Approved Appraisal. An Approved Appraisal for any Borrowing Base Collateral shall mean (A) an appraisal and inspection report satisfactory to the Agent delivered to the Agent by an Approved Appraiser not later than the time that such Borrowing Base Collateral becomes subject to the perfected Lien of a Security Agreement, (B) a desk top appraisal (except, in the case of Rotables and Spare Engines only, an appraisal and inspection report) satisfactory to the Agent delivered annually thereafter to the Agent by an Approved Appraiser not later than the anniversary of the delivery date of the first appraisal, (C) an appraisal and inspection report or desk top appraisal satisfactory to the Agent delivered to the Agent no earlier than three months nor later than nine months after delivery of the initial or most recent regular Approved Appraisal or at any time after the Company has notified the Agent that such Borrowing Base Collateral has been damaged, and (D) in the case of Rotables only, an appraisal and inspection report satisfactory to the Agent delivered to the Agent by an Approved Appraiser at the written request of the Company at any time. In the case of Rotables only, an inspection of the Rotables conducted as part of an Approved Appraisal shall mean an inspection of a sample of the Rotables by the Approved Appraiser for the purpose of determining the accuracy of the inventory reports maintained by the Company for the Rotables. The Approved Appraiser delivering any Approved Appraisal shall be selected by the Agent. The Company shall pay the fees and expenses of the Approved Appraiser in connection with delivery of an Approved Appraisal, except for an Approved Appraisal delivered pursuant to clause (C) of the first sentence of this subsection (unless such Approved Appraisal has been delivered following notice by the Company delivered pursuant to subsection 2.4B(iii)(1)(b) of loss or damage to Borrowing Base Collateral which the Company estimates in such notice or the Agent estimates in a notice delivered pursuant to subsection 2.4B(iii)(1)(e) may exceed $10,000,000, in which case the Company shall pay the fees and expenses in connection -63- 71 with such Approved Appraisal). Any inspection of Borrowing Base Collateral by an Approved Appraiser shall be conducted in compliance with the inspection provisions of the relevant Security Agreement.
Approved Appraisal. Lender shall have received, obtained and approved an Approved Appraisal for the Project.
Approved Appraisal. Lender shall have received an Approved Appraisal setting forth an As Is Value of the Property which results in a Loan to Value Ratio (calculated based upon the As Is Value of the Property and the Loan in the amount of the Advance) no greater than sixty percent (60%). The cost of such Approved Appraisal shall be solely borne and paid for by Borrower.
Approved Appraisal. Lender shall have received an Approved Appraisal covering each Individual Property which is the subject of the Initial Advance which Approved Appraisal shall be satisfactory in all respects to Lender.
