Common use of Valuation frequency Clause in Contracts

Valuation frequency. (a) Initial valuations of each Ship (the "Initial Valuations") shall be conducted in accordance with this Clause 24 and shall be done not earlier than 30 days but not later than 5 days before each Utilization Date. (b) So long as no Default has occurred and is continuing, valuations of each Mortgaged Ship and each such other asset in accordance with this Clause 24 shall be conducted semi-annually, with the first such valuation, following the Initial Valuations, occurring every 6 months commencing on June 30, 2015, and shall be provided by the Borrower to the Administrative Agent within 1 month of June 30 and December 31 of each respective year. (c) Notwithstanding clauses (a) and (b) above, for Ships built in the same year and with similar specifications, only 1 valuation is required for all such Ships. (d) Following the occurrence of a Default which is continuing, the Administrative Agent may request valuations at any time. (e) The Administrative Agent may at any time request additional valuations from Approved Valuers for any Mortgaged Ship (based on objective grounds communicated to the Borrower before such request for valuation). (f) All valuations for the Ships must be addressed to the Administrative Agent.

Valuation frequency. (a) Initial valuations of each Ship (the "“Initial Valuations"”) shall be conducted in accordance with this Clause 24 and shall be done not earlier than 30 days but not later than 5 days before each the Utilization DateDate for the New Term Facility. (b) So long as no Default has occurred and is continuing, valuations of each Mortgaged Ship and each such other asset in accordance with this Clause 24 shall be conducted semi-annually, with the first such valuation, following the Initial Valuations, occurring every 6 months commencing having commenced on June 30, 2015, and shall be provided by the Borrower to the Administrative Agent within 1 month of June 30 and December 31 of each respective year. (c) Notwithstanding clauses (a) and (b) above, for Ships built in the same year and with similar specifications, only 1 valuation is required for all such Ships. (d) Following the occurrence of a Default which is continuing, the Administrative Agent may request valuations at any time. (e) The Administrative Agent may at any time request additional valuations from Approved Valuers for any Mortgaged Ship (based on objective grounds communicated to the Borrower before such request for valuation). (f) All valuations for the Ships must be addressed to the Administrative Agent.