Common use of Vessel Valuations Clause in Contracts

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. 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 Default9.1(d)(i), and in any event upon the reasonable request of the Facility Administrative Agent, the Borrower Borrowers shall obtain appraisals of the Fair Market Value of the VesselVessels. All One of such additional valuations in any year is to be at the Borrowers' cost, provided, that following and during the continuance of any Event of Default even if such Event of Default has been waived by the Lenders, all such valuations are to be at the Borrower's Borrowers' cost. In the event the Borrower fails Borrowers fail or refuses refuse to obtain the valuations requested pursuant to this Section 9.1(g) 9.1 within ten (10) days of the Facility Administrative Agent's request therefor, the Facility Administrative Agent will be authorized to obtain such valuations, at the Borrower’s 's cost, from one of the Approved Ship Brokersapproved ship brokers listed on Schedule IV, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower Borrowers pursuant to this Section 9.1(g9.1(e), but the Facility Administrative Agent's actions in doing so shall not excuse any default of the Borrower Borrowers under this Section 9.1(g9.1(e);

Vessel Valuations. For inclusion with each Asset Maintenance Compliance Certificate delivered pursuant obtain appraisals addressed 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 Agent of the Fair Market Value of each of the Vessel. All Relevant Vessels every six (6) months during the term of this Agreement, commencing on July 31, 2022 and such valuations are to be at the Borrower's Obligors’ cost. If the Obligors have defaulted on their obligations under this Agreement, the Obligors shall obtain appraisals addressed to the Facility Agent of the Fair Market Value of each of the Relevant Vessels at any time that the Lenders shall request; such valuations are to be at the Obligors’ cost. In the event the Borrower fails Obligors fail or refuses refuse to obtain the valuations requested pursuant to this Section 9.1(g9.1(f) within ten thirty (1030) days of the Facility Agent's ’s request therefor, the Facility Agent will be authorized to obtain such valuations, at the Borrower’s Obligors’ cost, from one of the Approved Ship Brokersapproved ship brokers listed in Schedule 4 or such other independent ship brokers selected by the Facility Agent, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower Obligors pursuant to this Section 9.1(g)9.1(f) and shall be at the Obligors’ cost, but the Facility Agent's ’s actions in doing so shall not excuse any default of the Borrower Obligors under this Section 9.1(g9.1(f);

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 Default9.1(d)(i), and in any event upon the reasonable request of the Facility Agent, the Borrower Borrowers shall obtain appraisals of the Fair Market Value of the VesselVessels. All One of such valuations in any year is to be at the Borrowers' cost, provided, that following and during the continuance of any Event of Default even if such Event of Default has been waived by the Lenders, all such valuations are to be at the Borrower's Borrowers' cost. In the event the Borrower fails Borrowers fail or refuses refuse to obtain the valuations requested pursuant to this Section 9.1(g) 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 's cost, from one of the Approved Ship Brokersapproved ship brokers listed on Schedule IV, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower Borrowers pursuant to this Section 9.1(g9.1(e), but the Facility Agent's actions in doing so shall not excuse any default of the Borrower Borrowers under this Section 9.1(g9.1(e);

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 '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 therefortherefore, the Facility Agent will be authorized to obtain such valuations, at the Borrower’s '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(g9.l(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. 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 '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 '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);