Common use of Appraisal Reports Clause in Contracts

Appraisal Reports. (i) At the time of delivery of the compliance certificates provided for in Section 7.01(e) required in connection with the second and fourth quarterly accounting periods in each fiscal year of the Borrower, Appraisals for each Collateral Vessel dated within thirty (30) days prior to the end of such quarterly accounting period, and (ii) at any other time within thirty three (33) days of the written request of the Administrative Agent, Appraisals for each Collateral Vessel dated no more than thirty (30) days prior to the delivery thereof, in each case, in form and substance reasonably acceptable to the Administrative Agent and from two (2) Approved Appraisers. All such Appraisals shall be conducted by, and made at the expense of, the Borrower (it being understood that the Administrative Agent may and, at the request of the Required Lenders, shall, upon notice to the Borrower, obtain such Appraisals and that the cost of all such Appraisals will be for the account of the Borrower); provided that, unless an Event of Default shall then be continuing, in no event shall the Borrower be required to pay for more than two appraisal reports from two (2) Approved Appraisers obtained pursuant to this Section 7.01(d) in any single fiscal year of the Borrower, with the cost of any such reports in excess thereof to be paid by the Lenders on a pro rata basis.

Appraisal Reports. (i) At the time of delivery of the compliance certificates provided for in Section 7.01(e) required in connection with the second and fourth quarterly accounting periods in each fiscal year of the Borrower, Appraisals for each Collateral Vessel dated within thirty (30) 30 days prior to the end of such quarterly accounting period, and (ii) at any other time within thirty three (33) 33 days of the written request of the Administrative Agent, Appraisals for each Collateral Vessel dated no more than thirty (30) 30 days prior to the delivery thereof, in each case, in form and substance reasonably acceptable to the Administrative Agent and from two (2) Approved Appraisers. All such Appraisals shall be conducted by, and made at the expense of, the Borrower Corporate Guarantor (it being understood that the Administrative Agent may and, at the request of the Required Lenders, shall, upon notice to the BorrowerCorporate Guarantor, obtain such Appraisals and that the cost of all such Appraisals will be for the account of the Borrower); provided that, unless an Event of Default shall then be continuing, in no event shall the Borrower Corporate Guarantor be required to pay for more than two appraisal reports from two (2) Approved Appraisers obtained pursuant to this Section 7.01(d) in any single fiscal year of the BorrowerCorporate Guarantor, with the cost of any such reports in excess thereof to be paid by the Lenders on a pro rata basis.

Appraisal Reports. (i) At the time of Together with delivery of the compliance certificates provided for financial statements described in (x) Section 7.01(e8.01(a) required in connection with the second and fourth quarterly accounting periods in fiscal quarter of each fiscal year of the Borrower, Appraisals and (y) Section 8.01(b) for each Collateral Vessel dated within thirty (30) days prior to the end of such quarterly accounting periodfiscal year, and (ii) at any other time within thirty three (33) 33 days of the written request of the Administrative AgentAgent (acting at the written direction of the Required Lenders), Appraisals for each Collateral Vessel appraisal reports dated no more than thirty (30) within 30 days prior to the date of delivery thereofof such compliance certificate or such request, in each caseas applicable, in form and substance reasonably acceptable satisfactory to the Administrative Agent Required Lenders and from two (2) Approved Appraisers, stating the then current Fair Market Value of each of the Mortgaged Vessels. All such Appraisals appraisals shall be conducted by, and made at the expense of, the Borrower Parent (it being understood that the Administrative Agent may and, at the request of the Required Lenders, shall, upon notice to the BorrowerParent, obtain such Appraisals appraisals and that the cost of all such Appraisals appraisals will be for the account of the BorrowerParent); provided that, unless an Event of Default shall then be continuing, in no event shall the Borrower Parent be required to pay for more than two three appraisal reports from two (2) Approved Appraisers obtained pursuant to this Section 7.01(d8.01(c) in any single fiscal year of the BorrowerParent, with the cost of any such reports in excess thereof to be paid by the Lenders on a pro rata basis.