NOLV Appraisal means Collateral appraisals in form and substance satisfactory to Agent in its Permitted Discretion, at Borrowers’ cost and expense, to determine, among other things, the net orderly liquidation value of Collateral, performed by an appraiser acceptable to Agent in its Permitted Discretion, summaries of which will be provided to Borrowers upon Borrowing Agent’s request to Agent. For the avoidance of doubt, after the consummation of the Pride Permitted Acquisition and the joinder of Pride to this Agreement and the Other Documents as a Borrower, the net orderly liquidation value percentage of Eligible Inventory for Pride will be the same net orderly liquidation value percentage of Eligible Inventory for Innovex until Agent receives an NOLV Appraisal covering Inventory owned by Pride.
NOLV Appraisal means an on-site appraisal or desk-top update to such an appraisal, as applicable, conducted to determine the Net Orderly Liquidation Value of the Borrowers’ Eligible Equipment; such appraisal to be conducted (whether on-site or through desk-top update) from time to time by an appraisal company acceptable to Lender in its sole discretion, which appraisal shall be conducted in accordance with Lender’s requirements and otherwise in form, scope, methodology and content acceptable to Lender.
NOLV Appraisal means Collateral appraisals in form and substance satisfactory to Agent in its reasonable discretion, at Borrowers’ cost and expense, to determine, among other things, the net orderly liquidation value of Collateral, performed by a thirty-party appraiser acceptable to Agent in its reasonable discretion.
Examples of NOLV Appraisal in a sentence
In the event the value of Borrowers’ Inventory, as so determined pursuant to such NOLV Appraisal, is less than anticipated by Agent or Lenders, such that the Revolving Advances are in excess of such Advances permitted hereunder, then, promptly upon Agent’s demand for same, Borrowers shall make mandatory prepayments of the then outstanding Revolving Advances so as to eliminate the excess Advances.
More Definitions of NOLV Appraisal
NOLV Appraisal means an on-site appraisal or desk-top update to such an appraisal, as applicable, conducted to determine the Net Orderly Liquidation Value of the Borrowers’ Eligible Inventory and Eligible Rental Fleet Inventory; such appraisal to be conducted (whether on-site or through desk-top update) from time to time by an appraisal company selected by the Borrowing Agent and approved by Agent (provided, that upon the rejection by Agent of an appraisal company proposed by Borrowing Agent, the Borrowing Agent must propose an alternate appraisal company within five (5) Business Days thereafter for Agent’s consideration) in accordance with Agent’s requirements and otherwise in form, scope, methodology and content acceptable to Agent and Agent shall have received a duplicate copy of such appraisal addressed to Agent.
NOLV Appraisal shall have the meaning set forth in Section 9.17.
NOLV Appraisal shall have the meaning set forth in Section 2.1(a)(y)(iii) hereof.
NOLV Appraisal means an appraisal of the orderly liquidation value net of liquidation costs of Consolidated PP&E by an appraiser acceptable to Collateral Agent; without limiting the right of Collateral Agent to use any other appraiser in its sole discretion, Century Services, Inc. is acceptable to the Collateral Agent for the purposes of the initial NOLV Appraisal.
NOLV Appraisal means an appraisal, in form and substance reasonably satisfactory to Agent, conducted by an Approved Appraiser pursuant to which such Approved Appraiser determines the net expected dollar amount be realized at an orderly negotiated sale of the Rental Fleet and Equipment held within a reasonable period of time.