Initial Appraisal. The Administrative Agent shall have received (x) the Initial Appraisal in form reasonably satisfactory to the Administrative Agent, and (y) an Officer’s Certificate from a Responsible Officer of the Borrower demonstrating that, using the Appraised Value listed in the Initial Appraisal, on the Closing Date and after giving effect to the Extensions of Credit to be made on such date, the Collateral Coverage Ratio shall be no less than 1.6 to 1.0.
Initial Appraisal. (a) Within twenty four (24) months after the Amendment No. 3 Effective Date (or such longer period as the Borrower and the Administrative Agent may agree), the Borrower shall deliver the Initial Appraisal to the Administrative Agent.
Initial Appraisal. The Property was appraised by __, a Qualified Appraiser (defined below), at Guarantor’s sole cost, (such appraisal being the “Initial Appraisal”) in the amount of $ . A copy of the Initial Appraisal is attached hereto as Exhibit B. The resale value of the Property, as determined by the Initial Appraisal, shall be referred to herein as the “Base Value”.
Initial Appraisal. In conducting the Initial Appraisal, the Qualified Appraiser shall:
Initial Appraisal. The Parties agree that promptly upon execution hereof, a schedule and supporting documentation describing the Licensed Products and Licensed Technology will be submitted to an expert in placing valuations upon transferred intangible property such as the Licensed Technology. Using such valuation, such expert will also deliver a royalty schedule (an "Appraisal") payable by Licensee to Licensor as payment for the license contained herein (the "Initial Appraisal"). If such expert is unable or unwilling to deliver such a valuation, the Parties will agree on the selection of another expert. If no valuation has been delivered to the Parties by December 24, 1999, then the amount deemed to be owed for the period from the Effective Date until December 31, 1999 shall be $600,000, and $300,000 per calendar quarter thereafter, payable no later than January 15, 2000 or the 15th day after the close of the applicable calendar quarter, respectively. Payment of the royalties shall be made by wire transfer to a bank account in Wilmington or Newark, Delaware as specified from time to time by the Licensor no later than the 10th day after the close of each calendar quarter.
Initial Appraisal. The Administrative Agent shall have received (x)(A) the First Lien Initial Appraisal in form substantially similar to draft appraisal previously shared with the Administrative Agent (which need only be provided for the first Borrowing) and (B) the Second Lien Initial Appraisal (which need only be provided for the first Borrowing), and (y) an Officer’s Certificate from a Responsible Officer of the Borrower demonstrating that, using the Appraised Value listed in the Initial Appraisal, on the Closing Date and after giving effect to the Extensions of Credit to be made on such date, the Collateral Coverage Ratio shall be no (i) less than 2.00 to 1.0 with respect to Collateral secured pursuant to the First Lien SGR Security Agreement or (ii) less than 1.33 to 1.0 with respect to Collateral secured pursuant to the Second Lien SGR Security Agreement.
Initial Appraisal. Agent has received and approved that certain initial Appraisal report dated July 14, 2006 performed by Xxxxxxx & Xxxxxxxxx.
Initial Appraisal. Not less than two (2) Business Days prior to ----------------- the Initial Advance Date, each Certificate Purchaser shall have received an Appraisal, in form and substance reasonably satisfactory to it, containing reasonably formed opinions of the Appraiser, which will establish (by the use of reasonable and customary appraisal methods satisfactory to the Certificate Purchasers) that, as of the Initial Advance Date, the Leased Property will have a Fair Market Value of not less than $13,000,000. The Appraisal will also establish the "as-built" Fair Market Value (assuming the completion of the Financed Improvements) of the Leased Property as of the Construction Completion Date and the Basic Term. The Appraisal will be prepared in accordance with the Financial Institutions Reform Recovery and Enforcement Act of 1989.
Initial Appraisal. The Borrower shall have delivered a copy of the Initial Appraisal to the Administrative Agent and the Lenders.
Initial Appraisal. Agent has received and approved that certain initial Appraisal report dated July 14, 2006 for the Brightwater Project performed by Xxxxxxx & Xxxxxxxxx.
