Valuation of Vessel. (whereas the costs shall be borne by the Borrower in accordance with Clause 8.5(d) (Costs)) or if the additional security is in the form of a cash deposit full credit shall be given for such cash deposit on a Dollar for Dollar basis.
Valuation of Vessel. The Vessel shall, for the purposes of this Clause 8.5, be valued in Dollars once a year or, if an Event of Default has occurred and is continuing at any other time that the Lender shall reasonably require by an Approved Shipbroker, appointed by the Borrower and addressed to the Lender (such valuation to be made without, unless required by the Lender, 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 Lender and the Borrower agrees to accept such valuation made by such Approved Shipbroker appointed as aforesaid as conclusive evidence of the Market Value of the Vessel at the date of such valuation and such valuation shall constitute the Market Value of the Vessel for the purposes of this Clause 8.5. The value of the Vessel determined in accordance with the provisions of this Clause 8.5 shall be binding upon the Borrower and the Lender until such time as any further such valuation shall be obtained.
Valuation of Vessel. (except for valuations obtained in accordance with Clause 7.2 (q) (Valuations) for the purpose of determining the Market Value of the Vessel prior to drawdown of the Commitment) the Vessel shall, for the purposes of this Clause 8.5, be valued in Dollars once in each calendar year or, if an Event of Default has occurred and is continuing, at any other time that the Lender shall reasonably require and for as long as such Event of Default is continuing, by two Approved Shipbrokers, one appointed by the Lender and one appointed by the Borrower (such valuations to be addressed to the Lender and to be made without, unless required by the Lender, 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 Lender and the Borrower agree to accept the average of such valuations made by the Approved Shipbrokers appointed as aforesaid as conclusive evidence of the Market Value of the Vessel at the date of such valuations and that the average of such valuations shall constitute the Market Value of the Vessel for the purposes of this Clause 8.5. The value of the Vessel determined in accordance with the provisions of this Clause 8.5 shall be binding upon the Borrower and the Lender until such time as any further such valuations shall be obtained.
Valuation of Vessel. The Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s expense) in USD by an Approved Broker appointed by, and reporting to, the Lender, such valuation 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), at any time as the Lender shall require and at least once a year. The Approved Broker’s valuation 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 Vessel. The Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s expense) in USD by taking a valuation prepared by any Approved Broker appointed by the Borrower, such valuation 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, and subject to the proviso to this clause 8.2.2, taking into account the benefit of any charterparty but no other engagement concerning the Vessel provided that the Agent may, in its discretion request a second valuation (on the same terms) from a second Approved Broker and if such two valuations vary by more than 15%, then the Agent shall appoint a third Approved Broker to provide a valuation and the Valuation amount shall be the average of such three valuations, such valuations to be obtained:
(a) On the date falling six months after the first Drawdown Date and twice yearly thereafter 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, at the cost of the Lenders The Approved Brokers’ valuations, or, as the case may be, the average of such 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 proviso referred to above in this clause is that the benefit of any charterparty or other engagement concerning the Vessel shall not be taken into account in calculating the Valuation Amount of the Vessel unless (i) the Borrower has obtained Charter Insurance in relation to any charterparty to which the Vessel is subject with an insurer and on terms in all respects acceptable to the Agent and (ii) the Security Trustee has received a Charter Insurance Assignment and notice of Assignment thereof duly executed by the Borrower.
Valuation of Vessel. The Vessel shall, for the purposes of this Agreement, be valued in USD by taking the valuation prepared by an Approved Broker appointed by the Borrower, such valuation 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 and shall be no older than 30 days as at any relevant date. Valuations shall be obtained:
(a) prior to (but no more than 30 days prior to) the Drawdown Date and annually thereafter; and
(b) (in addition to (a) above) at any other time as the Bank shall require (in its reasonable discretion). 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 superceded by the next such valuation.
Valuation of Vessel. At least once each year and at any time following the occurrence of a Default hereunder, the Borrower shall provide to GE Capital, upon request by GE Capital but at the sole cost and expense of the Borrower, its certified written opinion of the Fair Market Sale Value of the Vessel based upon Borrower' s consultation with one or more independent ship brokers. "Fair Market Sale Value" shall mean the amount for which the Vessel could be sold on a charter-free basis in an arm's length transaction.
Valuation of Vessel. The Vessel shall, for the purposes of this Clause 8.2, be valued in Dollars, ten (10) days prior to the relevant Drawdown Date (as the Bank may determine) and thereafter as and when the Bank shall require (but at least once per year) by one (1) first class independent firm of internationally known shipbrokers appointed by the Bank such valuation to be made without, unless required by the Bank, 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 the burden of any charterparty concerning the Vessel. Such valuation shall constitute the value of the Vessel for the purposes of this Clause 8.2 and shall be binding upon the parties hereto until such time as any further such valuation in respect of the Vessel shall be obtained.
Valuation of Vessel. The Vessel shall, for the purposes of this Agreement (including, but not limited to Clause 2.3), be valued in USD by any two Approved Brokers, such valuations to be made at such time or times, as the Lender may require, 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 and the average of such two 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.
Valuation of Vessel. The Vessel shall, for the purposes of this Agreement, be valued (at the Borrower’s expense) in USD by taking a valuation prepared by any Approved Broker appointed by the Borrower, such valuation 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 of any charterparty or other engagement concerning the Vessel provided that the Agent may, in its discretion request a second valuation (on the same terms) from a second Approved Broker and if such two valuations vary by more than 15%, then the Agent shall appoint a third Approved Broker to provide a valuation and the Valuation amount shall be the average of such three valuations, such valuations to be obtained:
(a) On the date falling six months after the Delivery Date and twice yearly thereafter 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, at the cost of the Lenders The Approved Brokers’ valuations, or, as the case may be, the average of such 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.
