Common use of Audit and Appraisal Fees Clause in Contracts

Audit and Appraisal Fees. Borrower shall reimburse Agent and Lenders for all reasonable costs and expenses incurred by Agent or Lenders in connection with appraisals and audits of any Collateral as Agent shall deem appropriate and shall pay to Agent its normal and customary fee per day (currently $850 per day per examiner) for each day that an employee or agent of Agent shall be engaged in an examination or review of Borrower's books and records; provided, however, if Availability is greater than or equal to $10,000,000 and no Event of Default exists, then Borrower shall not be obligated to reimburse Agent or its agents or designees for more than one appraisal of Borrower's Inventory more frequently than once every eighteen months; and provided, further, however, if Availability is less than $10,000,000 or an Event of Default exists, then Borrower shall be obligated to reimburse Agent for any and all appraisals of Borrower's Inventory conducted by Agent or its agents or designees. On the Closing Date, Borrower shall be obligated to pay to Agent all out-of-pocket expenses incurred by Agent in connection with the audit and appraisal of Borrower's business and Properties prior to the Closing Date.

Audit and Appraisal Fees. Borrower Borrowers shall reimburse Agent and Lenders for all reasonable costs and expenses incurred by Agent or and Lenders in connection with appraisals (i) examinations and audits reviews of any Obligor's books and records and such other matters pertaining to any Obligor or any Collateral as Agent shall deem appropriate in the exercise of its reasonable credit judgment up to 3 times per Loan Year, unless a Default or Event of Default exists (in which event, there shall be no limit on the number of examinations and reviews for which Borrowers shall be obligated to reimburse Agent and Lenders) and, in each case, shall pay to Agent its normal and customary fee the standard amount charged by Agent per day (currently $850 per day per examineras of the Closing Date) for each day that an employee or agent of Agent shall be engaged in an examination or review of Borrowerany Obligor's books and records; provided, howeverand (ii) appraisals of Inventory no more frequently than 1 per Loan Year, if Availability is greater than unless a Default or equal to $10,000,000 and no Event of Default existsexists (in which event, then Borrower there shall not be obligated to reimburse Agent or its agents or designees no limit on the number of appraisals for more than one appraisal of Borrower's Inventory more frequently than once every eighteen months; and provided, further, however, if Availability is less than $10,000,000 or an Event of Default exists, then Borrower which Borrowers shall be obligated to reimburse Agent for and Lenders). The foregoing shall not be construed to limit Agent's or any Lender's right to conduct audits and all appraisals of Borrower's Inventory conducted by Agent or its agents or designees. On the Closing Date, Borrower shall be obligated to pay to Agent all out-of-pocket expenses incurred by Agent Collateral as provided in connection with the audit and appraisal of Borrower's business and Properties prior to the Closing DateSection 9.1.1.

Audit and Appraisal Fees. Borrower shall reimburse Agent and Lenders for all reasonable costs and expenses incurred by Agent or Lenders in connection with appraisals and audits of any Collateral as Agent shall deem appropriate and shall pay to Agent its normal and customary fee per day (currently $850 per day per examinerday) for each day that an employee or agent of Agent shall be engaged in an examination or review of Borrower's books and records; provided, however, if Availability is greater than or equal to $10,000,000 15,000,000 and no Event of Default exists, then Borrower shall not be obligated to reimburse Agent or its agents or designees for more than one appraisal of Borrower's Inventory more frequently than once every eighteen months; and provided, further, however, if Availability is less than $10,000,000 15,000,000 or an Event of Default exists, then Borrower shall be obligated to reimburse Agent for any and all appraisals of Borrower's Inventory conducted by Agent or its agents or designees. On the Closing Date, Borrower shall be obligated to pay to Agent Fleet all out-of-pocket expenses incurred by Agent Fleet in connection with the audit and appraisal of Borrower's business and Properties prior to the Closing Date.

Audit and Appraisal Fees. Borrower Borrowers shall reimburse Administrative Agent and Lenders for all reasonable costs and expenses incurred by Administrative Agent or and Lenders in connection with appraisals (i) examinations and audits reviews of any Obligor’s books and records and such other matters pertaining to any Obligor or any Collateral as Administrative Agent shall deem appropriate in the exercise of its reasonable credit judgment up to a maximum of 4 times per Loan Year (for both the Administrative Agent and Lenders), unless an Event of Default exists (in which event, there shall be no limit on the number of examinations and reviews for which Borrowers shall be obligated to reimburse Administrative Agent and Lenders), and, in each case, shall pay to Administrative Agent its normal and customary fee the standard amount charged by Administrative Agent per day (currently $850 per day per examineras of the Closing Date) for each day that an employee or agent of Administrative Agent shall be engaged in an examination or review of Borrower's any Obligor’s books and records; provided, however, if Availability is greater than or equal to $10,000,000 and (ii) appraisals of Inventory no Event of Default exists, then Borrower shall not be obligated to reimburse Agent or its agents or designees for more than one appraisal of Borrower's Inventory more frequently than once every eighteen months; and providedper Loan Year, further, however, if Availability is less than $10,000,000 or unless an Event of Default existsexists (in which event, then Borrower there shall be no limit on the number of appraisals for which Borrowers shall be obligated to reimburse Administrative Agent for and Lenders). Subject to clause (i) above, the foregoing shall not be construed to limit Administrative Agent’s or any Lender’s right to conduct audits and all appraisals of Borrower's Inventory conducted by Agent or its agents or designees. On the Closing Date, Borrower shall be obligated to pay to Agent all out-of-pocket expenses incurred by Agent Collateral as provided in connection with the audit and appraisal of Borrower's business and Properties prior to the Closing DateSection 9.1.1.