Common use of VALUATION OF THE PROPERTY Clause in Contracts

VALUATION OF THE PROPERTY. (a) The Bank shall be entitled to carry out or to require the Customer to carry out, at the cost and expense of the Customer, a valuation or a revaluation of the Property or any property of any Security Party which is offered by the Security Party as security to the Bank in respect of the Facility or which is the subject matter of any Security Document by any of the valuers on the Bank’s panel: (i) at any time prior to the disbursement of the Facility Amount. If the valuation report confirms that the open market value or any other value of the Property as may be required by the Bank in its absolute discretion is less than the Contract Price, the Bank shall be entitled at its sole discretion to revise the Facility but which shall be ascertained prior to execution of this Agreement and notified to the Customer accordingly and impose any further conditions which shall likewise be ascertained as aforesaid as the Bank may require prior to the disbursement of the Facility Amount. (ii) from time to time as and when it deems fit. (b) Any determination of the Bank as to the value of or attributable to any property of any Security Party which is offered by the Security Party as security to the Bank in respect of the Facility or which is the subject matter of any Security Document shall be binding and conclusive on the Customer.