Appraisal of Collateral. Permit the Administrative Agent to, at the times set forth in the next sentence, require an appraisal of the Collateral at the Borrower’s expense with such appraisal to be prepared by a third-party collateral appraiser selected by the Administrative Agent in its sole reasonable discretion. On or following the date that is 18 months after the Second Amendment Effective Date, the Administrative Agent may (or shall at the request of any Lender) request such an appraisal to be delivered within 60 days of such request (or such longer period of time as the Administrative Agent may agree in its sole discretion) and the Administrative Agent may (or shall at the request of any Lender) make a similar request on or following every 18 month anniversary of the Second Amendment Effective Date thereafter. For the avoidance of doubt, this Section 6.12 shall not prohibit the Borrower from requesting additional third-party appraisals of specific acquired assets in interim periods between any requests made pursuant to the preceding sentence, subject to the approval of and selection of an appraiser by the Administrative Agent, in each case in its sole reasonable discretion.
Appraisal of Collateral. (a) The Agent shall have received Appraisals with respect to the Collateral setting forth the Appraised Value of such Collateral as of the Effective Date, which Appraisals shall be in form and substance satisfactory to the Agent.
(i) The Appraised Value of the Collateral (using fair market values with respect to the Route Collateral) shall be equal to or greater than 1.75 times the Total Revolving Loan Commitment and (ii) the Appraised Value of the Collateral (using "orderly liquidation" values with respect to the Route Collateral) shall be equal to or greater than 1.5 times the Total Revolving Loan Commitment (such calculations in clauses (i) and (ii), the "Coverage Tests").
Appraisal of Collateral. Lender shall have all Collateral owned by Borrower appraised by an appraiser engaged by Lender, the cost of which shall be paid by Borrower. Such appraisal shall be certified and meet all USPAP and FIRREA requirements and is expected to be delivered on or before September 30, 2016. Thereafter, Lender may, at any time, request additional appraisals of Collateral. Such appraisals shall also be ordered by Lender, and the appraisals shall be certified and meet all USPAP and FIRREA requirements. Borrower shall be responsible for the cost of the 2016 appraisal, the first two appraisals requested by Lender after the Closing Date and any subsequent appraisals requested by Lender in the Event of Default or Incipient Default. Lender shall be responsible for the cost of any other USPAP/FIRREA appraisals ordered by Lender under this clause f., provided there is no Event of Default or Incipient Default.
Appraisal of Collateral. The Borrowers hereby acknowledge that the Banks, through the Agent or the Agent's designees, at any reasonable time within thirty days (30) days after the date hereof and at the Borrowers' sole cost and expense, may visit and inspect the properties and offices of the Borrowers for the purpose of conducting an inspection and appraisal of the Collateral (the "Collateral Appraisal"). Borrowers further agree that the foregoing Collateral Appraisal shall be in addition to the visits, inspections, examinations and appraisals contemplated by, and shall not be subject to the limitations set forth in, subsections (a) and (c) of Section 5.5.
Appraisal of Collateral. Reasonably promptly after the Closing Date, the Company will have delivered to the Holders an appraisal of the fair market value of the Collateral existing as of such date by an independent, nationally-recognized appraisal or valuation firm mutually acceptable to the Company and the Holders.
Appraisal of Collateral. Lender may, at any time, request an appraisal of Collateral. Borrower shall be responsible for the cost of the first two appraisals requested by Lender after the Closing Date and any subsequent appraisals requested by Lender in the Event of Default or Incipient Default. Lender shall be responsible for the cost of any subsequent appraisals, provided there is no Event of Default or Incipient Default.
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Appraisal of Collateral. Administrative Agent shall have the right from time to time, as Administrative Agent may reasonably determine to be appropriate, but not more than one (1) time in any twelve (12) calendar month period unless (i) there has occurred a Default or Event of Default, (ii) there has occurred a material adverse change in any Collateral Property or (iii) an appraisal is required by applicable bank regulations, to appraise or have appraised each item of Collateral for purposes of determining the Collateral's then current value, which appraisals shall be subject to review and adjustment by Administrative Agent and further subject to Administrative Agent's customary requirements and the requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) requiring all appraisals to conform with the Uniform Standards of Professional Appraisal Practice (USPAP) published by the "The Appraisal Foundation". Credit Parties and Lenders acknowledge that Administrative Agent may, at Administrative Agent's option, utilize "in-house" appraisers to conduct the appraisals which may be conducted hereunder. Borrower shall reimburse Administrative Agent on demand for all of the reasonable costs and expenses which Administrative Agent shall incur in connection with all appraisals or reappraisals of each item of Collateral. Borrower's obligation to make such reimbursement payment to Administrative Agent shall be deemed to constitute part of the Obligations.
Appraisal of Collateral. (b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Appraisal of Collateral. (a) The Agents shall have received an Appraisal with respect to the Collateral setting forth the Appraised Value of such Collateral as of the Restatement Effective Date, which Appraisal shall be in form and substance satisfactory to the Agents.
(i) The Appraised Value of the Collateral (using fair market values) shall be equal to or greater than 1.75 times the Total Revolving Loan Commitment and (ii) the Appraised Value of the Collateral using "orderly liquidation" values shall be equal to or greater than 1.5 times the Total Revolving Loan Commitment (such calculations in clauses (i) and (ii), the "Coverage Tests").
