Recent Valuation definition

Recent Valuation means a valuation of the Ships then subject to a Mortgage determined in accordance with Clause 15.5 at a date not earlier than 14 days (or such longer period as the Lender may agree in its discretion) before the date by reference to which the aggregate value of the Ships is to be determined for the purposes of any applicable provision of this Agreement;
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Recent Valuation has the meaning ascribed to such term in section 6.9.
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Examples of Recent Valuation in a sentence

  • If the Borrower or a third party has provided additional security in accordance with Clause 15.2 and subsequently, as evidenced by a Recent Valuation, the Security to Exposure Ratio, expressed as a percentage, exceeds 130%, such additional security or part thereof shall be released to the Borrower so that immediately after such release the Minimum Security Ratio is maintained.

  • Without prejudice to the generality of the Borrower’s obligations under Clauses 20.3 and 21.3, the Borrower shall, on demand, pay the Lender all legal expenses incurred by the Lender in connection with any matter arising out of this Clause 15 and all the fees and expenses of the Panel in respect of no more than two valuations in any period of 12 months and any valuation (other than a Recent Valuation) specifically required for the purposes of Clause 15.3.

  • Without prejudice to the generality of the Borrower's obligations under Clauses 20.3 and 21.3, the Borrower shall, on demand, pay the Lender all legal expenses incurred by the Lender in connection with any matter arising out of this Clause 15 and all the fees and expenses of the Panel in respect of no more than two valuations in any period of 12 months and any valuation (other than a Recent Valuation) specifically required for the purposes of Clause 15.3.