Maintenance of Security. 17.1 If the Agent reasonably requires at any time and from time to time and at least every twelve (12) months, each Mortgaged Vessel shall be valued in Euros by two Approved S & P Brokers chosen by the Security Trustee, acting with the authorisation of the Instructing Group and the Market Value of each Mortgaged Vessel shall be the average of such two valuations which shall be made without physical inspection (unless otherwise required by the Security Trustee), and on the basis of an arm’s-length purchase by a willing buyer from a willing seller and without taking into account any charterparty. The fees of the Approved S & P Brokers appointed to give such valuations and all other costs arising in connection with the obtaining of any such valuations shall be paid by the Borrowers.
Appears in 3 contracts
Samples: Financial Agreement (Aegean Marine Petroleum Network Inc.), Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
