Common use of Vessel Valuations Clause in Contracts

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 Facility Agent, the Borrower shall obtain appraisals of the Fair Market Value of the Vessel. One such additional valuation in any year is to be at the Borrower's cost, provided, that following and during the continuance of any Event of Default whether or not such Event of Default has been waived by the Lenders, 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 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. For inclusion with each Compliance Certificate delivered pursuant to Section 9.1(d)(i), and each Compliance Certificate in respect of the second quarter of each fiscal year delivered pursuant to Section 9.1(d)(ii), and in any event upon the reasonable request of the Facility any Agent, the Borrower shall obtain appraisals of the Fair Market Value of the VesselVessels. One The first three such additional valuation valuations in any year is are to be at the Borrower's cost, provided, that following and during the continuance of any Event of Default whether or not such Event of Default has been waived by the LendersDefault, 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 9.4 within ten (10) days of the Facility an Agent's request therefor, the Facility any Agent will be authorized to obtain such valuations, at the Borrower's cost, from one of three independent shipbrokers selected by the approved ship brokers listed on Schedule IIAgents, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.1(f)9.4, but the Facility any Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.1(f);9.4.

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. One such additional valuation in any year is to be at the Borrower's cost, 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 whether or not such Event of Default has been waived by the Lenders, all such 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. For inclusion with each Compliance Certificate delivered pursuant to Section 9.1(d)(i10.1(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 reasonable request of the Facility any Agent, the Borrower shall obtain appraisals of the Fair Market Value of the VesselVessels. One The first three such additional valuation valuations in any year is are to be at the Borrower's cost, provided, that following and during the continuance of any Event of Default whether or not such Event of Default has been waived by the LendersDefault, 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 10.4 within ten (10) days of the Facility an Agent's request therefor, the Facility any Agent will be authorized to obtain such valuations, at the Borrower's cost, from one of three independent shipbrokers selected by the approved ship brokers listed on Schedule IIAgents, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this Section 9.1(f)10.4, but the Facility any Agent's actions in doing so shall not excuse any default of the Borrower under this Section 9.1(f);10.4.