Determination of Appraised Value. For purposes of this Article 7 and Section 6.05, the appraised value (“Appraised Value”) of the assets of the Company shall be determined by one (1) or more independent Qualified Appraisers. The Non-Defaulting Member shall select one (1) Qualified Appraiser and shall include such selection in the Default Notice. Within fifteen (15) days following the Effective Date of the Default Notice, the Defaulting Member shall either agree to the Qualified Appraiser selected by the Non-Defaulting Member or select a second (2nd) Qualified Appraiser and give written notice to the Non-Defaulting Member of the person so selected. If either the Non-Defaulting Member or the Defaulting Member fails to appoint a Qualified Appraiser within the time period specified and after the expiration of five (5) days following the Effective Date of written demand that a Qualified Appraiser be appointed, the Qualified Appraiser duly appointed by the Member making such demand to appoint such Qualified Appraiser shall proceed to make the appraisal as herein set forth, and the determination thereof shall be conclusive on all the Members.
Determination of Appraised Value. For purposes of this Article 7, the appraised value (“Appraised Value”) of the assets of the Company shall be determined by one (1) or more independent Qualified Appraisers. The Non-Defaulting Member shall select one (1) Qualified Appraiser and shall include such selection in the Default Notice. Within fifteen (15) days following the Effective Date of the Default Notice, the Defaulting Member shall either agree to the Qualified Appraiser selected by the Non-Defaulting Member or select a second (2nd) Qualified Appraiser and give written notice to the Non-Defaulting Member of the person so selected. If either the Non-Defaulting Member or the Defaulting Member fails to appoint a Qualified Appraiser within the time period specified and after the expiration of five (5) days following the Effective Date of written demand that a Qualified Appraiser be appointed, the Qualified Appraiser duly appointed by the Member making such demand to appoint such Qualified Appraiser shall proceed to make the appraisal as herein set forth, and the determination thereof shall be conclusive on all the Members. The Qualified Appraiser or the two (2) Qualified Appraisers, as the case may be, shall promptly fix a time for the completion of the appraisal, which shall not be later than thirty (30) days from the Effective Date of the appointment of the last Qualified Appraiser. The Qualified Appraiser(s) shall determine the Appraised Value by determining the fair market value of the assets of the Company, such being the fairest price estimated in the terms of money which the Company could obtain if the assets of the Company were sold, for all cash, in the open market allowing a reasonable time to find a purchaser. Upon submission of the appraisals setting forth the opinions as to the Appraised Value of the assets of the Company, the average of the two (2) appraisals shall constitute the Appraised Value of the assets of the Company for purposes of this Article 7.
Determination of Appraised Value. (a) The parties hereto agree that the Appraised Value shall be determined for all purposes under this Agreement in accordance with the procedure set forth in this Section 3.5.
Determination of Appraised Value. For purposes of this Article VII, the appraised value ("Appraised Value") of the assets of the Company shall be determined as follows: The Appraised Value shall be determined by one (1) or more independent qualified M.A.I. appraisers with at least five (5) years' experience appraising industrial real estate projects. The Non-Defaulting Member shall select one (1) appraiser and shall include such selection in the Default Notice. Within fifteen (15) Business Days following the effective date of the Default Notice, the Defaulting Member shall either agree to the
Determination of Appraised Value. The Net Appraised Value of the Iowa City Assets shall have been determined as provided for in Section 2.4(a) hereof.
Determination of Appraised Value. 17 3.4 Determination of Net Operating Income . . . . . . . . . . . 18
Determination of Appraised Value. A. Within forty-five (45) days following receipt by Lender of full and complete Appraisal Information for each of the Facilities, Lender shall (i) review the Appraisal Information and determine, in its sole discretion, the Appraised Value of each Facility and (ii) notify Borrower of its determination of such value; provided Lender's failure to so notify Borrower within such period shall not be deemed to be a default by Lender hereunder or a waiver of any of the Security Pool Covenants and shall result in an extension of the forty-five (45) day period until the date Lender notifies Borrower of its determination of the Appraised Values. Fifteen (15) days after the date Lender notifies Borrower of its determination of the Appraised Value, such Appraised Value shall become effective and final for purposes of calculating the Loan to Appraisal Ratio. For purposes of this Agreement, Lender has determined the Appraised Value of the Facilities as of the date of Closing and no changes shall be made in such Appraised Value prior to March 31, 1996. In addition, from and after March 31, 1996, Lender shall have the right from time to time to cause one or more of the Facilities to be reappraised if in Lender's reasonable judgment there has been a material adverse change in the value of one or more of the Facilities to be reappraised.
Determination of Appraised Value. The Appraised Value of each Project shall be determined by Lender in its sole and absolute discretion. The Appraised Value of the Borrowing Base Projects shall be redetermined by Lender, the Borrowing Base Amount adjusted, and, to the extent the outstanding principal balance of the Loan exceeds the Borrowing Base Amount, the outstanding principal balance of the Loan shall be reduced by Borrower in accordance with this Agreement, upon the following: (a) the date which is eighteen (18) months after the Closing Date, (b) the extension of the Maturity Date in accordance with the terms of the Note, (c) upon Borrower's written request made not more frequently than twice per calendar year, and (d) at Lender's election made not more frequently than once per calendar year, excluding the first calendar year after the Closing Date. Borrower shall pay all reasonable fees and costs in connection with Lender's determination of the Appraised Value as provided herein, including, without limitation, all appraisal fees and costs. Without limiting the foregoing, if the Appraised Values are redetermined at Borrower's request as provided in clause (c), Borrower shall in addition pay to Lender for each such request, concurrently with such request, a nonrefundable administrative fee in the amount of Ten Thousand Dollars ($10,000), which administrative fee shall be in addition to all other amounts required to be paid by Borrower under the Loan Documents.
Determination of Appraised Value. In determining appraised value as required in Section 4.1, Landlord and Tenant shall jointly choose one certified commercial real estate appraiser who is also a licensed real estate broker having expertise in appraising commercial property in the Town of Andover. The appraiser shall conduct an appraisal using commercially recognizable standards who shall determine the fair market rent for the Premises. The Landlord and Tenant shall share equally in the cost of said appraisal. The appraised value as determined by said appraiser shall be final. In lieu of hiring an appraiser, Landlord and Tenant may stipulate as to the fair market rent.
Determination of Appraised Value. The initial Appraised Value of a Property shall be determined as provided in subsection (c) above and the definition of Appraised Value; provided, however, that upon 5 Business Days prior notice to the Borrower and at the Borrower's sole cost and expense, the Agent will redetermine the Appraised Value of any Property (based upon a new Appraisal obtained by the Agent) if necessary in order to comply with FIRREA or other Applicable Law relating to the Agent or the Lenders generally or as provided in Section 4.2.(b)(ii).
