We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Collateral Protection Expenses; Appraisals Sample Clauses

Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be jointly and severally borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge one or more Borrowers therefor. On an annual basis, Agent may, and, at the request of Majority Lenders, shall, at Borrowers’ joint and several expense, obtain an appraisal of the Patterns and Core Boxes of Borrowers from a third party appraiser reasonably acceptable to Agent, which appraisal shall include an assessment of the net orderly liquidation percentage of each category or type of Eligible Patterns and Core Boxes. Further, if average Availability for any 30-day period during any fiscal year of Borrowers (as determined by Agent in its reasonable credit judgment) is less than $40,000,000, Agent may, and, at the request of Majority Lenders, shall, on an annual basis for such fiscal year and each fiscal year thereafter and at Borrowers’ joint and several expense, obtain an appraisal of the Inventory of Borrowers from a third party appraiser reasonably acceptable to Agent, which appraisal shall include an assessment of the net orderly liquidation percentage of each category or type of Eligible Inventory. Additionally, from time to time, if obtaining appraisals is necessary in order for Agent or any Lender to comply with applicable laws or regulations, and at any time if an Event of Default shall have occurred and be continuing, Agent may, at Borrowers’ joint and several expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value and/or net orderly liquidation value of all or any portion of the real Property or personal Property of any Borrower or any of its Subsidiaries, including without limitation the Inventory and the Patterns and Core Boxes of any Borrower or any of its Subsidiaries.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, any and all excise, property, sales, and use taxes imposed by any state, federal, provincial or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Borrowers; provided that Canadian Borrower shall not be liable for any such expenses incurred with respect to Domestic Borrower. If Borrowers fail to promptly pay any portion thereof when due, Administrative Agent or Canadian Agent, as the case may be, may, at its option, but shall not be required to, pay the same and charge Borrowers therefor. Additionally, from time to time, if Administrative Agent or Canadian Agent or any Lender determines that obtaining appraisals is necessary in order for it to comply with applicable laws or regulations, or is otherwise necessary in the reasonable credit judgment of Administrative Agent or Canadian Agent, as the case may be, and at any time if a Default or an Event of Default shall have occurred and be continuing, Administrative Agent or Canadian Agent, as the case may be, may, at Borrowers’ expense, obtain appraisals from appraisers (who may be personnel of Administrative Agent or Canadian Agent, as the case may be), stating the then current fair market value or liquidation value of all or any portion of the real (or immovable) Property or personal (or movable) Property of Borrowers or any of their Subsidiaries. Administrative Agent also shall have the right to obtain such appraisals periodically, at Borrowers’ expense, with respect to the real estate or equipment of Borrowers to confirm the continuing adequacy of the value of such Collateral as the basis for the Domestic Term Loan and Domestic Cap Ex Loans. In the event that personnel of Administrative Agent or Canadian Agent conduct any such appraisal, Administrative Agent’s or Canadian Agent’s, as applicable, then-prevailing internal cost of such appraisal shall be payable by Borrowers (which cost per appraisal shall be subject to change from time to time with respect to future appraisals without prior notice).
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Co-Borrowers. If Co-Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Co-Borrowers therefor. Additionally, from time to time, Agent may, at Co-Borrowers’ expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real estate or personal Property of Borrower or any of its Subsidiaries, including without limitation the Inventory of Borrower and its Subsidiaries; provided that unless an Event of Default has occurred and is continuing, Agent shall not be permitted to obtain at Co-Borrowers’ expense more than one such appraisal per calendar year with respect to Borrower’s and its Subsidiaries’ Inventory or more than one such appraisal per calendar year with respect to Borrower’s and its Subsidiaries’ Equipment and real Property.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Borrowers therefor. Additionally, from time to time, if Agent or any Lender determines that obtaining appraisals is necessary in order for it to comply with applicable laws or regulations, and at any time if a Default or an Event of Default shall have occurred and be continuing, Agent may, at Borrowers’ expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real estate or personal property of any Borrower or any of its Subsidiaries, including without limitation the Inventory of Borrowers and their Subsidiaries.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Borrower. If Borrower fails to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Borrower therefor. Additionally, from time to time, Agent may, at Borrower's expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real estate or personal property of Borrower or any of its Subsidiaries. Borrower acknowledges that as of the Closing Date, Agent intends to obtain new appraisals of Borrower's Inventory at least four times annually.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Borrower therefor. Additionally, from time to time, if Agent or any Lender determines that obtaining appraisals is necessary in order for it to comply with applicable laws or regulations, and at any time if a Default or an Event of Default shall have occurred and be continuing, Agent may, and shall if any Lender is required by applicable law or regulation to obtain any appraisal, at Borrowers' expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real or personal Property of any Borrower or any of its Subsidiaries.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be jointly and severally borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Borrowers therefor. Agent may, at Borrowers' joint and several expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real Property or personal Property (including without limitation Inventory) of any Borrower or any of its Domestic Subsidiaries, which appraisals may be obtained (a) once in each calendar year, at Agent's determination, (b) at any time (but no more often than once in each ninety (90) day period), that a Default or an Event of Default is in existence or is reasonably likely to occur and (c) at any time that Agent or any Lender reasonably determines that obtaining such appraisal is necessary in order for it to comply with applicable laws or regulations.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be jointly and severally borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge one or more Borrowers therefor. Additionally, from time to time Agent may, at Borrowers' joint and several expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real estate or personal property of any Borrower or any of its Restricted Subsidiaries, including without limitation the Inventory of any Borrower or any of its Restricted Subsidiaries.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Borrowers therefor. In addition to semi-annual Appraisals of Inventory as herein provided and appraisals obtained in connection with Permitted Acquisitions, from time to time, if Agent or any Lender determines that obtaining appraisals is necessary in order for it to comply with applicable laws or regulations, and at any time that a Default or an Event of Default shall have occurred and be continuing, Agent may, at Borrowers' expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value of all or any portion of the real estate or personal property of any Borrower or any of its Subsidiaries, including without limitation the Inventory of such Borrower and its Subsidiaries.
Collateral Protection Expenses; Appraisals. All out-of-pocket expenses incurred in protecting, storing, warehousing, insuring, handling, maintaining and shipping the Collateral, and any and all excise, property, sales, and use taxes imposed by any state, federal, or local authority on any of the Collateral or in respect of the sale thereof shall be borne and paid by Borrowers. If Borrowers fail to promptly pay any portion thereof when due, Agent may, at its option, but shall not be required to, pay the same and charge Borrowers therefor; provided that the foregoing shall not prevent Borrowers from contesting any such item in good faith and by appropriate proceedings, so long as any such contest does not materially affect Agent’s Lien on the applicable Collateral. Additionally, from time to time, Agent may, at Borrowers’ expense, obtain appraisals from appraisers (who may be personnel of Agent), stating the then current fair market value or orderly liquidation value of the Dining Credits; provided that so long as no Event of Default has occurred and is continuing, Borrowers shall not be liable for fees and expenses incurred in connection with more than one appraisal during any fiscal year. Any such appraisal shall be conducted using the same methodology as used in the appraisal of Dining Credits conducted by Agent (or its agents) prior to the Closing Date.