Common use of Inventory Appraisals Clause in Contracts

Inventory Appraisals. The Administrative Agent shall have received and the Administrative Agent shall be satisfied with inventory appraisals of certain assets to be specified by the Administrative Agent from appraisers satisfactory to the Administrative Agent; provided, that, if such appraisals have been commenced but not completed prior to the Effective Date, the advance rates for inventory shall be reduced to 50% (as set forth in the definitions of each of the Canadian Borrowing Base, the UK Borrowing Base, the UAE Borrowing Base, the Singapore Borrowing Base and the US Borrowing Base) until such time as the Administrative Agent shall have received such appraisals, in form and substance satisfactory to it.