Vessel Value definition

Vessel Value shall have the meaning set forth in Section 10.08.

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Vessel Value of a particular vessel means the fair market value of such vessel which shall be conclusively determined by one Approved Shipbroker selected by the Corporation, which written determination may be no more than three (3) Business Days old and may be made with or without physical inspection of such vessel, on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer free of any existing charter or any other contract of employment in respect of such vessel; and after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.]36

Vessel Value means, with respect to each Vessel, the aggregate contract price for the acquisition or construction of such Vessel (or the acquisition of the Capital Stock of any Person owning such Vessel), as applicable, plus any Ready for Sea Cost with respect to such Vessel.

Examples of Vessel Value in a sentence

• The Borrower will not permit the sum of the aggregate principal amount of outstanding Term Loans plus the Total Revolving Loan Commitment to exceed 50% of fair market value of all Mortgaged Vessels at any time other than the Mortgaged Vessels subject to a Second Preferred Mortgage of the Lenders (such value, the "First Preferred Vessel Value") as determined by the most recent appraisal delivered by the Borrower to the Administrative Agent in accordance with the terms of this Agreement.

• The parties hereby acknowledge that this Section 8.9 may not be relied on for purposes of calculating any financial ratios other than as applicable to Section 7.7 and shall not result in any adjustment to any baskets or other amounts other than the amount of the Adjusted EBITDA, Liquidity, and Aggregate Collateral Vessel Value for the purpose of Section 7.7.

• Hull and machinery and war risks insurance shall be effected for the higher of the full Vessel Value of each relevant vessel or 120% (one hundred and twenty per cent) of the aggregate principal amount outstanding under the Existing Tranche and the New Tranche in respect of the relevant Continuing Vessel or replacement vessel, as the case may be.

• Section 8.01 (c) after giving effect to such Collateral Disposition)) of all barge rigs which are Mortgaged Vessels does not exceed 35% of the Aggregate Mortgaged Vessel Value (as determined in accordance with the most recent appraisal report delivered to the Administrative Agent (or obtained by the Administrative Agent) pursuant to Section 5.12 or Section 8.01(c) after giving effect to such Collateral Disposition).

• The payment made to the applicable Option Vessel Owner shall be made calculating Vessel Value based on EE’s final good faith estimate of Transfer Costs.

• The term Vessel Value shall be as defined in the Vessel Option Agreement between Exmar NV, Excelerate NV and EE dated .

• If Exmar and BE agree on the Vessel Value after a third party valuation process has been commenced, the Parties will promptly terminate the third party valuation.

• This letter agreement does not constitute a contract of employment, and does not give you the right to be retained in the employ of the Company.

• The parties hereby acknowledge that this Section 8.9 may not be relied on for purposes of calculating any financial ratios other than as applicable to Section 7.7 and shall not result in any adjustment to any baskets or other amounts other than the amount of the Adjusted EBITDA, and Aggregate Collateral Vessel Value for the purpose of Section 7.7.

• During this period, Exmar and EE may also negotiate the Vessel Value of the applicable Option Vessel, and should they reach agreement during this period the value they agree upon shall be the Vessel Value for such Option Vessel.

More Definitions of Vessel Value

Vessel Value means, with respect to each Vessel or group of Vessels, (i) with respect to the acquisition or construction of any such Vessel or group of Vessels, the aggregate contract price for the acquisition or construction of such Vessel or group of Vessels (or the acquisition of the Equity Interests of any Person the assets of which primarily consist of such Vessel or group of Vessels), as applicable, plus any Ready for Sea Costs with respect to such Vessel or group of Vessels and (ii) with respect to the refurbishment of any such Vessel or group of Vessels, the greater of (a) the Appraised Value of such Vessel or group of Vessels and (b) the fully built-up cost of such Vessel or group of Vessels; in each case immediately after completion of such refurbishment.

Vessel Value means the (a) greatest of (i) Closing Date FMV, (ii) DCF Plus Residual FMV, and (iii) Proceeds, less (b) Transfer Costs.

Vessel Value means, in respect of a Continuing Vessel, the fair market value of the Vessel determined at any such time as the Lender may select, however, if no Event of Default has occurred and is continuing only twice annually, as the average of the valuations provided by two independent sale and purchase shipbrokers appointed by the Lender from among the shipbrokers listed on Schedule 14, such valuations to be made with or without physical inspection of the Vessel (as the Lender may reasonably require), on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing seller and a willing buyer and on an “as is where is” basis free of any existing charter or other contract of employment, for use in the parcel tanker trade. One appraisal per year shall be paid for by the Borrower.

Vessel Value means, in respect of a Mortgaged Ship, the value most recently attributed to that Mortgaged Ship as most recently determined pursuant to valuations undertaken in accordance with clause 25 (Minimum security value) and Vessel Values means the aggregate of the valuations of all the Mortgaged Ships.