(a) in connection with the Transactions, the appraisals prepared by HILCO Appraisal Services LLC dated July 16, 2015, as to Initial U.S. Borrower and Initial Dutch Kraton Borrower, and December 3, 2015, as to Added U.S. Borrower and (b) thereafter the most recent inventory appraisal conducted by an independent appraisal firm and delivered pursuant to Section 10.1.1 hereof.
inventory appraisals