Inventory Appraisals. Section 7.3(d) of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor:
Inventory Appraisals. Clause (d) of Section 7.3 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
Inventory Appraisals. The Administrative Agent shall have received and the Administrative Agent shall be satisfied with inventory appraisals of certain assets to be specified by the Administrative Agent from appraisers satisfactory to the Administrative Agent; provided, that, if such appraisals have been commenced but not completed prior to the Effective Date, the advance rates for inventory shall be reduced to 50% (as set forth in the definitions of each of the Canadian Borrowing Base, the UK Borrowing Base, the UAE Borrowing Base, the Singapore Borrowing Base and the US Borrowing Base) until such time as the Administrative Agent shall have received such appraisals, in form and substance satisfactory to it.
Inventory Appraisals. The Lender may from time to time obtain at the Borrower’s expense an appraisal of Inventory by an appraiser acceptable to the Lender in its sole discretion.
Inventory Appraisals. The Administrative Agent shall have received an appraisal of the Borrowers’ Inventory from one or more firms reasonably satisfactory to the Administrative Agent, which appraisal shall be satisfactory to the Administrative Agent.
Inventory Appraisals. Once during any Fiscal Year, the Administrative Agent may require, at the cost of the Borrowers, an appraisal of the Borrowers' inventory in scope and detail and prepared by an independent appraisal firm acceptable to the Administrative Agent; provided, that, after the occurrence and during the continuance of a Default or if Excess Availability shall fall below $80,000,000, the Administrative Agent shall have the option to receive at the cost of the Borrowers such additional inventory appraisals as the Administrative Agent or the Required Lenders shall reasonably request. If an Event of Default exists, the Administrative Agent shall require an inventory appraisal if the most recently conducted inventory appraisal is more than one year old.
Inventory Appraisals. Each Credit Party, at its own expense, shall deliver to Agent such appraisals of its Inventory as Agent may request from time to time (provided that, so long as no Default or Event of Default shall have occurred and be continuing, Credit Parties shall not be required to reimburse Agent for more than four (4) appraisals per Fiscal Year, three (3) of which may be desktop appraisals), such appraisals to be conducted by an appraiser, and in form, scope and substance reasonably satisfactory to Agent; and
Inventory Appraisals. Cause appraisals of the Inventory of Borrowers to be performed by an appraisal firm satisfactory to the Agent at least once annually. Prior to the occurrence and continuation of an Event of Default, the Borrowers shall pay the expenses of such appraisals one time per year. After the occurrence and during the continuation of an Event of Default, all such appraisals shall be at the expense of the Borrowers.
Inventory Appraisals. The Borrower shall allow the Lender to obtain updated appraisals of Borrower’s Inventory, the results of which must be satisfactory to the Lender in the Lender’s sole and absolute discretion. All such appraisals by the Lender shall be at Borrower’s sole expense, provided, however, that so long as no Event of Default exists, the Borrower shall not be required to reimburse Lender for such appraisals more frequently than two (2) times each fiscal year.
Inventory Appraisals. The Administrative Agent may require, in its discretion, but at the cost of the Borrowers, appraisals of the Borrowers' inventory in scope and detail and prepared by an independent appraisal firm acceptable to the Administrative Agent; provided, that, in the absence of a Default or Event of Default (1) not more than one (1) inventory appraisal shall be required in any period of twelve (12) months if Excess Availability has not been less than $75,000,000 during such period, and (2) not more than two (2) inventory appraisals will be required in any period of twelve (12) months in all other circumstances.
