Valuations during the Waiver. Period All valuations during the Waiver Period (other than the valuation already obtained in December 2008 pursuant to Clause 2.1.7) shall be provided by an independent broker mutually acceptable to the Borrowers, the Corporate Guarantor and the Lender, who shall report directly to the Lender. All valuations pursuant to this Clause shall be made on the basis of a sale of the Vessel for prompt delivery for cash at arm’s length on normal commercial terms by a willing seller to a willing buyer and free of any existing charter or other contract of employment. The Borrower and the Lender agree to accept each valuation obtained pursuant to this Clause as conclusive evidence of the Vessel’s market value at the date of such valuation.
Appears in 5 contracts
Samples: Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.), Secured Multi Currency Reducing Revolving Credit Facility Agreement (Safe Bulkers, Inc.)
