Appraisal Dates Clause Samples

Appraisal Dates. (i) The Borrower shall deliver an Appraisal from each Appraiser together with the Monthly Report relating to the Payment Date immediately following each Appraisal Date. The Appraisal to calculate the Appraised Value shall be determined as of, and such Appraisal shall be dated, a date within 30 days prior to the Appraisal Date. (ii) If the DSCR is less than 1.25:1 on any Payment Date (a “Second Appraisal Date”), the Required Lenders may request in writing an Appraisal from each Appraiser to be delivered by the Borrower if the DSCR remains below such threshold at the date of such request (a “Second Appraisal”), and the Borrower shall deliver an Appraisal from each Appraiser to the Administrative Agent within 60 days after receipt of such request, which Appraisal shall be calculated as of, and dated, a date within 30 days prior to such Second Appraisal Date, provided that the Borrower shall not be required to deliver more than one Second Appraisal in any single calendar year. - 94 -#4921-3226-4509v1#4921-3226-4509v7