Examples of Initial Field Exam in a sentence
In the event that the Administrative Agent has not received the Initial Asset Appraisal by the Appraisal Required Date and the Initial Field Exam by the Field Exam Required Date, respectively, the Borrowing Base shall be deemed to be $0 until the Initial Asset Appraisal and the Initial Field Exam are delivered.
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The Borrowing Base will be subject to adjustment based upon the results of the Initial Field Exam as required under Section 9.12 below.
Following the Initial Field Exam and after each subsequent field examination or audit Lender shall review the Dilution Reserve and adjust the Dilution Reserve based on the results of such examination or audit as Lender deems appropriate in Lender’s sole discretion.
In addition to the Initial Field Exam in Section 9.12 above, The Borrowers shall allow the Lender, at the Borrowers’ sole expense (no more than once a year so long as no Event of Default has occurred and is continuing), to conduct an annual field examination of the assets and records of the Borrowers, the results of which must be satisfactory to the Lender in the Lender’s sole and absolute discretion.