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 financial half-year pursuant to clause 19.2.1. In addition, valuations of the relevant Mortgaged Ship and each such other asset in accordance with this clause 26 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 (in which case the provisions of clause 26.3 (Expenses of valuation) shall only apply if such valuation evidences a breach of clause 26.12 (Security shortfall).

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 half-year and at the end of the second financial quarter of the Group’s financial year pursuant to clause 19.2.119.2.1 and each valuation shall be dated no earlier than 30 days prior to delivery of that valuation to the Agent. In addition, addition valuations of the relevant each Mortgaged Ship (if more than 30 days old) and each such other asset in accordance with this clause 26 25 shall be required: (a) required 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) , on a Disposal Repayment Date of any Mortgaged Ship and as may be further required by the Agent at any other time (in which case the provisions of clause 26.3 (Expenses of valuation) shall only apply if such valuation evidences a breach of clause 26.12 (Security shortfall)time.

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 half-year and at the end of the second financial quarter of the Group’s financial year pursuant to clause 19.2.119.2.1 and each valuation shall be dated no earlier than 30 days prior to delivery of that valuation to the Agent. In addition, addition valuations of the relevant each Mortgaged Ship (if more than 30 days old) and each such other asset in accordance with this clause 26 shall be required: (a) required prior to the drawdown of each Advance in accordance with clause 4.1 (Initial conditions precedent) and paragraph 117, Part 2 1 of Schedule 3; and (b) , on a Disposal Repayment Date of any Mortgaged Ship and as may be further required by the Agent at any other time (in which case the provisions of clause 26.3 (Expenses of valuation) shall only apply if such valuation evidences a breach of clause 26.12 (Security shortfall)time.