Common use of Determination of a Control Appraisal Period Clause in Contracts

Determination of a Control Appraisal Period. Within 60 days after (i) an Appraisal Reduction Event, and (ii) each date thereafter on which Administrative Agent determines that an updated Appraisal is reasonably necessary (but no more than once in every ninety-day period, Administrative Agent shall have the right (but not the obligation) to obtain an Appraisal (or a letter update to an existing Appraisal) from an Appraiser selected by Administrative Agent, at the Note-B Holders’ cost. Such Appraisal shall be used by Administrative Agent to determine if a Control Appraisal Period exists, and, if such a Control Appraisal Period exists, Administrative Agent shall promptly so notify the Noteholders (a “Control Appraisal Period Notice”).