Reappraisal definition
Examples of Reappraisal in a sentence
For the avoidance of doubt, no new Eligible Fee-Owned Real Property and/or Eligible Equipment received in exchange for existing Eligible Fee-Owned Real Property and/or Eligible Equipment of the Credit Parties will be included in the Borrowing Base unless and until a Fixed Asset Reappraisal Event occurs pursuant to Section 8.02(d).
If Borrower delivers such a Reappraisal Notice, Borrower shall, within 90 days after the date of the Reappraisal Notice, obtain and deliver to Lender a new Appraisal of all or a portion of the Properties which shall be acceptable to Lender in its reasonable but sole discretion.
As to the Replaced APU, the Replaced APU will be considered a Reappraisal Item.
For the avoidance of doubt, (i) even if the Company chooses not to cause the Borrowing Base to be calculated based on such updated Appraisals, only the assets so appraised shall be included in future Borrowing Base calculations and the Administrative Agent may establish Reserves with respect to such assets in its Permitted Discretion, and (ii) following such notice of a Fixed Asset Reappraisal Event, once such Appraisals have commenced, the Company shall not have the option to discontinue such Appraisals.
Buyer may elect to retain one or more of such Reappraisal Items as Included Assets, in which case the Aggregate Asset Value at the Closing Determination and the Final Determination shall include such updated appraisal value.