Common use of Approved Appraisers Clause in Contracts

Approved Appraisers. The Borrower agrees that the Collateral Agent and the Administrative Agent (and their respective agents, representatives and consultants) shall be permitted to obtain from time to time Appraisals by Approved Appraisers of the Collateral Vessels (and related assets) in lieu of the Appraisals obtained by the Borrower and delivered pursuant to the preceding sentence; provided, that (i) the Collateral Agent and the Administrative Agent shall only be permitted to obtain four Appraisals in the aggregate for each Collateral Vessel at the Borrower’s expense in any 12 month period and (ii) during the existence and continuation of an Event of Default, there shall be no limit on the number of additional Appraisals of each Collateral Vessel that the Collateral Agent and the Administrative Agent may obtain at the Borrower’s expense in any 12 month period.