DISTRESS VALUE definition
DISTRESS VALUE means for any Vessel the meaning customarily attributed to it in the marine equipment appraisal industry at the time of valuation, less the estimated marshalling, reconditioning and sale expenses designed to maximize the resale value of such Vessel, all as determined by an independent appraisal firm chosen by the Lender and reasonably acceptable to the Borrower. The appraisal firm's valuation shall be made with or without physical inspection as required by this Credit Agreement.