Equipment, Real Property and Appraisals. With respect to the Equipment and owned Real Property of any Loan Party: (a) upon the Collateral Agent’s reasonable request, Borrower shall, at its expense, no more than one (1) time in any twelve (12) month period commencing with the Closing Date, but at any time or times as the Collateral Agent may request following the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to the Collateral Agent written appraisals as to the Equipment and/or the owned Real Property of any Loan Party by an independent appraiser designated by the Collateral Agent and reasonably acceptable to Borrower, (b) Borrower and each Subsidiary Guarantor shall notify Collateral Agent promptly of any event or circumstance which, to any Loan Party’s knowledge, would result in any Equipment of any Loan Party no longer constituting an Eligible Equipment and (c) Borrower and each Subsidiary Guarantor shall notify Collateral Agent promptly of any event or circumstance which, to any Loan Party’s knowledge, would result in any Real Property of any Loan Party no longer constituting an Eligible Real Property.
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Sources: Credit Agreement (Harry & David Holdings, Inc.), Credit Agreement (Harry & David Holdings, Inc.)
Equipment, Real Property and Appraisals. With respect to the Equipment and owned Real Property of any Loan Party: (a) upon the Collateral Agent’s reasonable request, Borrower shall, at its expense, no more than one (1) time in any twelve (12) month period commencing with the Closing Date, but at any time or times as the Collateral Agent may request following the occurrence and during the continuance of an Event of Default, deliver or cause to be delivered to the Collateral Agent written appraisals as to the Equipment and/or the owned Real Property of any Loan Party by an independent appraiser designated by the Collateral Agent and reasonably acceptable to Borrower, (b) Borrower and each Subsidiary Guarantor shall notify Collateral Agent promptly of any event or circumstance which, to any Loan Party’s knowledge, would result in any Equipment of any Loan Party no longer constituting an Eligible Equipment and (c) Borrower and each Subsidiary Guarantor shall notify Collateral Agent promptly of any event or circumstance which, to any Loan Party’s knowledge, would result in any Real Property of any Loan Party no longer constituting an Eligible Real Property.
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