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.
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. (a) 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. (a) 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. (Section 8.03): So long as no Event of Default has occurred or exists during such calendar year, the Loan Parties shall not be obligated to reimburse the Lender for more than the number of appraisals and field examinations set forth below during any calendar year: Field Examinations - One per calendar year, unless Availability is less than 12.5% of the Revolving Commitment at any time during such calendar year, in which case the Lender may require additional field examinations. Inventory Appraisals - One per calendar year, unless Availability is less than 12.5% of the Revolving Commitment at any time during such calendar year, in which case the Lender may require additional inventory appraisals. Equipment Appraisals – One per calendar year, unless Availability is less than 12.5% of the Revolving Commitment at any time during such calendar year, in which case the Lender may require additional equipment appraisals.
Field Examinations and Appraisals. At any time that the Administrative Agent requests (and at the sole expense of the Loan Parties), the Borrower will, and will cause its Subsidiaries to, (a) permit, no more frequently than twice in any calendar year, the Administrative Agent to conduct field examinations to ensure the adequacy of Collateral and related reporting and control systems and (b) provide, not more than once in any calendar year, the Administrative Agent with appraisals or updates thereof of their Inventory from an appraiser selected and engaged by the Administrative Agent, and prepared on a basis satisfactory to the Administrative Agent, such appraisals and updates to include, without limitation, information required by applicable law and regulations; provided, however, that if a Default has occurred and is continuing, there shall be no limitation on the number or frequency of field examinations or Inventory appraisals.
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.
Field Examinations and Appraisals. The Borrowers hereby agree to deliver to the Lenders and the Agent within ninety (90) days of the date hereof (a) a report of an independent collateral auditor with respect to the Borrowers' accounting with respect to accounts receivable (including, to the extent required by the Agent, verification with respect to the amount, aging, identity and credit of the Borrowers' account debtors and the billing practices of the Borrowers and their Subsidiaries) and inventory (including, to the extent required by the Agent, verification as to the value, location and type) of the Borrowers and their Subsidiaries (the "FIELD EXAM") and (b) an appraisal of the value of all real estate, equipment and fixtures of the Borrowers and their Subsidiaries (the "APPRAISAL"), where such Field Exam and Appraisal shall be in form and substance satisfactory to the Agent and shall be conducted at the expense of the Borrowers by an independent collateral auditor or appraiser, as applicable, satisfactory to the Agent. Such Field Exam and Appraisal shall be conducted upon reasonable notice to the Borrowers and during normal business hours. The parties hereto agree that the failure to deliver such Field Exam and Appraisal shall constitute an Event of Default under the Credit Agreement.
Field Examinations and Appraisals. Section 2.10(c) of the Credit Agreement is hereby amended by deleting each reference to “$30,000,000” therein and replacing each such reference with “$36,000,000”.
Field Examinations and Appraisals. Borrower and each other Loan Party shall, with respect to each owned, leased, or controlled property in Canada and the United States of America, during normal business hours and upon reasonable advance notice (unless a Default shall have occurred and be continuing, in which event no notice shall be required and the Administrative Agent shall have access at any and all times): (i) provide access to such property to the Administrative Agent and any of its officers, employees and agents, as frequently as the Administrative Agent determines to be appropriate; (ii) permit the Administrative Agent and any of its officers, employees and agents to inspect, audit and make extracts and copies (or take originals if reasonably necessary) from all of Borrower’s and such Loan Party’s books and records; and (iii) permit the Administrative Agent to inspect, review, verify, evaluate and make physical verifications and appraisals of the Inventory and other Collateral in any manner and through any medium that the Administrative Agent considers advisable, and the Borrower and such Loan Party agree to render to the Administrative Agent, at Borrower’s and such Loan Party’s cost and expense, such clerical and other assistance as may be reasonably requested with regard thereto. The costs of any such inventory or equipment appraisals shall be paid by the Loan Parties. Without limiting the generality of the foregoing, the Administrative Agent shall be entitled to conduct one (1) field examination and (1) inventory appraisal per year, provided that there shall be no limit on the number of field examinations or inventory appraisals if an Event of Default is continuing. lxxi
