valuation, the valuation of the Vessel will be determined on the basis of the average of the three valuations so obtained. If the Third Valuation is not made available within the aforementioned time limit, the Vessel shall be valued on the basis of the average of the First Valuation and the Second Valuation.
10.18.4 The Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 10.18 a copy thereof is sent directly to the Agent for review.
Valuation of the Vessel. 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 is continuing) within fifteen (15) days of receiving any request to that effect from the Agent, procure that the Vessel 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 Vessel as the Agent may require).
Valuation of the Vessel. The Vessel shall, for the purposes of this Agreement, be valued in USD by taking either (i) the valuation prepared by an Approved Broker nominated and appointed by the Agent or (ii) if requested by the Borrower, the arithmetic mean of valuations prepared by the Approved Broker so nominated and appointed by the Agent and an Approved Broker nominated by the Borrower and appointed by the Agent (at the Borrower’s expense), in each case such valuations to be made without physical inspection, and on the basis of a sale for prompt delivery for cash at arms’ length, on normal commercial terms, as between a willing buyer and a willing seller without taking into account the benefit or burden of any charterparty or other engagement concerning the Vessel. Valuations shall be obtained:
(a) on the date falling one year after the Drawdown Date and annually thereafter, at the Borrower’s expense; and
(b) (in addition to (a) above) at any other time as the Agent (acting on the instructions of the Majority Lenders shall additionally require (in its absolute discretion) at (save as provided in Clause 8.2.4) the cost of the Lenders. The Approved Brokers’ valuations for the Vessel on each such occasion shall constitute the Valuation Amount of the Vessel for the purposes of this Agreement until superseded by the next such valuation.
Valuation of the Vessel. The Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s expense) in USD by any Approved Broker, such valuations to be made without physical inspection, and on the basis of a sale for prompt delivery for cash at arms’ length, on normal commercial terms, as between a willing buyer and a willing seller, taking into account the benefit or burden of any charterparty or other engagement concerning the Vessel and such valuations to be no older than 3 months on the date on which it is provided to the Bank, and to be provided to the Bank at such times as the Bank shall require at the cost of the Borrower, Provided that if the Bank or the Borrower do not agree with any valuation produced as hereinbefore referred to then each of the Bank and the Borrower shall nominate an Approved Broker, and the Valuation Amount for the Vessel shall be the average of the valuations produced by those two Approved Brokers in accordance with the terms of this Clause. The Approved Broker’s valuations for the Vessel on each such occasion shall constitute the Valuation Amount of the Vessel for the purposes of this Agreement until superseded by the next such valuation. The Bank may request valuations of the Vessel at any time in its discretion.
Valuation of the Vessel at any time (and at least once per year) that the Bank might consider to be (at the reasonable discretion of the Bank) necessary or useful and at the expense of the Borrower, have the Vessel valued in Dollars, without, unless required by the Bank, physical inspection and on the basis of sale for prompt delivery and free of Encumbrances for cash at arm’s length on normal commercial terms as between a willing seller and a willing buyer without taking into account the benefit of any charterparty or other engagement concerning the Vessel (“the basis of valuation”), by a shipbroker appointed by the Bank for this purpose at the Bank’s sole discretion;
Valuation of the Vessel. 9.16.1 The Vessel shall for the purposes of this Clause 9.16 be valued by two (2) independent firms of shipbrokers or shipvaluers nominated by the Indemnifier and approved by the Agent (acting on the instructions of the Issuers) or failing such nomination and approval, appointed by the Agent (acting on such instructions) in its sole discretion (each such valuation to be made without, unless reasonably required by the Agent, physical inspection 28 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 Vessel). The first such set of valuations shall be that obtained as at 30 June 2005 and thereafter a set shall be obtained every six (6) months and at such other times as the Agent may from time to time reasonably require. The average of the set of valuations shall constitute the value of the Vessel for the purposes of this Clause 9.16. The cost of two (2) sets of such valuations per calendar year shall be for the Indemnifier.
9.16.2 The Indemnifier shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 9.16 a copy thereof is sent directly to the Agent for review.
Valuation of the Vessel. At any time (and at least once per year) that the Bank might consider to be (at the reasonable discretion of the Bank) necessary or useful and at the expense of the Borrower, have the Vessel valued in Dollars, without, unless required by the Bank, physical inspection and on the basis of sale for prompt delivery and free of Encumbrances for cash at arm’s length on normal commercial terms as between a willing seller and a willing buyer without taking into account the benefit of any charterparty or other engagement concerning the Vessel (“the basis of valuation”), by one (1) of the following shipbrokers namely: (i) X. Xxxxxxxx & Company Limited, (ii) Xxxxxxxxx’x Ltd., (iii) X.X. Xxxxxx Shipbrokers Ltd, (iv) SSY, (v) Braemar Seascope Limited, and (vi) Golden Destiny, or any other shipbrokers, as may from time to time be appointed by the Bank for this purpose at the Bank’s sole discretion. The Market Value of the Vessel determined as aforesaid shall be notified by the Bank to the Borrower and such valuation shall constitute the value of the Vessel for the purposes of this Agreement and shall be binding upon the parties hereto. The Bank and the Borrower each agrees to accept such valuation made by the shipbroker appointed as aforesaid as conclusive evidence of the Market Value of the Vessel at the date of such valuation. The Borrower further agrees to supply the Bank and any shipbroker appointed as aforesaid with such information concerning the Vessel and her condition as such shipbroker may reasonably require for the purpose of making such valuation; Provided, however, that in case of significant market deterioration the Bank will have the right to request additional valuations at the Borrower’s expense.
Valuation of the Vessel. The Lender shall calculate the Scrap Value of the Vessel as and when the Lender shall require in its sole discretion. The calculation of the Scrap Value of the Vessel made in accordance with the provisions of this clause 8.2.2 shall be binding upon the parties hereto (absent manifest error) until such time as any such further calculation shall be made by the Lender.
Valuation of the Vessel. 10.18.1 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 is continuing) within thirty (30) days of receiving any request to that effect from the Agent, procure that the Vessel 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 Vessel as the Agent may require).
10.18.2 If the Borrower does not accept the valuation obtained pursuant to Clause 10.18.1 (the “First Valuation”) it may (at its own expense) within five (5) Business Days of receipt of the First Valuation obtain a second valuation (the “Second Valuation”) from another 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.
Valuation of the Vessel. (a) as and when and as often as may be reasonably required by the Bank but at least annually, provide the Bank at the Borrower's expense with a valuation certificate addressed to the Bank and dated not more than seven (7) days prior to its delivery to the Bank from an Approved Broker certifying the Vessel's Market Value. Such valuation may be made with or without physical inspection of the Vessel (as the Bank may require) on the basis of a sale for prompt delivery for cash at arm's length on normal commercial terms as between a willing seller and a willing buyer and free of any existing charter or other contract of employment. All costs arising in connection with the obtaining of any such valuation (including, but not limited to, the fees of the relevant Approved Brokers appointed to give such valuations) shall be borne by the Borrower;
