Common use of Security Valuations Clause in Contracts

Security Valuations. 13.15.1 The Borrower shall, if the Authority so requests, deliver to the Authority a Valuation (dated no earlier than 90 days prior to the date that it is delivered to the Authority): a) where the Authority requires confirmation that the Borrower is in compliance with the requirements of the Asset Cover; or b) where there has been a release and/or substitution of Charged Properties pursuant to Clause 13.17 (Release and Substitution of Charged Property); or c) if there is an Event of Default or Potential Event of Default which is continuing. 13.15.2 The Borrower may deliver to the Authority a Valuation at any time, but must deliver a valuation on or before the third anniversary of the date of this Agreement and every three years thereafter. 13.15.3 The Borrower shall deliver a Desktop Valuation to the Authority on each anniversary of this Agreement. 13.15.4 The Borrower shall give the Valuers all reasonable assistance to enable them to carry out each Valuation required pursuant to the terms of this Agreement and permit them such access to the Properties and the records and accounts of the Borrower as they reasonably require for such purposes 13.15.5 All Valuations shall be at the expense of the Borrower except that Valuations requested by the Authority under sub-clause 13.16.1a) will be at the expense of the Authority unless (a) an Event of Default has occurred which is continuing or (b) an Event of Default is shown by such Valuation to have occurred. 13.15.6 All Valuations shall be addressed, inter alia, to the Authority.