Audits of Collateral. The Closed-End Servicer, the Borrower, the Closed-End Administrative Agent and the Closed-End Collateral Agent shall permit and facilitate audits of the Receivables and the related Closed-End Leases and Closed-End Vehicles, the Collateral and the Borrower by the Deal Agent or its respective designees (including certified public accountants or other auditors designated by the Closed-End Collateral Agent) at least once during any Fiscal Year and, if the Deal Agent shall request, a second time during any Fiscal Year and, during the pendency of a Warehouse Facility Termination Event or any Unmatured Warehouse Facility Termination Event of the types listed in clauses (a), (b), (e) or (g) of the definition thereof, of each Warehouse Facility as often as the Deal Agent shall request; provided, however, that:
Audits of Collateral. Fees. Bank shall have the right from time to time to audit Borrower's Accounts, Inventory, or other Collateral, provided that such audits will be conducted upon reasonable notice. Borrower agrees to reimburse Bank, on demand, for customary and reasonable fees and costs incurred by Bank for such audits, and for each appraisal of Collateral and financial analysis and examination of Borrower performed from time to time by its agents.
Audits of Collateral. Company shall permit any authorized representatives designated by Administrative Agent to conduct one audit of all Collateral, including all Inventory and Accounts of Company, within 90 days after the Closing Date, upon reasonable notice and at such reasonable times during normal business hours as may reasonably be requested; provided that no such audit shall take more than five Business Days.
Audits of Collateral. 53 4.4 Net Borrowing Base.................................................................. 53 TABLE OF CONTENTS (continued)
Audits of Collateral. On a semi-annual basis commencing on the date six months following the Closing Date and on each date that is the six month-anniversary of such date thereafter, the Agent may, and shall upon the request of the Required Banks, conduct, or hire a third party to conduct, on behalf of the Secured Parties and at the Company's expense, a general audit, a field audit or on-site inspection of the properties of the Obligors constituting Collateral. In addition, following the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Agent may (and shall, on the instruction of the Required Banks) conduct, or hire a third party to conduct, on behalf of the Secured Parties and at the Company's expense, a general audit, a field audit or on-site inspection of the properties of the Obligors constituting Collateral. Any audit of Collateral requested by the Agent or the Required Banks to be conducted at any time other than the foregoing times shall be done at the expense of the Banks, but the Obligors shall cooperate with and facilitate such request.
Audits of Collateral. FEES. Bank shall have the right from time to time to audit Collateral pledged by any Loan Party, provided that such audits will be conducted no more than one (1) time(s) in any fiscal year unless an Event of Default has occurred. Borrower agrees to reimburse Bank, on demand, for customary and reasonable fees and costs incurred by Bank for such audits and for each appraisal of Collateral and financial analysis and examination of Borrower or any other Loan Party performed from time to time.
Audits of Collateral. 52 4.4 Net Borrowing Base...................................................................... 53 4.5 Elections to Participate and Elections to Terminate..................................... 53
Audits of Collateral. On an annual basis commencing on the date six months following the Closing Date and on each anniversary of such date thereafter, the Agent may, and shall upon the request of the Required Banks, conduct, or hire a third party to conduct, on behalf of the Secured Parties and at the Company's expense, a general audit, a field audit or on-site inspection of the properties of the Obligors constituting Collateral. In addition, following the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Agent may (and shall, on the instruction of the Required Banks) conduct, or hire a third party to conduct, on behalf of the Secured Parties and at the Company's expense, a general audit, a field audit or on-site inspection of the properties of the Obligors constituting Collateral. Any audit of Collateral requested by the Agent or the Required Banks to be conducted at any time other than the foregoing times shall be done at the expense of the Banks, but the Obligors shall cooperate with and facilitate such request.
Audits of Collateral. The Borrowers shall permit the Lender or any agent or representative thereof, at any reasonable time and from time to time, to conduct a field audit of the inventory and a book audit of the accounts receivable and other collateral at least twice between the date of closing and the Maturity Date. The Obligors shall be responsible for all costs and expenses associated with such audits, which shall be deemed to be obligations which are secured by the Loan Documents, as amended by this Agreement and the documents executed in connection with this Agreement.
Audits of Collateral. FEES. Lender shall have the right from time to time to audit Accounts, Inventory, and other Collateral pledged by Borrower, any Domestic Subsidiary or any Foreign Subsidiary, provided that such audits will be conducted no more than three (3) times in any fiscal year unless an Event of Default has occurred. Borrower agrees to reimburse Lender, on demand, for customary and reasonable fees and costs incurred by Lender for such audits and for each appraisal of Collateral and financial analysis and examination of Borrower or any Subsidiary performed from time to time. After the audit conducted in March of 2002 (the expense of which will approximate $9,000), the costs and expenses associated with any additional audit conducted at a future time shall be capped at $4000 for any individual audit.
