Periodic Appraisals. Lender may require an Appraisal for any or all of the Sites, or an update to a previously provided Appraisal of any or all of the Sites, indicating the present appraised “as-is” value of such Site: (i) annually as permitted pursuant to Section 4(d)(iii), (ii) if Lender determines in good faith that an appraisal of a particular Site is required as a result of (A) any law, regulation or guideline or any change or interpretation thereof; or (B) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Lender or its activities requesting, directing or imposing a condition upon Lender (whether or not such request, direction or condition shall have the force of law); (iii) at any time after the occurrence and during the continuance of an Event of Default; or (iv) at any other time that Lender, in its reasonable discretion deems it appropriate. Appraisals and updates pursuant to subsections (i) and (iii) shall be at Borrower’s sole cost and expense. In addition, Borrower shall pay for one “desktop update” of each Appraisal ordered pursuant to subsection (i) in each calendar year. Other Appraisals and updates shall be at Lender’s sole cost and expense. As used herein, “Appraisal” means an appraisal (including a “desktop update”) of a Site ordered by Lender (or by Lender’s counsel) and prepared by an appraiser satisfactory to Lender, which appraisal complies with all federal and state standards for appraisals and is otherwise in form and substance satisfactory to Lender. Nothing herein shall require Lender to provide Appraisals or information in the Appraisals to any Credit Party; provided, that Lender shall advise Borrower of any Appraised Value upon request; provided further, however, that Lender shall not be obligated to advise Borrower of such Appraised Value if an Event of Default has occurred and is continuing or if Lender determines in good faith that such disclosure would impair or prejudice the rights and remedies of Lender.
Periodic Appraisals. Lender may require an appraisal of the Premises, or an update to a previously provided appraisal of the Premises, indicating the present appraised fair market value thereof: (a) if Lender determines in good faith that an appraisal is required as a result of (i) any law, regulation or guideline or any change or interpretation thereof; or (ii) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Lender or its activities requesting, directing or imposing a condition upon Lender (whether or not such request, direction or condition shall have the force of law); (b) at any time after the occurrence and during the continuance of a Default; or (c) at any other time that Lender, in its reasonable discretion deems it appropriate. Appraisals and updates pursuant to subsections (a) and (b) shall be at Mortgagor’s sole cost and expense. Appraisals and updates pursuant to subsection (c) shall be at Lender’s sole cost and expense; provided, however, that Lender may charge Mortgagor for one such appraisal or update for the Premises in each calendar year during the continuance of the Mortgage. All such appraisals and updates shall comply with Applicable Law, as well as Lender’s internal requirements, and shall be conducted by appraisers selected and retained by or on behalf of Lender.
Periodic Appraisals. Borrower shall cooperate with Lender in periodic appraisals conducted with respect to Inventory as follows: (a) at Lender’s option, two (2) times per year at Borrower’s sole cost and expense during any calendar year in which Borrower has at any time had Excess Borrowing Availability less than 50% of the Maximum Credit; (b) otherwise, one (1) time per calendar year at Borrower’s sole cost and expense; (c) at any time at Borrower’s sole cost and expense following the occurrence of an Event of Default; and (d) if no Event of Default has occurred, one occasion in addition to those occasions referenced in (a) and (b) above at Lender’s sole cost and expense. Prior notice hereunder need not be given by the Lender to the Borrower if an Event of Default shall have occurred under this Agreement.
Periodic Appraisals. Lender may require an appraisal for a particular Site, or an update to a previously provided Site appraisal, indicating the present appraised “as-is” value of such Site: (i) annually as permitted pursuant to Section 4(d)(iii), (ii) if Lender determines in good faith that an appraisal of a particular Site is required as a result of (A) any law, regulation or guideline or any change or interpretation thereof; or (B) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Lender or its activities requesting, directing or imposing a condition upon Lender (whether or not such request, direction or condition shall have the force of law); (iii) at any time after the occurrence and during the continuance of an Event of Default; or (iv) at any other time that Lender, in its reasonable discretion deems it appropriate. Appraisals and updates pursuant to subsections (i) and (iii) shall be at Borrower’s sole cost and expense. In addition, Borrower shall pay for one “desktop update” of each Appraisal ordered pursuant to subsection (i) in each calendar year. Other Appraisals and updates shall be at Lender’s sole cost and expense. Lender shall not order any appraisals of any Masters Inn properties before January 1, 2013 so long as no Event of Default has occurred and is continuing.
Periodic Appraisals. In accordance with the Appraisal Policy, the Fair Market Value of all of the Projects owned by the Company shall be determined as of December 31 of each calendar year by appraisals performed by Qualified Appraisers. If a New Project is acquired by the Company during the second Half Year of a calendar year, then the Fair Market Value of that Project shall be determined by appraisal commencing as of December 31 of the ensuing calendar year and, until it is required to be determined by appraisal, the Fair Market Value of that Project shall equal the acquisition cost of that Project, unless such Project is otherwise required to be appraised sooner by this Agreement. The Manager shall, on behalf and at the expense of the Company, no later than December 1 of each calendar year, engage a Qualified Appraiser to perform the annual appraisal to determine the Fair Market Value of the Projects. At least fifteen (15) Business Days before any appraisal is completed, the Manager shall deliver a draft of the appraisal to the Members for their review, comments and questions. Thereafter, the Manager and the Qualified Appraiser shall respond to all comments and questions concerning the draft made by any Member. When the appraisal has been completed by the Qualified Appraiser, the Manager shall deliver a copy of the completed appraisal to the Members. The Manager shall use commercially reasonable efforts to cause all annual appraisals to be completed by the Qualified Appraiser and delivered to the Members within sixty (60) days following the end of each calendar year. The Company shall pay the cost of such appraisals. In connection with the preparation of any appraisal by a Qualified Appraiser pursuant to this Agreement, the Manager shall promptly furnish to the Qualified Appraiser and the Members all documents and information concerning the Projects reasonably requested by the Qualified Appraiser or the Members.
Periodic Appraisals. The Agent or any Person designated by the Agent shall have the right, upon three (3) Business Days' notice to the relevant Borrower, from time to
Periodic Appraisals. If at any time the Mortgagee shall determine in good faith that as a result of:
Periodic Appraisals. In addition to the initial appraisals required under Section 2.05(d), Lender may, as often as Lender shall deem necessary, obtain appraisals of any or all of the Projects prepared by an appraisal firm or firms chosen by Lender and ordered by Lender. The appraisals shall be at the expense of Borrower if Borrower is in default under this Agreement or any of the other Loan Documents.
Periodic Appraisals. U.S. Manager shall cause each Project to be appraised by a Qualified Appraiser once every three years after their acquisition. The cost of each appraisal shall be paid by the Company. New Projects acquired after the date of this Agreement shall be first appraised in the third year after their acquisition. The appraisals obtained under this Section 6.13(a) shall be conclusive as to Fair Market Value or Net Asset Value, as applicable, until a new appraisal is obtained under this Section 6.13(a). An appraisal shall be performed for a Project more often than once every three years if a Member believes that Fair Market Value of the Project has increased or decreased by 10% or more since it was last appraised.
Periodic Appraisals. Agent or Required Lenders may require an Acceptable Appraisal of the Sites, or any of them, or an update to a previously provided Acceptable Appraisal, indicating the present appraised value thereof as required by Agent: (a) if Agent or Required Lenders determines in good faith that an appraisal is required as a result of (i) any law, regulation or guideline or any change or interpretation thereof; or (ii) any central bank or other fiscal, monetary or other Government Authority having jurisdiction over Agent or Lenders or their activities requesting, directing or imposing a condition upon Agent or Lenders (whether or not such request, direction or condition shall have the force of law); (b) at any time after the occurrence and during the continuance of a Default; (c) at any time after the occurrence of a Material Casualty or Total Taking; or (d) at any other time or times required by Agent or Required Lenders. Appraisals and updates pursuant to this Section 4.26 shall be at Borrower’s sole cost and expense, provided, however, with respect to Appraisals ordered pursuant to clause (d), Agent will only charge Borrower for the cost of one such Appraisal for each Borrowing Base Asset per twelve (12) month period. All appraisals and updates shall comply with Requirements of Law, as well as Agent’s internal requirements, and shall be conducted by appraisers selected and retained by or on behalf of Agent. This Section shall not limit Borrower’s obligation to pay expenses associated with appraisals obtained prior to the Closing Date, or in connection with a Borrowing Base Addition.
