Common use of Inspections; Appraisals Clause in Contracts

Inspections; Appraisals. (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither 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. To the extent any appraisal or other information is shared by Agent or a Lender with any Borrower, such Borrower acknowledges that it was prepared by Agent and Lenders for their purposes and Borrowers shall not be entitled to rely upon it.

Appears in 2 contracts

Samples: Loan and Security Agreement (Chromcraft Revington Inc), Loan and Security Agreement (Modtech Holdings Inc)

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Inspections; Appraisals. (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower’s 's or Subsidiary’s 's books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s 's or Subsidiary’s 's business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender No Credit Party 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. To the extent any appraisal or other information is shared by Agent or a Lender with any Borrower, such Borrower acknowledges that it was prepared by Agent and Lenders for their purposes and Borrowers shall not be entitled to rely upon it.

Appears in 2 contracts

Samples: Loan and Security Agreement (Bairnco Corp /De/), Loan and Security Agreement (WHX Corp)

Inspections; Appraisals. (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower Obligor or Subsidiary, inspect, audit and make extracts from any BorrowerObligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, mandataries, advisors and independent accountants such BorrowerObligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Borrower Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any BorrowerObligor. To the extent any appraisal or other information is shared by Agent or a Lender with any BorrowerObligor, such Borrower Obligor acknowledges that it was prepared by Agent and Lenders for their purposes and Borrowers Obligors shall not be entitled to rely upon it.

Appears in 1 contract

Samples: Loan and Security Agreement (McJunkin Red Man Holding Corp)

Inspections; Appraisals. (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower Obligor or Subsidiary, inspect, audit and make extracts from any BorrowerObligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, mandataries, advisors and independent accountants such BorrowerObligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Borrower Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any BorrowerObligor. To the extent any appraisal or other information is shared by Agent or a Lender with any BorrowerObligor, such Borrower Obligor acknowledges that it was prepared by Agent and Lenders for their purposes and Borrowers Obligors shall not be entitled to rely upon it. Agent (or its representatives) shall conduct, every year during the term of this Agreement, at least one appraisal of Inventory and one examination.

Appears in 1 contract

Samples: Loan and Security Agreement (South Texas Supply Company, Inc.)

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Inspections; Appraisals. (a) Permit Agent from time to time, subject to (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or Subsidiary, inspect, audit and make extracts from any Borrower’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither 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. To the extent any appraisal or other information is shared by Agent or a Lender with any Borrower, such Borrower acknowledges that it was prepared by Agent and Lenders for their purposes and Borrowers shall not be entitled to rely upon it.

Appears in 1 contract

Samples: Loan and Security Agreement (Superior Essex Inc)

Inspections; Appraisals. (a) Permit Agent from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower Obligors or Domestic Subsidiary, inspect, audit and make extracts from any Borrower’s Borrowers’ or Domestic Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such BorrowerObligor’s or Domestic Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Borrower Obligors to make any inspection, nor to share any results of any inspection, appraisal or report with any BorrowerObligors. To the extent any appraisal or other information is shared by Agent or a Lender with any BorrowerObligor, such Borrower Obligors acknowledges that it was prepared by Agent and Lenders for their purposes and Borrowers Obligors shall not be entitled to rely upon it.

Appears in 1 contract

Samples: Loan and Security Agreement (Kellwood Co)

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