Vessel Valuations. For inclusion with each Asset Maintenance Compliance Certificate delivered pursuant to Section 9.1(d)(iii) (for the second and fourth fiscal quarters of the Guarantor or more frequently at the Facility Agent's option upon and during the continuation of a Default or an Event of Default), and in any event upon the reasonable request of the Facility Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessel. All valuations are to be at the Borrower's cost. In the event the Borrower fails or refuses to obtain the valuations requested pursuant to this Section 9.1(g) within ten (10) days of the Facility Agent's request therefor, the Facility Agent will be authorized to obtain such valuations, at the Borrower's cost, from one of the Approved Ship Brokers, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.1(g), but the Facility Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.1(g);
Vessel Valuations. On or prior to the last day of June and December of each calendar year, the Borrower shall obtain and deliver to the Facility Agent appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost. In the event that the Borrower fails or refuses to obtain the valuations required by this clause, the Facility Agent will be authorized to obtain such valuations from Approved Brokers, at the Borrower’s cost, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this clause, but the Facility Agent’s action in doing so shall not excuse any default of the Borrower hereunder. If an Event of Default has occurred and is continuing, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost, at such further frequency as may be reasonably required by the Majority Lenders;
Vessel Valuations. For inclusion with each Compliance Certificate delivered pursuant to Section 9.1(d)(i) and 9.1(d)(ii) (for the third quarter of each year), and in any event upon the reasonable request of the Facility Agent, the Borrower shall obtain appraisals of the Fair Market Value of each Vessel. All valuations are to be at the Borrower's cost. In the event the Borrower fails or refuses to obtain the valuations requested pursuant to this Section 9.1 within ten (10) days of the Facility Agent's request therefor, the Facility Agent will be authorized to obtain such valuations, at the Borrower's cost, from two of the approved ship brokers listed on Schedule II, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.1(f), but the Facility Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.1(f);
Vessel Valuations. For inclusion with each Compliance Certificate delivered pursuant to Section 9.1(d)(i) and 9.1(d)(ii) (for the third quarter of each year), and in any event upon the reasonable request of the Facility Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessel, provided however, that at any time when the Vessel is subject to an Acceptable Charter the Borrower shall not be required to deliver the appraisals of the Vessel together with the third quarter Compliance Certificate. All valuations are to be at the Borrower's cost. In the event the Borrower fails or refuses to obtain the valuations requested pursuant to this Section 9.1 within ten (10) days of the Facility Agent's request therefor, the Facility Agent will be authorized to obtain such valuations, at the Borrower's cost, from one of the approved ship brokers listed on Schedule II, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.1(f), but the Facility Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.1(f);
Vessel Valuations. At least every twelve (12) months commencing on the day falling twelve (12) months from the date hereof and in any event upon the request of the Agent, the Borrower shall obtain, at the Borrower's cost, valuations of the Vessels OMI COLUMBIA, charter-free, in Dollars from two independent shipbrokers satisfactory to the Agent. In the event the Borrower fails or refuses to obtain the valuations requested pursuant to this Section 9.2 within ten (10) days of the Agent's request therefor, the Agent shall be authorized to obtain such valuations, at the Borrower's cost, from two independent shipbrokers selected by the Agent, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.2, but the Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.2. The average of such two (2) valuations shall be the FMV of each Vessel.
Vessel Valuations. At least every twelve (12) months commencing on the day falling twelve (12) months from the date hereof and in any event upon the request of the Agent, the Borrower shall obtain, at the Borrower's cost, valuations of the Vessels, charter-free, in Dollars from two independent shipbrokers satisfactory to the Agent. In the event the Borrower fails or refuses to obtain the valuations requested pursuant to this Section 9.2 within ten (10) days of the Agent's request therefor, the Agent shall be authorized to obtain such valuations, at the Borrower's cost, from two independent shipbrokers selected by the Agent, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.2, but the Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.
Vessel Valuations. Upon the reasonable request of the Agent, the Borrower shall obtain, at the Borrower's cost, valuations of the Vessels owned by Vessel Owning/Operating Subsidiaries, charter free, in Dollars from an independent shipbroker satisfactory to the Agent (it being understood that the initial valuation for any Vessel acquired in an arm's length transaction with a third party shall be the purchase price of such Vessel). In the event the Borrower shall fail or refuse to obtain the valuations requested pursuant to this Section 10.2 within ten (10) days of the Agent's request therefor, the Agent shall be authorized to obtain such valuations, at the Borrower's cost, from an independent shipbroker selected by the Agent, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 10.2, but the Agent's actions in doing so shall not excuse any default of the Borrower under this Section 10.2.
Vessel Valuations. Without prejudice to the Facility Agent's right to request valuations under Section 9.1(g), the Facility Agent may, at its sole option and at the cost of the Borrowers, obtain new appraisals in respect of each Vessel from ship brokers of its choosing at any time on or prior to the Waiver Expiration Date;
Vessel Valuations. (i) the Borrower shall obtain and deliver to the Administrative Agent an appraisal of the Fair Market Value of each of the Vessels from an Approved Ship Broker as of the Delivery Date and thereafter the Borrower shall obtain and deliver to the Administrative Agent a desktop appraisal of the Fair Market Value of each of the Vessels from an Approved Ship Broker annually on the anniversary of the Delivery Date; all such appraisals are to be at the Borrower’s cost. In the event the Borrower fails or refuses to obtain the appraisals requested pursuant to this Section 9.1(e) within thirty (30) days of an Administrative Agent’s request therefor, the Administrative Agent shall be authorized to obtain such appraisals, at the Borrower’s cost, from an Approved Ship Broker, which appraisals shall be deemed the equivalent of appraisals duly obtained by the Borrower pursuant to this Section 9.1(e), but the Administrative Agent’s actions in doing so shall not excuse any default of the Borrower under this Section 9.1(e); and
(ii) permit the Administrative Agent to conduct, and the Borrower and the Shipowner Guarantor shall cooperate in the conduct of, a visual appraisal of any or all of the Vessels at Borrower’s expense, once over every twelve (12) month period of this Agreement in the absence of an Event of Default and at any time during the continuance of an Event of Default. Any such visual appraisal shall be completed in such a way that as to not interfere with the commercial operations of the Vessels. The first twelve-month period will begin on the date of this Agreement; provided that Borrower will allow access to any appraiser selected by the Administrative Agent to attend and appraise a Vessel in drydock at any time on reasonable notice; provided further that each fiscal year, upon the request of the Administrative Agent, the Borrower shall provide the Administrative Agent with a drydock schedule and location of drydock;
Vessel Valuations. For inclusion with each Compliance Certificate delivered pursuant to Section 9.1(d)(i), and in any event upon the reasonable request of the Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels. One of such valuations in any year is to be at the Borrower's cost, provided, that following and during the continuance of any Event of Default, all such valuations are to be at the Borrower's cost. In the event the Borrower fails or refuses to obtain the valuations requested pursuant to this Section 9.1 within ten (10) days of the Agent's request therefor, the Agent will be authorized to obtain such valuations, at the Borrower's cost, from one approved ship brokers listed on Schedule IV, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.1(e), but the Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.1(e);
