Appraisal Effective Date definition
Appraisal Effective Date means, with respect to any appraisal delivered to the Administrative Agent in accordance with the terms hereof, the date as of which the property subject to such appraisal is appraised.
Appraisal Effective Date means (a) with respect to High Performance, the Amendment No. 3 Effective Date and (b) with respect to all Borrowers other than High Performance, the date on which Agent shall have notified Borrowers in writing, subsequent to the Amendment No. 3 Effective Date, that Agent has received (i) in the case of such Borrowers' Inventory, a current appraisal report with respect to such Borrowers' Inventory, in accordance with Section 7.3, (ii) in the case of such Borrowers' Equipment, a current appraisal report with respect to such Borrowers' Equipment, reporting the current Net Orderly Liquidation Value thereof and prepared in accordance with Section 7.4, and (iii) in the case of such Borrowers' Real Property (A) a written appraisal report with respect to such Borrowers' Eligible Real Property, reporting the current appraised fair market value thereof, prepared in accordance with Section 7.4, and (B) environmental audits of such Borrowers' Real Property conducted by an independent environmental engineering firm acceptable to Agent, and in form, scope and methodology satisfactory to Agent, the results of which shall be satisfactory to Agent, confirming that (1) such Borrowers and the Guarantors are in compliance with all Environmental Laws and Environmental Permits, except for any non-compliance therewith which has not adversely affected and could not reasonably be expected to adversely affect any such Borrower or Guarantor or its business, and (2) there is no material potential or actual liability of such Borrowers or Guarantors for any remedial action with respect to any non-compliance with any Environmental Laws or Environmental Permits at any of such Real Property.
Examples of Appraisal Effective Date in a sentence
At Borrowers' request, Lenders have agreed to increase certain of the advance rates set forth in the definition of Borrowing Base, which increases shall become effective as of the Appraisal Effective Date.