Field Examinations and Appraisals. (a) On not more than one occasion during any 12-month period, at the request of the Collateral Agent, the Loan Parties will permit, upon reasonable notice and during normal business hours, the Collateral Agent (or its designee) to conduct a field examination of the Collateral included in the Borrowing Base and related reporting and control systems. Notwithstanding the foregoing, (i) an additional field exam may be conducted during any 12-month period in which Specified Excess Availability for three consecutive business days has been less than or equal to the lesser of (x) $70,000,000 and (y) 10% of the Maximum Borrowing Amount and (ii) if a Specified Event of Default has occurred and is continuing, there shall be no limitation on the number or frequency of field examinations and the number and frequency of field examinations shall be at the Permitted Discretion of the Collateral Agent. For purposes of this Section 5.23, it is understood and agreed that a single field examination may be conducted at multiple relevant sites and involve one or more Loan Parties and their assets. All such field examinations by the Collateral Agent (or its designee) shall be at the sole expense of the Loan Parties.
Field Examinations and Appraisals. The Administrative Agent shall have received, in form and substance reasonably satisfactory to it, all Inventory Appraisals and Field Examinations and Appraisals of all Eligible Equipment and Eligible Fee-Owned Real Estate, each dated no earlier than three months prior to the Closing Date. The Administrative Agent hereby confirms that it has received all of such Appraisals and Field Examinations and is satisfied therewith.
Field Examinations and Appraisals. (a) On not more than one occasion during any 12-month period, at the request of the Administrative Agent, the Loan Parties will permit, upon reasonable notice and during normal business hours, the Administrative Agent to conduct a field examination of the Collateral included in the Borrowing Base and related reporting and control systems. Notwithstanding the foregoing, if at any time Availability has for three consecutive Business Days been less than the greater of (A) 25% of the lesser of (1) the Aggregate Revolving Commitment then in effect and (2) the Borrowing Base then in effect, and (B) $100,000,000, two field examinations shall be permitted during the 12-month period commencing on such third Business Day; provided that, if an Event of Default has occurred and is continuing, there shall be no limitation on the number or frequency of field examinations but the number or frequency of field examinations shall be at the Permitted Discretion of the Administrative Agent. For purposes of this Section 5.15, it is understood and agreed that a single field examination may be conducted at multiple relevant sites and involve one or more Loan Parties and their assets. All such field examinations by the Administrative Agent shall be at the sole expense of the Loan Parties.
Field Examinations and Appraisals. (a) Each Borrower Party will, and will permit each of its Subsidiaries to, permit representatives of the Agent or any Lender (and, if so requested, accompanied by any other member of the Lender Group and its representatives, consultants or advisors) to (i) visit and inspect the properties of the Borrower Parties and their Subsidiaries during normal business hours,
Field Examinations and Appraisals. (Section 8.03): So long as no Event of Default has occurred or exists during such calendar year, the Loan Parties shall not be obligated to reimburse the Lender for more than the number of appraisals and field examinations set forth below during any calendar year: Field Examinations - One per calendar year, unless Availability is less than 12.5% of the Revolving Commitment at any time during such calendar year, in which case the Lender may require additional field examinations. Inventory Appraisals - One per calendar year, unless Availability is less than 12.5% of the Revolving Commitment at any time during such calendar year, in which case the Lender may require additional inventory appraisals. Equipment Appraisals – One per calendar year, unless Availability is less than 12.5% of the Revolving Commitment at any time during such calendar year, in which case the Lender may require additional equipment appraisals.
Field Examinations and Appraisals. The Borrower shall, and shall cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to, upon written reasonable notice to the Borrower, conduct field examinations and appraisals (excluding real estate appraisals, physical inspection reports and engineering reports) (any such evaluation or appraisal, a “Borrowing Base Review”) of the assets included in the Borrowing Base and the Borrower’s computation of the Borrowing Base and such other assets and other financial information and properties of the Borrower or its Subsidiaries as the Co-Collateral Agents may reasonably require; provided, that not more than one Borrowing Base Review shall be required in each calendar year at the Borrower’s expense; provided, further, that (i) if the Borrower for at least three (3) consecutive Business Days fails to maintain Excess Availability at least equal to the greater of (A) fifteen percent (15.0%) of the Maximum Borrowing Amount and (B) $9,000,000, one additional Borrowing Base Review shall be permitted during such calendar year at the Borrower’s expense, (ii) one additional Borrowing Base Review shall be permitted within six months of the Spin-Off at the Borrower’s expense and (iii) at any time a Specified ABL Event of Default has occurred and is continuing, at the request of the Co-Collateral Agents, an unlimited number of Borrowing Base Reviews shall be permitted during such calendar year. Borrowing Base Reviews shall be conducted during regular business hours. Subject to the terms of this Agreement, the Borrower agrees to, and shall cause each of its Subsidiaries to, modify or adjust the computation of the Borrowing Base (which may include maintaining additional Reserves or modifying the eligibility criteria for the components of the Borrowing Base) to the extent reasonably required by the Co-Collateral Agents or the Requisite Lenders as a result of any such Borrowing Base Review. The Borrower shall pay the reasonable and documented out-of-pocket costs and expenses of any such representatives retained by the Administrative Agent (including internally allocated fees and expenses of employees of the Administrative Agent) as to which invoices (together with supporting backup documentation) have been furnished to conduct any such evaluation or appraisal.
Field Examinations and Appraisals. The Borrowers agree that the Administrative Agent (and its agents, representatives, consultants and appraisers) shall be permitted to conduct from time to time collateral field examinations and inventory appraisals with respect to the assets included in the Borrowing Base (and related assets); provided that the Administrative Agent shall only be permitted to conduct two (2) collateral field examinations and one inventory appraisal at the Borrowers’ expense in any twelve (12) month period; provided further, that (x) if at any time Global Excess Availability is less than thirty percent (30.0%) of the lesser of (A) the Maximum Credit and (B) the Borrowing Base, up to one additional collateral field examination and up to one additional inventory appraisal shall be permitted in such twelve (12) month period at the Borrowers’ expense, and (y) during the existence and continuance of an Event of Default, there shall be no limit on the number of additional collateral field examinations and inventory appraisals, at the Borrowers’ expense. Neither the Administrative Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with any Borrower. Each of the Borrowers acknowledges that all inspections, appraisals and reports are prepared by the Administrative Agent and Lenders for their purposes and the Borrowers shall not be entitled to rely upon them.
Field Examinations and Appraisals. Borrower agrees to reimburse the Bank for the out of pocket cost of periodic field examinations of Borrower's books, records and Collateral, and appraisals of the Collateral, at such intervals as the Bank may reasonably require, but not more than once per twelve (12) month period in the absence of an Event of Default (as hereinafter defined). The actions described in this paragraph may be performed by employees of the Bank or by independent appraisers.
Field Examinations and Appraisals. Section 2.10(c) of the Credit Agreement is hereby amended by deleting each reference to “$30,000,000” therein and replacing each such reference with “$36,000,000”.
Field Examinations and Appraisals. At any time that the Administrative Agent requests (and at the sole expense of the Loan Parties), the Borrower will, and will cause its Subsidiaries to, (a) permit, no more frequently than twice in any calendar year, the Administrative Agent to conduct field examinations to ensure the adequacy of Collateral and related reporting and control systems and (b) provide, not more than once in any calendar year, the Administrative Agent with appraisals or updates thereof of their Inventory from an appraiser selected and engaged by the Administrative Agent, and prepared on a basis satisfactory to the Administrative Agent, such appraisals and updates to include, without limitation, information required by applicable law and regulations; provided, however, that if a Default has occurred and is continuing, there shall be no limitation on the number or frequency of field examinations or Inventory appraisals.
