Common use of Vessel Valuations Clause in Contracts

Vessel Valuations. For inclusion with each Compliance Certificate delivered pursuant to Section 10.1(d)(i), and each Compliance Certificate in respect of the second quarter of each fiscal year delivered pursuant to Section 10.1(d)(ii), and in any event upon the request of any Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels. The first three such valuations in any year are 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 10.4 within ten (10) days of an Agent's request therefor, any Agent will be authorized to obtain such valuations, at the Borrower's cost, from three independent shipbrokers selected by the Agents, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 10.4, but any Agent's actions in doing so shall not excuse any default of the Borrower under this Section 10.4.

Vessel Valuations. For inclusion with each Compliance Certificate delivered pursuant to Section 10.1(d)(i), 9.1(d)(i) and each Compliance Certificate in respect of 9.1(d)(ii) (for the second third quarter of each fiscal year delivered pursuant to Section 10.1(d)(iiyear), and in any event upon the reasonable request of any the Facility Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels. The first three such valuations in any year are to be at the Borrower's costVessel, providedprovided however, that following and during at any time when the continuance Vessel is subject to an Acceptable Charter the Borrower shall not be required to deliver the appraisals of any Event of Default, all such 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 10.4 9.1 within ten (10) days of an the Facility Agent's request therefor, any the Facility Agent will be authorized to obtain such valuations, at the Borrower's cost, from three independent shipbrokers selected by one of the Agentsapproved ship brokers listed on Schedule II, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 10.49.1(f), but any the Facility Agent's actions in doing so shall not excuse any default of the Borrower under this Section 10.4.9.1(f);

Vessel Valuations. For inclusion with each Compliance Certificate delivered pursuant to Section 10.1(d)(i9.1(d)(i), and each Compliance Certificate in respect of the second quarter of each fiscal year delivered pursuant to Section 10.1(d)(ii9.1(d)(ii), and in any event upon the request of any Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels. The first three such valuations in any year are 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 10.4 9.4 within ten (10) days of an Agent's request therefor, any Agent will be authorized to obtain such valuations, at the Borrower's cost, from three independent shipbrokers selected by the Agents, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 10.49.4, but any Agent's actions in doing so shall not excuse any default of the Borrower under this Section 10.49.4.