Common use of Frequency of Appraisals Clause in Contracts

Frequency of Appraisals. The As-Is Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, pursuant to Appraisals conducted under each of the following circumstances: (i) In connection with the proposal of a Property as a Collateral Property pursuant to Section 7.15(a), which shall include, without limitation, in connection with the initial encumbrance of the Initial Collateral Properties with Security Instruments; (ii) If any Default or Event of Default exists, upon written request from the Administrative Agent to the Borrower; (iii) If necessary in order to comply with FIRREA, other Applicable Law or the requirements of any Governmental Authority relating to the Administrative Agent or any of the Lenders; and (iv) Upon written request from the Administrative Agent to the Borrower, not more than once every 12 months with respect to each Collateral Property. All Appraisals shall be engaged by the Administrative Agent at the Borrower’s expense and shall be subject to satisfactory review and approval of the Administrative Agent. Notwithstanding anything to the contrary herein, each Lender may conduct Appraisals of any Collateral Property at any time at such Lender’s expense; provided that, for the avoidance of doubt, such Appraisal shall not be used in determining or redetermining the As-Is Appraised Value of a Collateral Property.

Frequency of Appraisals. The As-Is Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, pursuant to Appraisals conducted under each of the following circumstances: (i) In connection with the proposal of a Property as a Collateral Property pursuant to Section 7.15(a), which shall include, without limitation, in connection with the initial encumbrance of the Initial Collateral Properties with Security Instruments; (ii) If any Default or Event of Default exists, upon written request from the Administrative Agent to the Borrower; (iii) If necessary in order to comply with FIRREA, other Applicable Law or the requirements of any Governmental Authority relating to the Administrative Agent or any of the Lenders; and (iv) Upon written request from the Administrative Agent to the Borrower, not more than once every 12 months with respect to each Collateral Property. All Appraisals shall be engaged by the Administrative Agent at the Borrower’s expense and shall be subject to satisfactory review and approval of the Administrative Agent. Notwithstanding anything to the contrary herein, each Lender may conduct Appraisals of any Collateral Property at any time at such Lender’s expense; provided that, for the avoidance of doubt, such Appraisal shall not be used in determining or redetermining the As-Is Appraised Value of a Collateral Property.

Frequency of Appraisals. The As-Is Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, pursuant to Appraisals conducted under each of the following circumstances: (i) In connection with the proposal of a Property as a Collateral Property pursuant to Section 7.15(a), ) (which shall include, without limitation, in connection with the initial encumbrance of the Initial Collateral Properties with Security Instruments); (ii) If any Default or Event of Default exists, upon written request from the Administrative Agent to the Borrower; (iii) If necessary in order to comply with FIRREA, other Applicable Law or the requirements of any Governmental Authority relating to the Administrative Agent or any of the Lenders; (iv) In connection with an extension pursuant to Section 2.13 (to the extent applicable in accordance with the terms of Section 2.13); and (ivv) Upon written request from the Administrative Agent to the BorrowerBorrower (it being understood and agreed that the Administrative Agent shall make such request, without limitation, upon direction of the Requisite Lenders), not more than once every 12 months with respect to each Collateral Property. All Appraisals shall be engaged by the Administrative Agent at the Borrower’s expense and shall be subject to reasonably satisfactory review and approval of the Administrative Agent. Notwithstanding anything to the contrary herein, each Lender may conduct Appraisals of any Collateral Property at any time at such Lender’s expense; provided that, for the avoidance of doubt, such Appraisal shall not be used in determining or redetermining the As-Is Appraised Value of a Collateral Property.

Frequency of Appraisals. The As-Is Appraised Value of a Collateral Property shall be determined or redetermined, as applicable, pursuant to Appraisals conducted under each of the following circumstances: (i) In connection with the proposal of a Property as a Collateral Property pursuant to Section 7.15(a), which shall include, without limitation, in connection with the initial encumbrance of the Initial Collateral Properties and the Specified Collateral Properties with Security Instruments; (ii) If any Default or Event of Default exists, upon written request from the Administrative Agent to the Borrower; (iii) If necessary in order to comply with FIRREA, other Applicable Law or the requirements of any Governmental Authority relating to the Administrative Agent or any of the Lenders; and (iv) Upon written request from the Administrative Agent to the Borrower, not more than once every 12 months with respect to each Collateral Property. All Appraisals shall be engaged by the Administrative Agent at the Borrower’s expense and shall be subject to satisfactory review and approval of the Administrative Agent. Notwithstanding anything to the contrary herein, each Lender may conduct Appraisals of any Collateral Property at any time at such Lender’s expense; provided that, for the avoidance of doubt, such Appraisal shall not be used in determining or redetermining the As-Is Appraised Value of a Collateral Property.