Valuation of Ships Clause Samples

Valuation of Ships. The Market Value of a Ship: (a) for the purposes of the Initial Market Value, is that shown in one valuation addressed to the Agent issued by one Approved Broker to be nominated and appointed by the Agent. If the Borrowers do not agree with such valuation, the Borrowers can nominate another Approved Broker to provide a second valuation addressed to the Agent and appointed by the Agent, in which case the Initial Market Value is that shown by taking the arithmetic average of such two valuations. If the difference between these two valuations is greater than 15 per cent. paragraph (d) of this Clause 15.3 shall be applicable; and (b) at any other date, is that shown in one valuation addressed to the Agent to be issued by an Approved Broker, nominated and appointed by the Borrowers and addressed to the Agent (the “First Valuation”) unless the Agent obtains a second valuation issued by an Approved Broker nominated and appointed by the Agent (the “Second Valuation”) in which case the Market Value of the relevant Ship at the relevant date is that shown: (i) if the difference between the First Valuation and the Second Valuation is less than 10 per cent., by the First Valuation; and (ii) if the difference between the First Valuation and the Second Valuation is greater than 10 per cent. but less than 15 per cent. or less, by taking the arithmetic average of such two valuations, (c) each valuation issued pursuant to paragraphs (a) and (b) of this Clause 15.3 to be prepared: (A) as at a date not more than 30 days previously; (B) with or without physical inspection of that Ship (as the Agent may require); and (C) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and (d) if the difference between 2 valuations in respect of a Ship obtained at any one time, in each case, pursuant to this Clause 15.3 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker selected and appointed by the Agent. Such valuation to be conducted in accordance with this Clause 15.3 and the Market Value of that Ship in such circumstances shall be the arithmetic average of all three valuations.

Valuation of Ships. The Market Value of a Ship at any date is that shown by the arithmetic mean of 2 written valuations each prepared: (a) as at a date not more than 30 days prior; (b) by an Approved Broker appointed by the Agent; (c) with or without physical inspection of the Ship (as the Agent may require); (d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.

Valuation of Ships. The market value of a Ship at any date is that shown by the arithmetic average of two valuations, each prepared: (a) as at a date not more than 14 days previously; (b) by an independent sale and purchase shipbroker which the Lender has approved or appointed for the purpose; (c) with or without physical inspection of the Ship (as the Lender may require); (d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.

Valuation of Ships. The Market Value of a Mortgaged Ship (or any other Fleet Vessel) at any date is that shown by taking the arithmetic means of two valuations, each valuation to be prepared: (a) as at a date not more than 30 days previously; (b) by 2 Approved Brokers; (c) with or without physical inspection of the Ship (as the Agent may require); (d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.

Valuation of Ships. The Market Value of a Ship at any date is that shown by taking the arithmetic means of two valuations addressed to the Agent, each valuation to be prepared: (a) as at a date not more than 30 days previously; (b) by an Approved Broker nominated by the Borrowers and approved by the Agent; (c) with or without physical inspection of the Ship (as the Agent may require); and (d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment.

Valuation of Ships. For the purpose of the Finance Documents, the value at any time of any Ship or any other asset over which additional security is provided under this clause 25 will be its value as most recently determined in accordance with this clause 25 or, if no such value has been obtained, its value under any valuation provided pursuant to clause 4 (Conditions of Utilisation).

Valuation of Ships. The Market Value of a Ship at any date is that shown by the arithmetic average of two valuations each prepared: (a) as at a date not more than 14 days previously and, for the purposes of Clause 15.9, each Compliance Date and each date of Dropdown; (b) by an Approved Broker nominated and appointed by the Borrowers; (c) with or without physical inspection of the relevant Ship (as the Facility Agent may require); (d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale, Provided that if the difference between the 2 valuations obtained at any one time pursuant to this Clause 15.4 is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker appointed by the Facility Agent. Such valuation shall be conducted in accordance with this Clause 15.4 and the Market Value of that Ship in such circumstances shall be the average of the initial 2 valuations and the valuation provided by the third Approved Broker.

Valuation of Ships. (a) Each of the Mortgaged Ships shall, for the purposes of this Agreement, be valued in Dollars as and when the Bank shall require (and at least twice in each calendar year), by an independent and internationally recognised firm of shipbrokers appointed by the Bank in its sole discretion. Each such valuation shall be addressed to the Bank and made without, unless required by the Bank, physical inspection and on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and a willing seller without taking into account the benefit of any charterparty or other engagement concerning the Mortgaged Ship. Such valuation shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. (b) The Borrower shall be entitled to request the Bank to obtain a second valuation of a Mortgaged Ship by another independent and internationally recognised firm of shipbrokers appointed by the Bank in its sole discretion, such valuation to be made on the same basis described in paragraph (a) above. In the event of the Bank so obtaining a second such valuation for a Mortgaged Ship, the arithmetic mean of the two (2) valuations shall constitute the value of such Mortgaged Ship for the purposes of this clause 8.2. (c) The value of each Mortgaged Ship determined in accordance with the provisions of this clause 8.2 shall be binding upon the parties hereto until such time as any such further valuation shall be obtained.

Valuation of Ships. The market value of a Ship at any date is that shown by the arithmetic mean of 2 written valuations each prepared: (a) as at a date not more than 14 days prior (and as at a date not more than 20 days prior in respect of the first Drawdown Date pursuant to Paragraph 7 of Schedule 4, Part A); (b) by an independent sale and purchase shipbroker, one of which the Agent has approved or appointed for the purpose and the second of which the Borrowers have appointed and the Agent has approved for the purpose (including each of ▇.▇. ▇▇▇▇▇▇ Shipbrokers Limited, ▇▇▇▇▇▇▇▇▇ & Stemoco A.S., Clarkson Pie, Paten & Partners Inc., Fearnleys AS, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇ and ▇▇ ▇▇▇▇▇▇, subject to the continuous review and approval of the Agent); (c) with or without physical inspection of the Ship (as the Agent may require); (d) on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment; and (e) after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale which shall include brokers’ commissions in an amount or up to 0.5% of value as otherwise determined in accordance with (b) - (d) above.