Subsequent Appraisal Clause Samples
The Subsequent Appraisal clause establishes a process for re-evaluating the value of an asset, property, or interest after an initial appraisal has been conducted. Typically, this clause outlines the circumstances under which a new appraisal may be requested, such as significant changes in market conditions or disputes over the original valuation, and specifies the procedures for selecting an appraiser and conducting the reassessment. Its core practical function is to ensure that valuations remain fair and accurate over time, thereby addressing potential disagreements and adapting to changing circumstances.
Subsequent Appraisal. No earlier than 760 days and no later than 720 -------------------- days prior to the end of the Basic Term, as applicable, Lessee shall have the option to initiate the Appraisal Procedure, and at Lessee's cost and expense, to perform an appraisal of the Transponders to determine, as appropriate, the remaining useful commercial life, residual value and the Pre-emptibility Cost, and the Fair Market Sales Value and Fair Market Rental Value of the Transponders as of the end of such Basic Term or the First Renewal Term, as applicable (the "Subsequent Appraisal"). --------------------
Subsequent Appraisal. With respect to any Advance relating to the purchase of material handling equipment for each Property, each of the Administrative Agent and the Lessor shall have received, at least five (5) Business Days prior to such Advance, an Appraisal of the applicable Property, in form and substance satisfactory to the Administrative Agent and the Lessor, which Subsequent Appraisal shall show that (i) in the case of Property acquired by the Lessor in fee simple, as of the Completion Date and as of the last day of the Basic Term, with respect to such Property, the Fair Market 5 Sales Value of such Property, including all Improvements thereon and to be constructed thereon in accordance with the Plans and Specifications for such Property, shall not be less than 85% of the sum of the Land Acquisition Cost, Existing Improvement Costs, and Estimated Improvement Costs for such Property and (ii) in the case of Property covered by a Ground Lease, as of the Completion Date and as of the last day of the Basic Term with respect to such Property, the Fair Market Sales Value of the Improvements to be constructed thereon in accordance with the Plans and Specifications for such Property shall not be less than 85% of the Estimated Improvement Costs for such Property. With respect to the Subsequent Appraisal, it is agreed that material handling equipment will be valued definitively at its installed cost, based upon purchase orders, contracts or other similar documentation, as opposed to its salvage value and such valuation shall not be based upon samples of such Equipment.
Subsequent Appraisal. No earlier than 760 days and no later -------------------- than 720 days prior to the end of the Basic Term, Lessee shall have the option to initiate the Appraisal Procedure, and at Lessee's cost and expense, to cause an appraisal of the Transponders to determine, as appropriate, the remaining useful commercial life and residual value of the Transponders, the Fair Market Sales Value of the Transponders as of the end of the Basic Term and as of the end of the Renewal Term, and the Fair Market Rental Value of the Transponders as of the end of the Basic Term. Any appraisal pursuant to this Section 20(c) is herein referred to as a "Subsequent Appraisal." --------------------
Subsequent Appraisal. No earlier than 760 days and no later -------------------- than 720 days prior to the end of the Basic Term or the First Renewal Term, as applicable, Lessee shall have the option to initiate the Appraisal Procedure, and at Lessee's cost and expense, to cause an appraisal of the Transponders to determine, as appropriate, the remaining useful commercial life, residual value and the Fair Market Sales Value of the Transponders as of the end of the Basic Term and the Fair Market Rental Value of the Transponders as of the end of the Basic Term or First Renewal Term, as applicable. In addition, no earlier than 180 days nor later than 120 days prior to the end of the First Renewal Term, Lessee shall have the option to initiate the Appraisal Procedure, and at Lessee's cost and expense, to cause an appraisal of the Transponders to be performed to determine the Fair Market Rental Value and the Fair Market Sales Value of the Transponders as of the end of such Renewal Term. Any appraisal pursuant to this Section 20(c) shall be deemed a "Subsequent Appraisal."
Subsequent Appraisal. No earlier than one-hundred-eighty (180) days nor later than one-hundred-twenty (120) days prior to the date by which the Final Notice must be given (if given) during the Basic Term, Lessee shall have the option to initiate the Appraisal Procedure, and at Lessee’s cost and expense, to cause an appraisal of Buyer’s Transponders to determine, as appropriate, the remaining economic useful life, residual value and the Fair Market Sales Value of Buyer’s Transponders as of the end of the Basic Term and any other items reasonably required by Owner Participant. In addition, no earlier than one-hundred-eighty (180) days nor later than one-hundred-twenty (120) days prior to the date by which the Final Notice must be given (if given) during the Renewal Term, Lessee shall have the option to initiate the Appraisal Procedure, and at Lessee’s cost and expense, to cause an appraisal of Buyer’s Transponders to be performed to determine the Fair Market Rental Value and the Fair Market Sales Value of Buyer’s Transponders as of the end of the Renewal Term. Any appraisal pursuant to this Section 20(c) shall be deemed a “Subsequent Appraisal.”