Common use of Additional Appraisals Clause in Contracts

Additional Appraisals. Lender shall have the right to obtain, on an annual basis or more often if Lender deems necessary in its sole and absolute discretion, an appraisal of the Equipment and/or the Inventory from an appraiser selected by Lender in its sole and absolute discretion (each, the “Additional Appraisals”) at the sole cost and expense of Borrower. If the Additional Appraisals for Equipment sets forth Equipment that is Missing, Damaged, Sold or Devalued Equipment, Borrower shall with respect to such Missing, Damaged, Sold or Devalued Equipment, immediately pay Lender the amounts as described in Section 4(c) of the Loan Agreement Schedule.