Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, at Borrower’s expense, an updated Appraisal of the Project from an appraiser approved by Lender at any time (a) that an Event of Default shall have occurred hereunder, or (b) Lender determines in its commercially reasonable discretion that the security for the Loan has been physically or financially impaired in any material manner, or (c) or Final Completion of the Project. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender to prepare the Appraisal and Borrower shall, after reasonable request therefor, fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrower fails, after reasonable request therefor, to cooperate with Lender in obtaining such an Appraisal or in the event that Borrower shall fail to pay for the cost of such Appraisal as soon as practicable, but in no event later than ten (10) business days after demand, such event shall constitute an Event of Default hereunder and Lender shall be entitled to exercise all remedies available to it hereunder.
Appears in 1 contract
Samples: Revolving Credit and Security Agreement (Millennium Ethanol, LLC)
Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, at Borrower’s expense, an updated Appraisal of the Project from an appraiser approved by Lender at any time (a) that an Event of Default shall have occurred hereunder, hereunder or (b) Lender determines in its commercially reasonable discretion that the security for the Loan has been physically or financially impaired in any material manner, or (c) or Final Completion of the Project. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender to prepare the Appraisal and Borrower shall, after reasonable request therefor, shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrower fails, after reasonable request therefor, fails to cooperate with Lender in obtaining such an Appraisal or in the event that Borrower shall fail to pay for the cost of such Appraisal as soon as practicable, but in no event later than ten (10) business days after immediately upon demand, such event shall constitute an Event of Default hereunder and Lender shall be entitled to exercise all remedies available to it hereunder.
Appears in 1 contract
Samples: Loan and Security Agreement (REX AMERICAN RESOURCES Corp)
Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, at the Borrower’s expense, an updated Appraisal appraisal of the Project Plant and Premises from an appraiser approved by Lender at any time (a) that an Event of Default shall have occurred hereunder, hereunder or (b) Lender determines in its commercially reasonable discretion that the security for the Loan Obligations has been physically or financially impaired in any material manner, or (c) or Final Completion of the Project. In the event that Lender shall elect to obtain such an Appraisalappraisal, Lender may immediately commission an appraiser acceptable to the Lender to prepare the Appraisal appraisal and the Borrower shall, after reasonable request therefor, fully cooperate with the Lender and the appraiser in obtaining the necessary information to prepare such Appraisalappraisal. In the event that the Borrower fails, after reasonable request therefor, to cooperate with the Lender in obtaining such an Appraisal appraisal or in the event that the Borrower shall fail to pay for the cost of such Appraisal appraisal as soon as practicable, but in no event later than ten (10) business days after demand, such event shall constitute an Event of Default hereunder and the Lender shall be entitled to exercise all remedies available to it hereunder. The Borrower agrees to deliver an updated appraisal of the Plant and Premises from an appraiser approved by Lender within 60 days after the Closing Date occurs.
Appears in 1 contract
Samples: Revolving Credit and Security Agreement (REX AMERICAN RESOURCES Corp)
Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, at Borrower’s expense, an updated Appraisal of the Project from an appraiser approved by Lender at any time (a) that an Event of Default shall have occurred hereunder, or (b) Lender determines in its commercially reasonable discretion that the security for the Loan has been physically or financially impaired in any material manner, or (c) or Final Completion of the Project. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender to prepare the Appraisal and Borrower shall, after reasonable request therefor, shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrower fails, after reasonable request therefor, fails to cooperate with Lender in obtaining such an Appraisal or in the event that Borrower shall fail to pay for the cost of such Appraisal as soon as practicable, but in no event later than ten (10) business days after immediately upon demand, such event shall constitute an Event of Default hereunder and Lender shall be entitled to exercise all remedies available to it hereunder.
Appears in 1 contract
Samples: Loan and Security Agreement (Millennium Ethanol, LLC)
Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, once during the term of the Loan as to each Phase of the Development Project and as to each Construction Project Loan, at Borrower’s 's expense, an updated Appraisal of any Project for which an Appraisal is required under the Project from an appraiser approved by Lender at any time terms hereof, acceptable to Lender's internal appraisal group, in the event that (a) that an Event event of Default default shall have occurred hereunder, or (b) Lender determines in its commercially reasonable discretion opinion that the security for the Project Loan for said Project has been physically or financially impaired in any material mannerrespect, or (c) or Final Completion of the Projectsuch Appraisal is required by then current Governmental Requirements applicable to Lender. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender Lender, at Borrower's cost and expense, to prepare the Appraisal Appraisal, and Borrower shall, after reasonable request therefor, shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such an Appraisal. In the event that Borrower fails, after reasonable request therefor, fails to cooperate with Lender in obtaining such an Appraisal Appraisal, or in the event that Borrower shall fail to pay for the cost of such Appraisal as soon as practicablean Appraisal, but in no event later than within ten (10) business days after following demand, such event shall constitute an Event event of Default hereunder default hereunder, and Lender shall be entitled to exercise all remedies therefor available to it hereunder.
Appears in 1 contract
Samples: Revolving Construction and Development Loan Agreement (Lundgren Bros Construction Inc)
Updated Appraisals. Borrower agrees that the Lender shall have the right to obtain, at Borrower’s expense, obtain an updated Appraisal of the Project Property from an appraiser approved by Lender at any time (a) that an Event of Default shall have occurred hereunder, (b) an Appraisal is required by then current banking regulations applicable to Lender, or (bc) Lender determines in its commercially reasonable discretion good faith that the security for the Loan has been physically or financially impaired in any material manner, or (c) or Final Completion and any such Appraisals shall be at Borrower’s expense; provided that Borrower shall not be required to pay for more than one Appraisal per calendar year except upon the occurrence and during the continuance of the Projectan Event of Default. In the event that Lender shall elect to obtain such an Appraisal, Lender may immediately commission an appraiser acceptable to Lender to prepare the such Appraisal and Borrower shall, after reasonable request therefor, shall fully cooperate with Lender and the appraiser in obtaining the necessary information to prepare such Appraisal. In the event that Borrower fails, after reasonable request therefor, fails to cooperate with Lender in obtaining such an Appraisal or in the event that Borrower shall fail to pay for the cost of such Appraisal as soon as practicable, but in no event later than ten (10) business days after immediately upon demand, such event shall constitute an Event of Default hereunder and Lender shall be entitled to exercise all remedies available to it hereunder.
Appears in 1 contract
Samples: Revolving Credit Loan Agreement (Global Self Storage, Inc.)