Common use of Valuation of Vessel Clause in Contracts

Valuation of Vessel. The Vessel shall, for the purposes of this Clause 8.5, be valued in Dollars (at least once a year) as and when the Lender shall reasonably require by any of the following shipbrokers (i) X. Xxxxxxxx & Company Limited and (ii) S.S.Y and (iii) Golden Destiny and (iv) Allied Shipbroking Inc. and (v) Arrow Shipbroking Group, appointed by the Lender in its sole discretion (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 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). The Lender and the Borrower agree 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 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 valuations shall be obtained.

Valuation of Vessel. The Vessel shall, for the purposes of this Clause 8.5, be valued in Dollars (at least once a year) as year or, if an Event of Default has occurred and when is continuing at any other time that the Lender shall reasonably require by any of the following shipbrokers (i) X. Xxxxxxxx & Company Limited and (ii) S.S.Y and (iii) Golden Destiny and (iv) Allied Shipbroking Inc. and (v) Arrow Shipbroking Groupan Approved Shipbroker, appointed by the Borrower and addressed to the Lender in its sole discretion (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 arms 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 charterparty or other engagement concerning the Vessel). The Lender and the Borrower agree agrees to accept such valuation made by the shipbroker 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 valuations valuation shall be obtained.