Borrower Reappraisal Right Sample Clauses

Borrower Reappraisal Right. If the Appraised Value of the Ski Resort Properties determined pursuant to any Annual Appraisal is less than the Required Value at the time of delivery thereof, ASC may, by written notice to the Administrative Agent (delivered not more than 15 days following the date of ASC's receipt of such Annual Appraisal), elect to have the Appraised Value of the Ski Resort Properties determined by Appraisals conducted by an Independent Appraiser selected by ASC and reasonably acceptable to the Administrative Agent, which Appraisals shall be conducted using a methodology similar to that described in Section 7.1(b)(i) and in the definition of "Appraised Value" in Section 1.1 and completed within 45 days after ASC's receipt of such Annual Appraisal, in which case the Appraised Value of the Ski Resort Properties for the purposes of determining compliance with the Minimum Asset Value Test shall (subject to the provisions of Sections 7.1(b)(iii) and (iv)) be the average of the Appraised Values of the Ski Resort Properties determined by such Annual Appraisal and the Appraisals conducted pursuant to this sentence. A change in the Appraised Value of the Ski Resort Properties as a result of a reappraisal under this Section 7.1(b)(ii) shall become effective on the fifteenth day following the date on which the applicable Appraisals are delivered to the Administrative Agent and each Lender under this Section 7.1(b)(ii) unless a notice of dissatisfaction is delivered by any Lender to the Administrative Agent on or before such day pursuant to Section 7.1(b)(iii) (in which case the procedures specified in such Section shall become applicable). If a reappraisal notice is given pursuant to this Section 7.1(b)(ii) but the Appraisals are not delivered pursuant to this Section 7.1(b)(ii) within the time period required hereby, the Appraised Value of the Ski Resort Properties shall be determined on the basis of the Annual Appraisal to which such reappraisal notice related, and the change therein shall become effective on the date when the Appraisals were required to be delivered pursuant to this Section 7.1(b)(ii).
Sample 1
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Related to Borrower Reappraisal Right

  • Successor Borrower Representative Upon the prior written consent of the Administrative Agent, the Borrower Representative may resign at any time, such resignation to be effective upon the appointment of a successor Borrower Representative. The Administrative Agent shall give prompt written notice of such resignation to the Lenders.

  • Borrower Request The Borrower may at any time and from time to time after the Closing Date by written notice to the Administrative Agent elect to request an increase to the existing Revolving Commitment and/or add one or more new revolving facilities (each, an “Incremental Revolving Facility”) with revolving commitments (each, an “Incremental Revolving Commitment”) in an amount (x) not in excess of $100,000,000 in the aggregate when combined with the aggregate amount of all Incremental Term Loan Commitments under Section 2.4 plus (y) in the case of an Incremental Revolving Facility that serves to effectively extend the maturity of the Revolving Facility, an amount equal to the reductions in the Revolving Facility to be replaced with the Incremental Revolving Facility, and in minimum increments of $500,000 and a minimum amount of $5,000,000 (or such lesser amount equal to the remaining Incremental Revolving Commitments) (and provided that there shall be not more than three tranches of Incremental Revolving Commitments at any time). Each such notice shall specify (i) the date (each, a “Revolving Commitment Increase Effective Date”) on which the Borrower proposes that the Incremental Revolving Commitment shall be effective, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent and (ii) the identity of each Person (which, if not a Lender, an Approved Fund or an Affiliate of a Lender, shall be reasonably satisfactory to the Administrative Agent, the Swingline Lender and the Issuing Lender (each such acceptance not to be unreasonably withheld or delayed)) to whom the Borrower proposes any portion of such Incremental Revolving Commitment be allocated and the amounts of such allocations; provided that any existing Lender approached to provide all or a portion of the Incremental Revolving Commitments may elect or decline, in its sole discretion, to provide such Incremental Revolving Commitment.

  • Borrower Representative Holdings hereby (i) is designated and appointed by each Borrower as its representative and agent on its behalf (the “Borrower Representative”) and (ii) accepts such appointment as the Borrower Representative, in each case, for the purposes of issuing notices of Borrowings, notices to convert and continue Borrowings, requests for Letters of Credit and Swingline Loans, delivering certificates and instructions on behalf of the Borrowers, selecting interest rate options, giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and taking all other actions (including in respect of compliance with covenants, but without relieving any Borrower of its joint and several obligations to pay and perform the Obligations) on behalf of any Borrower or the Borrowers under the Loan Documents. Administrative Agent and each Lender may regard any notice or other communication pursuant to any Loan Document from the Borrower Representative as a notice or communication from all Borrowers. Each warranty, covenant, agreement and undertaking made on behalf of a Borrower by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower.

  • Initial Borrowing Before or concurrently with the initial Borrowing:

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • Borrowing Upon receipt of Proper Instructions, the Custodian shall deliver securities of a Portfolio to lenders or their agents, or otherwise establish a segregated account as agreed to by the applicable Fund on behalf of such Portfolio and the Custodian, as collateral for borrowings effected by such Portfolio, provided that such borrowed money is payable by the lender (a) to or upon the Custodian's order, as Custodian for such Portfolio, and (b) concurrently with delivery of such securities.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Initial Borrowing Base Certificate Duly executed originals of an initial Borrowing Base Certificate from Borrower, dated the Closing Date, reflecting information concerning Eligible Accounts and Eligible Inventory of Borrower as of a date not more than seven (7) days prior to the Closing Date.

  • Borrowing Base Deficiency If at any time there exists a Borrowing Base Deficiency the Borrower shall cure same in accordance with Section 2.06 hereof.

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