Common use of Valuation frequency Clause in Contracts

Valuation frequency. Valuations of each Mortgaged Ship shall be carried out semi-annually, such valuations to be provided to the Agent at the same time that a Compliance Certificate is provided to the Agent at the end of the Group’s financial year and at the end of the second financial quarter of the Group’s financial year pursuant to clause 19.2.1 and each valuation shall be dated no earlier than 30 days prior to delivery of that valuation to the Agent. In addition valuations of the relevant Mortgaged Ship (if (in the case of (b) below), at the relevant time a valuation is required, the most recently provided valuation for the Mortgaged Ship is more than 30 days old) and each such other asset in accordance with this clause 25 shall be required (a) prior to the drawdown of each Advance in accordance with clause 4.1 (Initial conditions precedent) and paragraph 11, Part 2 of Schedule 3 and (b) as may be further required by the Agent at any other time if an Event of Default has occurred and is continuing.

Valuation frequency. Valuations of each Mortgaged Ship shall be carried out semi-annually, such valuations to be provided to the Agent at the same time that a Compliance Certificate is provided to the Agent at the end of the Group’s financial year and at the end of the second financial quarter of the Group’s financial year pursuant to clause 19.2.1 and each valuation shall be dated no earlier than 30 days prior to delivery of that valuation to the Agent. In addition valuations of the relevant Mortgaged Ship (if (in the case of (b) below), at the relevant time a valuation is required, the most recently provided valuation for the Mortgaged Ship is more than 30 days old) and each such other asset in accordance with this clause 25 shall be required (a) prior to the drawdown of each Advance in accordance with clause 4.1 (Initial conditions precedent) and paragraph 11, Part 2 of Schedule 3 and 3and (b) as may be further required by the Agent at any other time if an Event of Default has occurred and is continuing.