Field Examinations and Appraisals. (a) On not more than one occasion during any 12-month period, at the request of the Collateral Agent, the Loan Parties will permit, upon reasonable notice and during normal business hours, the Collateral Agent (or its designee) to conduct a field examination of the Collateral included in the Borrowing Base and related reporting and control systems. Notwithstanding the foregoing, (i) an additional field exam may be conducted during any 12-month period in which Specified Excess Availability for three consecutive business days has been less than or equal to the lesser of (x) $70,000,000 and (y) 10% of the Maximum Borrowing Amount and (ii) if a Specified Event of Default has occurred and is continuing, there shall be no limitation on the number or frequency of field examinations and the number and frequency of field examinations shall be at the Permitted Discretion of the Collateral Agent. For purposes of this Section 5.23, it is understood and agreed that a single field examination may be conducted at multiple relevant sites and involve one or more Loan Parties and their assets. All such field examinations by the Collateral Agent (or its designee) shall be at the sole expense of the Loan Parties.
(b) On one occasion during each 12-month period, the Loan Parties will provide the Collateral Agent with an appraisal of their Inventory (or update thereof) from an appraiser selected and engaged by the Collateral Agent, and prepared on a basis reasonably satisfactory to the Collateral Agent, such appraisal or update to include, without limitation, information required by applicable law and regulations. Notwithstanding the foregoing, (i) an additional inventory appraisal may be conducted during any 12-month period in which Specified Excess Availability for three consecutive business days has been less than or equal to the lesser of (x) $70,000,000 and (y) 10% of the Maximum Borrowing Amount and (ii) if a Specified Event of Default has occurred and is continuing, there shall be no limitation on the number or frequency of appraisals (or updates thereof) and the number and frequency of appraisals (or updates thereof) shall be at the Permitted Discretion of the Collateral Agent. For purposes of this Section 5.23, it is understood and agreed that a single appraisal (or update thereof) may be conducted at multiple relevant sites and involve one or more Loan Parties and their assets. All such appraisals and updates thereof shall be at the sole expense of the Loan Parties.
Field Examinations and Appraisals. The Administrative Agent shall have received, in form and substance reasonably satisfactory to it, all Inventory Appraisals and Field Examinations and Appraisals of all Eligible Equipment and Eligible Fee-Owned Real Estate, each dated no earlier than three months prior to the Closing Date. The Administrative Agent hereby confirms that it has received all of such Appraisals and Field Examinations and is satisfied therewith.
Field Examinations and Appraisals. Each Borrower Party will, and will permit each of its Subsidiaries to, permit representatives of the Agent or any Lender (and, if so requested, accompanied by any other member of the Lender Group and its representatives, consultants or advisors) to (i) visit and inspect the properties of the Borrower Parties and their Subsidiaries during normal business hours,
Field Examinations and Appraisals. Borrower agrees to reimburse the Bank for the out of pocket cost of periodic field examinations of Borrower's books, records and Collateral, and appraisals of the Collateral, at such intervals as the Bank may reasonably require, but not more than once per twelve (12) month period in the absence of an Event of Default (as hereinafter defined). The actions described in this paragraph may be performed by employees of the Bank or by independent appraisers.
Field Examinations and Appraisals. The Borrowers agree that the Administrative Agent (and its agents, representatives, consultants and appraisers) shall be permitted to conduct from time to time collateral field examinations and inventory appraisals with respect to the assets included in the Borrowing Base (and related assets); provided that the Administrative Agent shall only be permitted to conduct two (2) collateral field examinations and one inventory appraisal at the Borrowers’ expense in any twelve (12) month period; provided further, that (x) if at any time Global Excess Availability is less than thirty percent (30.0%) of the lesser of (A) the Maximum Credit and (B) the Borrowing Base, up to one additional collateral field examination and up to one additional inventory appraisal shall be permitted in such twelve (12) month period at the Borrowers’ expense, and (y) during the existence and continuance of an Event of Default, there shall be no limit on the number of additional collateral field examinations and inventory appraisals, at the Borrowers’ expense. Neither the Administrative Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with any Borrower. Each of the Borrowers acknowledges that all inspections, appraisals and reports are prepared by the Administrative Agent and Lenders for their purposes and the Borrowers shall not be entitled to rely upon them.
Field Examinations and Appraisals. Section 5.7 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:
Field Examinations and Appraisals. (a) The Borrower will, and will cause each of its Subsidiaries to, permit the Administrative Agent to conduct field audit examinations of the Borrower’s and such Subsidiary’s assets, liabilities, books and records once during each period of twelve consecutive months; provided that, after the occurrence and during the continuance of an Event of Default, the Borrower will, and will cause each of its Subsidiaries to, permit the Administrative Agent to conduct such field audit examinations at such times and with such greater frequency as the Administrative Agent may reasonably require.
(b) In the event that the Administrative Agent so requests in its Permitted Discretion, the Borrower will, and will cause each of its Subsidiaries to, provide the Administrative Agent with an appraisal or update thereof of its Inventory once during each period of twelve consecutive months, such appraisals and updates to be from an appraiser selected and engaged by the Administrative Agent, prepared on a basis satisfactory to the Administrative Agent and to include, without limitation, information required by applicable law and regulations; provided, however, that, after the occurrence and during the continuance of an Event of Default, the Borrower will, and will cause each of its Subsidiaries to, provide the Administrative Agent with such appraisals and updates at such times and with such greater frequency as the Administrative Agent may reasonably require. All appraisals and updates provided pursuant to this Section 5.11(b) shall be at the sole expense of the Borrower.
Field Examinations and Appraisals. (Section 8.03):
Field Examinations and Appraisals. 3.On not more than one occasion during any 12-month period, at the request of the Administrative Agent, the Loan Parties will permit, upon reasonable notice and during normal business hours, the Administrative Agent to conduct a field examination of the Collateral included in the Borrowing Base and related reporting and control systems. Notwithstanding the foregoing, if at any time Availability has for three consecutive Business Days been less than the greater of (A) 25% of the lesser of (1) the Aggregate Revolving Commitment then in effect and (2) the Borrowing Base then in effect, and (B) $100,000,000, two field examinations shall be permitted during the 12-month period commencing on such third Business Day; provided that, if an Event of Default has occurred and is continuing, there shall be no limitation on the number or frequency of field examinations but the number or frequency of field examinations shall be at the Permitted Discretion of the Administrative Agent. For purposes of this Section 5.15, it is understood and agreed that a single field examination may be conducted at multiple relevant sites and involve one or more Loan Parties and their assets. All such field examinations by the Administrative Agent shall be at the sole expense of the Loan Parties.
Field Examinations and Appraisals. Borrower shall promptly reimburse Lender for all costs and expenses associated with periodic field examinations and asset appraisals performed by Lender and its agents, as deemed necessary by Lender.
