Common use of Annual Appraisal Clause in Contracts

Annual Appraisal. Upon the request of the Administrative Agent, during the continuance of any Event of Default, permit the Administrative Agent to obtain, at the Borrower's expense, once in each calendar year an appraisal of any part of the Property prepared in accordance with written instructions from the Administrative Agent by a third-party appraiser engaged directly by the Administrative Agent. Each such appraiser and appraisal shall be satisfactory to the Administrative Agent (including satisfaction of applicable regulatory requirements). The cost of each such appraisal shall be due and payable by the Borrower on demand and shall be secured by the Security Documents.