Post Closing Appraisals Sample Clauses
Post Closing Appraisals. Borrowers and Guarantors shall, at their expense, deliver or cause to be delivered to Agent, within three (3) weeks after the Closing Date (or such later period as the Agent may agree to in its reasonable discretion, taking into consideration any delays not within the control of the Borrowers and Guarantors), written reports or appraisals as to the Equipment and Intellectual Property proposed to be included in Eligible Equipment and Eligible Intellectual Property, as applicable, in form, scope and methodology reasonably acceptable to Agent and by an appraiser reasonably acceptable to Agent, addressed to Agent and Lenders and upon which Agent and Lenders are expressly permitted to rely (such appraisals, the “Post-Closing Appraisals”). Thereafter, Borrowers and Guarantors shall, at their expense, no more than two (2) times in any twelve (12) month period (counting the appraisals referred to in the previous sentence), but at any time or times as Agent may reasonably request upon the occurrence and during the continuance of an Event of Default or during a Compliance Period, deliver or cause to be delivered to Agent written appraisals as to the Equipment and/or Intellectual Property in form, scope and methodology reasonably acceptable to Agent and by an appraiser reasonably acceptable to Agent, addressed to Agent and upon which Agent is expressly permitted to rely.
Post Closing Appraisals. Agent may, in its sole discretion, exercised in a commercially reasonable manner, at any time after the Closing Date but in no event more often than once a fiscal quarter, engage the services of an independent appraisal firm or firms of reputable standing, satisfactory to Agent, for the purpose of appraising the then current orderly liquidation value of Borrowers’ Inventory. All of the fees and out-of-pocket costs and expenses of any such firm (collectively, “appraisal amounts”) shall be paid for when due, in full and without off-set, by Borrowers. In the event that the orderly liquidation value of Borrowers’ Inventory, as so determined pursuant to such appraisal, is less than anticipated by Agent and Lenders, such that the loan-to-collateral ratio employed by Lenders with respect to Revolving Advances made against Eligible Inventory is in fact materially greater than Lenders had believed, then, promptly upon Agent’s demand for same, Borrowers shall make mandatory prepayments of the then outstanding Revolving Advances made against Eligible Inventory so as to restore such ratio to a ratio acceptable to Lenders, in their sole credit judgment, exercised in a commercially reasonable manner.
Post Closing Appraisals. Within forty-five (45) days after the Effective Date, Borrower shall deliver to Paying Agent Acceptable Appraisals with respect to all Real Property (other than that real property located at Lakeland Drive/E. Metro Connector, Jackson, MS and other than the Excluded Real Property) owned by Borrower or any Guarantor as of the date of such Acceptable Appraisals, it being understood that Acceptable Appraisals with respect to the Principal Facilities have been delivered to the Paying Agent prior to the date hereof.
Post Closing Appraisals. On or before 60 days after the Effective date (or such later date as the Administrative Agent may agree in writing in its sole but good faith discretion), the Company shall deliver, or cause to be delivered, to the Administrative Agent the initial appraisal reports for the Collateral Rigs owned or operated by the Company and/or its Restricted Subsidiaries as of the Effective Date.
Post Closing Appraisals. The Agent shall have received, and shall be satisfied (in its sole discretion) with the results of the Post-Closing Appraisals, and based thereon the Initial Term Loans shall be prepaid to the extent, if at all, as provided in Section 2.04(b)(ii) hereof. The Borrowers hereby authorize the Agent to conduct the Post-Closing Appraisals on their behalf and the Agent hereby agrees to do the same.