Common use of Cost of valuation Clause in Contracts

Cost of valuation. The Borrower shall be liable for all costs and expenses incurred by the Lender in obtaining up to two valuations in each year of the Facility Period, such valuations to be provided by the Borrower semi-annually and annually throughout the Facility Period at a time which shall coincide with the provision of the Compliance Certificate in accordance with Clause 13.1.3 and 13.1.2 (the first such valuation to be provided within six (6) months after the Signing Date) unless there is an Event of Default in which case the Borrower shall be liable for all costs and expenses incurred by the Lender in obtaining any number of valuations required by it pursuant to Clause 11.11 and shall reimburse the Lender in respect of all such costs and expenses on demand.