Valuation of the Vessels. 10.17.1 Each of the Vessels shall for the purposes of this Clause 10.17 be valued in Dollars by two (2) independent firms of shipbrokers or shipvaluers nominated by the Borrower and approved by the Agent (acting on the instructions of the Majority Lenders) 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 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 valuations shall be obtained on or about thirty (30) days prior to the Delivery Date in respect of a Vessel and thereafter they shall be obtained within fifteen (15) days of a request from the Agent (but at intervals no more frequently than annually at the Borrower’s expense unless an Event of Default has occurred and is continuing). The average of the valuations shall constitute the value of the Vessel for the purposes of this Clause 10.17.
Valuation of the Vessels. The Borrowers will pay the costs of semi-annual statements of the Fair Market Value which shall be obtained by the Agent, and, if an Event of Default or a Potential Event of Default has occurred and is continuing, such additional statements of the Fair Market Values as any Lender may require in their sole discretion. The valuations shall be performed in May and November each year and shall each be based on the average of the valuations of 2 (two) shipbrokers from the list included as Schedule 3 - List of Shipbrokers. If requested by the Lenders, the Agent may at any time at its discretion obtain additional valuations at the cost of the Borrowers.
Valuation of the Vessels. The aggregate fair market value ("FMV") of the Vessels during the Facility Period shall be greater than or equal to: (1) for the first two years of the Facility Period, a minimum of 120% of the Loan during such period, (2) for the third and fourth year of the Facility Period, a minimum of 130% of the Loan during such period and (3) for the fifth year of the Facility Period and up to the Maturity Date, a minimum of 140% of the Loan during such period (the "Relevant Percentages"). The FMV of each Vessel shall be determined at the Agents discretion, but no less frequently than annually, on the basis of a valuation (the "Valuation") provided by the Agent. In the event the Majority Lenders or the Borrowers disagree with the Agent's Valuation, then the Borrowers and the Agent shall each obtain a separate valuation (the "Additional Valuations") from separate independent shipbrokers, and the FMV shall be determined to be the arithmetic average of the Additional Valuations. The cost of all Additional Valuations obtained hereunder shall be for the account of the Borrowers.
Valuation of the Vessels. 11.17.1 Each of the Vessels shall for the purposes of this Clause 11.17 be valued in Dollars by two (2) independent firms of shipbrokers or shipvaluers nominated by the Borrower and approved by the Agent (acting on the instructions of the Majority Lenders) 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 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). Such valuations shall be obtained within fifteen (15) days of a request from the Agent but no more frequently than annually at the Borrower’s expense (unless an Event of Default has occurred and is continuing) PROVIDED HOWEVER that if the Borrower has requested the drawdown of the Term Loan Facility or the advance of a Drawing pursuant to Clause 2.3 and, at such time, such valuations are more than ninety (90) days old, the Borrower shall, upon the Agent’s request and at the Borrower’s additional expense, obtain new valuations at that time. The average of the valuations shall constitute the value of the Vessel for the purposes of this Clause 11.17.
Valuation of the Vessels. 11.17.1 Each of the Vessels shall for the purposes of this Clause 11.17 be valued in Dollars by two (2) independent firms of shipbrokers or shipvaluers nominated by the Borrower and approved by the Agent (acting on the instructions of the Majority Lenders) 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 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). Such valuations shall be obtained each January and July and at such other times as the Agent may from time to time reasonably require PROVIDED HOWEVER that if the Borrower has requested the drawdown of the Term Loan Facility or the advance of a Drawing pursuant to Clause 2.3 and, at such time, such valuations are more than ninety (90) days old, the Borrower shall, upon the Agent's request, obtain new valuations at that time. The average of the valuations shall constitute the value of the Vessel for the purposes of this Clause 11.17.
Valuation of the Vessels. 10.17.1 Each of the Vessels shall for the purposes of this Clause 10.17 be valued in Dollars by two (2) independent firms of shipbrokers or shipvaluers nominated by the Borrower and approved by the Agent (acting on the instructions of the Majority Lenders) 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 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 valuations shall be obtained on or about thirty (30) days prior to the Delivery Date in respect of a Vessel and thereafter they shall be obtained on or about each anniversary of the relevant Delivery Date and at such other times as the Agent may from time to time reasonably require. The average of the valuations shall constitute the value of the Vessel for the purposes of this Clause 10.17.
Valuation of the Vessels. Each Vessel shall be subjected to a semi-annual valuation (the "Valuation") on the basis of a non-converted trading tanker from an independent appraiser approved by the Agent. All Valuations shall be for the account of the Obligors. In the event of disagreement over the Valuations, the Agent may, at the Agent's expense, obtain a separate valuation (the "Additional Valuations") from an appraiser approved jointly by the Obligors and the Agent. In the event that there is disagreement over the Valuation and any Additional Valuation, the market value of the Vessels shall be determined to be the arithmetic average of the Valuation and any Additional Valuations.
Valuation of the Vessels at any time that the Bank might consider to be (at the sole discretion of the Bank) necessary or useful and at the expense of the Borrowers, have each 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 taking into account the benefit of any remaining Charterparty or other engagement concerning the relevant Vessel (“the basis of valuation”), by means of taking the mean of valuations of the relevan Vessel made by two such first-class international independent sale and purchase shipbrokers as may be agreed between the Bank and the Borrowers. If the Borrowers shall not have agreed with the Bank the brokers to be so appointed within seven (7) days of the Bank notifying the Borrowers of the Bank’s intention to appoint such brokers such valuation shall be made by using the mean of valuations of two brokers appointed only by the Bank. The Borrowers agree to accept the mean of any valuations made by shipbrokers appointed as aforesaid as conclusive evidence of the market value of the Vessels at the date of such valuations. The Borrowers agree to supply to the Bank and to any such shipbrokers such information concerning the Vessels and their condition as such shipbrokers may require for the purpose of making such valuations.
Valuation of the Vessels. The aggregate fair market value ("FMV") of the Vessels during the Credit Facility Period shall be greater than or equal to: (1) for the first two years of the Credit Facility Period, a minimum of 120% of the Credit Facility during such period, (2) for the third and fourth year of the Credit Facility Period, a minimum of 125% of the Credit Facility during such period and (3) for the fifth year of the Credit Facility Period and up to the Maturity Date, a minimum of 130% of the Credit Facility during such period (the "Relevant Percentages"). The FMV of each Vessel shall be determined at the Administrative Agent's discretion, but no less frequently than annually, on the basis of a valuation (the "Valuation") provided by the Administrative Agent. In the event the Majority Lenders or the Borrowers disagree with the Administrative Agent's Valuation, then the Borrowers and the Administrative Agent shall each obtain a separate valuation (the "Additional Valuations") from separate independent shipbrokers, and the FMV shall be determined to be the arithmetic average of the Additional Valuations. The cost of all Additional Valuations obtained hereunder shall be for the account of the Borrowers.
Valuation of the Vessels. 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 each 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 such 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) Xxxxx Xxxxxxxx, and (v) Braemar Seascope Limited, 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 each Vessel determined as aforesaid shall be notified by the Bank to the Borrower and such valuation shall constitute the value of such 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 relevant Vessel at the date of such
