Market valuations Sample Clauses
Market valuations. (a) The Parent Guarantor shall no later than ten (10) Business Days after the end of each of its financial years and each of its financial half years, or at such other intervals as may be required by the Agent (acting on the instructions of the Majority Lenders) in the event that an Event of Default has occurred and is continuing, forward to the Agent in sufficient copies for all the Lenders updated valuation reports (not more than thirty (30) days old) from two (2) of the Approved Brokers setting out the Market Value of each of the Vessels, as well as a calculation signed by the chief financial officer of the Parent Guarantor evidencing compliance with Clause 23.12 (Minimum value).
(b) All such valuations referred to in paragraph (a) above shall be obtained at the cost of the Borrowers.
Market valuations. (a) The Borrower shall request the Valuer to promptly prepare and deliver to the Facility Agent a yearly desktop Market Valuation of the Properties to be provided on each anniversary of the Initial Utilisation Date of the Facilities.
(b) Subject to lit. (c) below, the Facility Agent may also, at any other time, request:
(i) the Valuer promptly to prepare and deliver to the Facility Agent a full Market Valuation of;
(ii) the Valuer promptly to prepare and deliver to the Facility Agent a structural survey of; or
(iii) the Borrower to ensure an environmental report is prepared in relation to, the Properties as the Facility Agent may direct. The cost of each such full Market Valuation, survey or report shall be borne by the Facility Agent unless such full Market Valuation, survey or report reveals an Event of Default which is continuing in which case the costs shall be borne by the Borrower.
(c) No later than ten (10) Business Days before the 30 March 2013, the Borrower shall request the Valuer to promptly prepare and deliver to the Facility Agent a full