Common use of Updated Appraisals Clause in Contracts

Updated Appraisals. The Loan Parties acknowledge and agree that the Administrative Agent shall have the right, in its discretion, to obtain, at its sole cost and expense (unless (i) such Appraisal is obtained pursuant to any other provision of this Agreement, (ii) an Event of Default then exists, or (iii) such Appraisal is necessary to comply with the Financial Institutions Recovery, Reform and Enforcement Act of 1989, as amended from time to time, or other Applicable Law relating to the Administrative Agent or the Lenders, in which case such Appraisal shall be at the sole cost and expense of the Borrower), a new or updated Appraisal with respect to any Borrowing Base Property during the term of this Agreement.