New Appraisals Sample Clauses

New Appraisals. Have each Mortgaged Property be subject to a Mass Appraisal by a nationally recognized appraisal firm no less frequently than every 20 months after the later of (i) January 27, 2006 and (ii) the date of the last Mass Appraisal or new market value appraisal of such Mortgaged Property (the “Reappraisal Date”). The Mass Appraisal shall conform with FIRREA guidelines and shall have the form of a “mass appraisal” as set forth in the USPAP guidelines. The Mass Appraisal shall contain both a “fair market value” and a “dark value” for each of the Mortgaged Properties. The “fair market value” shall be determined based on both (i) then current sales of similarly sized properties in similar markets and (ii) then current market rental rates for comparable properties, capped at then prevailing cap rates for similar credits. The “dark value” shall be determined by adjusting the fair market value down for (A) rent loss during the re-leasing period, (B) anticipated tenant improvements, (C) leasing commissions at market rates and (D) holding costs during the re-leasing period. The representative sample shall include both the highest and lowest performing Mortgaged Properties and shall have similar geographic concentrations to that of the larger Mortgaged Property pool. In addition to the foregoing requirements of this Section 5.12(e), to the extent (i) the Borrower encumbers, enters into sale leaseback arrangements with respect to or otherwise disposes of Properties not constituting Collateral with a fair market value in excess of $125,000,000 and (ii) a period of at least one year has elapsed since the date of the last Mass Appraisal, then the Borrower must provide new market value appraisals for the Mortgaged Properties then constituting Collateral; provided that to the extent the Borrower is not required to deliver new market value appraisals at the time the Borrower encumbers, enters into sale leaseback arrangements with respect to or otherwise disposes of Properties not constituting Collateral with a fair market value in excess of $125,000,000, then the Borrower shall deliver new market value appraisals upon the next Reappraisal Date.
Sample 1Sample 2
AutoNDA by SimpleDocs
New Appraisals. The Borrowers may request, not more frequently than twice in any Fiscal Year, that the Administrative Agent obtain a new appraisal of the inventory of the Borrowers to determine whether it is appropriate to adjust the appraised net recovery values used to calculate the Canadian Borrowing Base and the US Borrowing Base. Any such appraisals shall be at the sole cost and expense of the Borrowers. The appraiser which will perform any such appraisal will be selected by the Administrative Agent from a list of three appraisal firms (each of which shall have recognized expertise in the asset-based lending appraisal business, and will not have provided services to the Borrowers at any time during the previous two years) to be provided by the Borrowers to the Administrative Agent, provided that if none of the appraisal firms provided by the Borrowers are acceptable to the Administrative Agent, the appraiser shall be the same appraiser that conducted the appraisal of inventory most recently delivered to the Administrative Agent. After receiving a written report confirming the results of any such appraisal, the Administrative Agent shall make, within three weeks of receipt of such written report, any adjustment which the Administrative Agent, in its reasonable discretion, considers appropriate as a result of such appraisal.
Sample 1Sample 2
New Appraisals. Upon request of Lender at any time during which an Event of Default exists, or if deemed reasonably necessary by Lender because of regulatory requirements, Borrowers will obtain, at Borrowers’ expense, new, revised or updated Appraisals of the Property or portions thereof. In addition, Lender may obtain, at Lender’s expense, new, revised or updated Appraisals of the Property or portions thereof at any time, and Lender agrees to provide to Borrowers a copy of any such Appraisals.
Sample 1Sample 2
New Appraisals. Borrower acknowledges Lender’s right to obtain a new appraisal (or update of an existing appraisal) at any time while the Loan or any portion thereof remains outstanding (a) when, in Lender’s reasonable judgment, such an appraisal is warranted (at a minimum, a reappraisal will be required three years from the date of value cited in the original appraisal report), and/or (b) to comply with statutes, rules, regulations, or directives of Governmental Authorities having jurisdiction over Lender. Borrower hereby agrees to pay, upon demand, all reasonable appraisers’ fees and related expenses incurred by Lender from time to time in obtaining appraisal reports.
Sample 1
New Appraisals. Promptly after the earlier of (i) if applicable, the date that Borrower delivers to Administrative Agent a Deferral Period Early Termination Notice, and (ii) April 1, 2021, Administrative Agent shall order a new Current Appraisal of each Borrowing Base Property. Each such new Current Appraisal is subject to review and approval by Administrative Agent. Borrower agrees upon demand to pay to Administrative Agent the actual out-of-pocket cost and expense for such new appraisals, it being understood that Borrower’s obligation to pay such cost and expense pursuant to this Section 3(g) shall be limited to one appraisal per Borrowing Base Property. The new Current Appraisals shall be used for purposes of (1) determining whether a Deferral Period Early Termination Date has occurred, (2) calculating the Borrowing Base as and when specified in this Agreement, and (3) except as otherwise provided below, calculating the Borrowing Base from and after the expiration or termination of the Deferral Period. After the Deferral Period, the Borrowing Base shall not be subject to recalculation based on any subsequent new appraisal obtained pursuant to Section 6.04 of the Credit Agreement other than new appraisals obtained pursuant to Section ‎2.16(b)(iv) in connection with Borrower’s exercise of the extension option. Borrower’s obligation to pay the cost and expense of any such subsequent new appraisal is as set forth in Section 6.04 of the Credit Agreement.
Sample 1
New Appraisals. Have each Mortgaged Property be subject to an appraisal by a nationally recognized appraisal firm no less frequently than every 20 months after the later of (i) September 4, 2012 and (ii) the date of the last appraisal of such Mortgaged Property. Each appraisal provided pursuant to this subsection (c) shall (A) conform with FIRREA guidelines, (B) otherwise be in form and substance reasonably satisfactory to the Administrative Agent and (C) contain both a “leased fee value” and an “as is fee simple value” for each of the Mortgaged Properties. The “leased fee value” shall be determined based on both (i) then current sales of similarly sized properties in similar markets and (ii) then current market rental rates for comparable properties, capped at then prevailing cap rates for similar credits. The “as is fee simple value” shall be determined by adjusting the fair market value down for (A) rent loss during the re-leasing period, (B) anticipated tenant improvements, (C) leasing commissions at market rates and (D) holding costs during the re-leasing period.
Sample 1
New Appraisals. 10.1 The Employer may conduct formal appraisals of a regular employee’s performance. The procedures for such appraisals shall be worked out in consultation with the employee and the Union.
Sample 1
AutoNDA by SimpleDocs

Related to New Appraisals

  • Appraisals An appraisal of the related Mortgaged Property was conducted in connection with the origination of the Mortgage Loan, which appraisal is signed by an appraiser, who, to the Mortgage Loan Seller's knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Borrower or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan; in connection with the origination of the Mortgage Loan, each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the "Uniform Standards of Professional Appraisal Practice" as adopted by the Appraisal Standards Board of the Appraisal Foundation.

  • 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. Borrowers acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Borrowers shall not be entitled to rely upon them.

  • Updated Appraisals For so long as the Loan remains outstanding, if any Event of Default shall occur hereunder, or if, in Lender’s judgment, a material depreciation in the value of the Land and/or the Improvements shall have occurred, then in any such event, Lender, may cause the Land and Improvements to be appraised by an appraiser selected by Lender, and in accordance with Lender’s appraisal guidelines and procedures then in effect, and Borrower agrees to cooperate in all respects with such appraisals and furnish to the appraisers all requested information regarding the Land and Improvements and the Facility. Borrower agrees to pay all reasonable costs incurred by Lender in connection with such appraisal which costs shall be secured by the Mortgage and shall accrue interest at the Default Rate until paid.

  • Inspections and Appraisals At all times during normal business hours, Laurus, and/or any agent of Laurus shall have the right to (a) have access to, visit, inspect, review, evaluate and make physical verification and appraisals of each Company’s properties and the Collateral, (b) inspect, audit and copy (or take originals if necessary) and make extracts from each Company’s Books and Records, including management letters prepared by the Accountants, and (c) discuss with each Company’s directors, principal officers, and independent accountants, each Company’s business, assets, liabilities, financial condition, results of operations and business prospects. Each Company will deliver to Laurus any instrument necessary for Laurus to obtain records from any service bureau maintaining records for such Company. If any internally prepared financial information, including that required under this Section is unsatisfactory in any manner to Laurus, Laurus may request that the Accountants review the same.

  • Real Estate Appraisals Company shall, and shall cause each of its Subsidiaries to, permit an independent real estate appraiser reasonably satisfactory to Administrative Agent, upon reasonable notice, to visit and inspect any Additional Mortgaged Property for the purpose of preparing an appraisal of such Additional Mortgaged Property satisfying the requirements of any applicable laws and regulations (in each case to the extent required under such laws and regulations as determined by Administrative Agent in its discretion).

  • Independent Appraiser A Person with no material current or prior business or personal relationship with the Advisor or the Directors and who is a qualified appraiser of Real Property of the type held by the Company or of other Assets as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of such qualification as to Real Property.

  • Appraisal The Mortgage File contains an appraisal of the related Mortgaged Property with an appraisal date within 6 months of the Mortgage Loan origination date, and within 12 months of the Cut-off Date. The appraisal is signed by an appraiser that (i) was engaged directly by the originator of the Mortgage Loan or the Mortgage Loan Seller, or a correspondent or agent of the originator of the Mortgage Loan or the Mortgage Loan Seller, and (ii) to the Mortgage Loan Seller’s knowledge, had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan. Each appraiser has represented in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation.

  • The Appraisal The Mortgage Loan Documents contain an appraisal of the related Mortgaged Property by an appraiser who is licensed in the state where the Mortgaged Property is located, and who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Valuations Capital Commitment Investments shall be valued annually as of the end of each year (and at such other times as deemed appropriate by the Managing Member) in accordance with the principles utilized by the Company (or any Affiliate that is a general partner of the Funds) in valuing investments of the Funds or, in the case of investments not held by the Funds, in the good faith judgment of the Managing Member, subject in each case to the second proviso of the immediately succeeding sentence. The value of any Capital Commitment Interest as of any date (the “Capital Commitment Value”) shall be based on the value of the underlying Capital Commitment Investment as set forth above; provided, that the Capital Commitment Value may be determined as of an earlier date if determined appropriate by the Managing Member in good faith; provided further, that such value may be adjusted by the Managing Member to take into account factors relating solely to the value of a Capital Commitment Interest (as compared to the value of the underlying Capital Commitment Investment), such as restrictions on transferability, the lack of a market for such Capital Commitment Interest and lack of control of the underlying Capital Commitment Investment. To the full extent permitted by applicable law such valuations shall be final and binding on all Members; provided further, that the immediately preceding proviso shall not apply to any Capital Commitment Interests held by a person who is or was at any time a direct Member of the Company.

Time is Money Join Law Insider Premium to draft better contracts faster.