Common use of Vessel Valuations Clause in Contracts

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 OMI COLUMBIAVessels, 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.