Common use of Market Value Determination Clause in Contracts

Market Value Determination. For the purpose of the Security Documents, the aggregate Market Value of the Vessels or, as the context may require, a Group Vessel, shall be the average value certified by two Approved Shipbrokers. If there is a difference between the two valuations obtained either pursuant to sub-paragraph (a) or (b) in excess of ten per cent of the lowest valuation, then the Agent shall select a third firm of Approved Shipbrokers and the Market Value of a Vessel or a Group Vessel shall be determined by the average of the three valuations. Each Approved Shipbroker appointed under this Agreement shall report directly to the Agent (on behalf of the Lenders) and shall be appointed by the Borrower not later than five (5) days after the Agent's request for the Borrower to appoint such Approved Shipbrokers. In the event that the Borrower fails to appoint such Approved Shipbrokers within five (5) days after the Agent's request to do so or if a broker appointed by the Borrower is not approved by the Agent and the Borrower fails to appoint an alternative broker who is approved by the Agent within such five (5) day period, the Borrower irrevocably authorises the Agent to appoint brokers in its discretion to conduct such valuations, with such brokers to be subsequently considered as Approved Shipbrokers. All valuations pursuant to this Clause 17.11 (Market Value Determination) shall be made for the purposes of Clause 17.10 (Additional security) on the basis of a sale of a Vessel or a Group Vessel (as applicable) for prompt delivery for cash at arm's length on normal commercial terms by a willing seller to a willing buyer free of the value of any existing charter or of any other contract of employment and, for the avoidance of doubt, following the completion of a Retrofitting, taking into account the value of such Retrofitting. For the purposes of assessing compliance with the Financial Covenants of Clause 20 (Financial Covenants), the valuations of a Vessel or a Group Vessel shall be on the basis of a sale for prompt delivery for cash at arm's length on normal commercial terms by a willing seller to a willing buyer and shall include the value of an Acceptable Charter, if an Acceptable Charter is in full force and effect at the relevant time and provided that evidence thereof is provided to the Agent upon such Acceptable Charter coming in to force and in form and substance acceptable to the Agent. If an Acceptable Charter is not in force, any valuations for the purposes of Clause 20 (Financial Covenants) shall be made on a charter-free basis. For the purpose of the Security Documents, the Borrower irrevocably and unconditionally agrees to accept any and all valuations determining the market value of a Vessel or any other Group Vessel obtained pursuant to this Clause 17.11 (Market Value Determination) and such determination shall be conclusive evidence of a Vessel's or any other Group Vessel's (as the case may be) market value at the date of such valuation.

Market Value Determination. For the purpose of the Security Documents, the aggregate Market Value of the Vessels or, as the context may require, a Group Vessel, shall be the average value certified by two Approved Shipbrokers. If there is a difference between the two valuations obtained either pursuant to sub-paragraph (a) or (b) in excess of ten per cent of the lowest valuation, then the Agent shall select a third firm of Approved Shipbrokers and the Market Value of a Vessel or a Group Vessel shall be determined by the average of the three valuations. Each Approved Shipbroker appointed under this Agreement shall report directly to the Agent (on behalf of the Lenders) and shall be appointed by the Borrower not later than five (5) days after the Agent's ’s request for the Borrower to appoint such Approved Shipbrokers. In the event that the Borrower fails to appoint such Approved Shipbrokers within five (5) days after the Agent's ’s request to do so or if a broker appointed by the Borrower is not approved by the Agent and the Borrower fails to appoint an alternative broker who is approved by the Agent within such five (5) day period, the Borrower irrevocably authorises the Agent to appoint brokers in its discretion to conduct such valuations, with such brokers to be subsequently considered as Approved Shipbrokers. All valuations pursuant to this Clause 17.11 (Market Value Determination) shall be made for the purposes of Clause 17.10 (Additional security) on the basis of a sale of a Vessel or a Group Vessel (as applicable) for prompt delivery for cash at arm's ’s length on normal commercial terms by a willing seller to a willing buyer free of the value of any existing charter or of any other contract of employment and, for the avoidance of doubt, following the completion of a Retrofitting, taking into account the value of such Retrofittingemployment. For the purposes of assessing compliance with the Financial Covenants of Clause 20 (Financial Covenants), the valuations of a Vessel or a Group Vessel shall be on the basis of a sale for prompt delivery for cash at arm's ’s length on normal commercial terms by a willing seller to a willing buyer and shall include the value of an Acceptable Charter, if an Acceptable Charter is in full force and effect at the relevant time and provided that evidence thereof is provided to the Agent upon such Acceptable Charter coming in to force and in form and substance acceptable to the Agent. If an Acceptable Charter is not in force, any valuations for the purposes of Clause 20 (Financial Covenants) shall be made on a charter-free basis. For the purpose of the Security Documents, the Borrower irrevocably and unconditionally agrees to accept any and all valuations determining the market value of a Vessel or any other Group Vessel obtained pursuant to this Clause 17.11 (Market Value Determination) and such determination shall be conclusive evidence of a Vessel's ’s or any other Group Vessel's ’s (as the case may be) market value at the date of such valuation.

Market Value Determination. For the purpose of the Security Documents, the aggregate Market Value market value of the Vessels or, as the context may require, a Group Vessel, shall be the value certified by one Approved Shipbroker, or, if the Agent requires, the average value certified by two Approved Shipbrokers. If there is a difference between the two valuations obtained either pursuant to sub-paragraph (a) or (b) in excess of ten per cent of the lowest valuationcent, then the Agent shall select a third firm of Approved Shipbrokers and the Market Value market value of a Vessel or a Group Vessel shall be determined by the average of the three valuations. Each Approved Shipbroker appointed under this Agreement shall report directly to the Agent (on behalf of the Lenders) and shall be appointed by the Borrower not later than five (5) days after the Agent's ’s request for the Borrower to appoint such Approved Shipbrokers. In the event that the Borrower fails to appoint such Approved Shipbrokers within five (5) days after the Agent's ’s request to do so or if a broker appointed by the Borrower is not approved by the Agent and the Borrower fails to appoint an alternative broker who is approved by the Agent within such five (5) day period, the Borrower irrevocably authorises the Agent to appoint brokers in its discretion to conduct such valuations, with such brokers to be subsequently considered as Approved Shipbrokers. All valuations pursuant to this Clause 17.11 (Market Value Determination) shall be made for the purposes of Clause 17.10 (Additional security) on the basis of a sale of a Vessel or a Group Vessel (as applicable) for prompt delivery for cash at arm's ’s length on normal commercial terms by a willing seller to a willing buyer free of the value of any existing charter or of any other contract of employment and, for the avoidance of doubt, following the completion of a Retrofitting, taking into account the value of such Retrofittingemployment. For the purposes of assessing compliance with the Financial Covenants of Clause 20 (Financial Covenants), the valuations of a Vessel or a Group Vessel shall be on the basis of a sale for prompt delivery for cash at arm's ’s length on normal commercial terms by a willing seller to a willing buyer and shall include the value of an Acceptable Charter, if an Acceptable Charter is in full force and effect at the relevant time and provided that evidence thereof is provided to the Agent upon such Acceptable Charter coming in to force and in form and substance acceptable to the Agent. If an Acceptable Charter is not in force, any valuations for the purposes of Clause 20 (Financial Covenants) shall be made on a charter-free basis. For the purpose of the Security Documents, the Borrower irrevocably and unconditionally agrees to accept any and all valuations determining the market value of a Vessel or any other Group Vessel obtained pursuant to this Clause 17.11 (Market Value Determination) and such determination shall be conclusive evidence of a Vessel's ’s or any other Group Vessel's ’s (as the case may be) market value at the date of such valuation.