Common use of Books and Records; Collateral Examination, Inspection and Appraisals Clause in Contracts

Books and Records; Collateral Examination, Inspection and Appraisals. (a) The Borrower will keep accurate books of record and account for itself pertaining to the Collateral and pertaining to the Borrower’s business and financial condition and such other matters as the Lender may from time to time request in which true and complete entries will be made in accordance with GAAP and, upon the Lender’s request, will permit any officer, employee, attorney, accountant or other agent of the Lender to audit, review, make extracts from or copy any and all company and financial books and records of the Borrower at all times during ordinary business hours, and to discuss the Borrower’s affairs with any of its Directors, Officers, employees or agents. (b) The Borrower hereby irrevocably authorizes all accountants and third parties to disclose and deliver to the Lender or its designated agent, at the Borrower’s expense, all financial information, books and records, work papers, management reports and other information in their possession regarding the Borrower. (c) The Borrower will permit the Lender or its employees, accountants, attorneys or agents, to examine and inspect any Collateral or any other property of the Borrower at any time during ordinary business hours. (d) The Lender may also, from time to time, obtain at the Borrower’s expense an appraisal of Collateral by an appraiser acceptable to the Lender in its sole discretion. The Lender agrees that it will limit the cost of such to one appraisal per year so long as the Borrower is not in default.

Books and Records; Collateral Examination, Inspection and Appraisals. (a) The Borrower will keep accurate books of record and account for itself pertaining to the Collateral and pertaining to the Borrower’s business and financial condition and such other matters as the Lender may from time to time request in which true and complete entries will be made in accordance with GAAP and, upon the Lender’s request, will permit any officer, employee, attorney, accountant or other agent of the Lender to audit, review, make extracts from or copy any and all company and financial books and records of the Borrower at all times during ordinary business hours, to send and discuss with account debtors and other obligors requests for verification of amounts owed to the Borrower, and to discuss the Borrower’s affairs with any of its Directors, Officers, employees or agentssenior offices and independent accountants. (b) The Borrower hereby irrevocably authorizes all accountants and third parties to disclose and deliver Upon two (2) Banking Days’ notice to the Lender or its designated agentBorrower, at the Borrower’s expense, all financial information, books and records, work papers, management reports and other information in their possession regarding the Borrower. (c) The Borrower will permit the Lender or its employees, accountants, attorneys or agents, to examine and inspect any Collateral or any other property of the Borrower at any time during ordinary business hours; provided, however, that if the Lender reasonably believes that a Default or an Event of Default may have occurred, Lender shall not be required to give prior notice of such inspections. For purposes of this subsection (c), visits by employees or agents of Lender to stores operated by Borrower shall not be deemed to be inspections requiring prior notice so long as such visits are conducted during normal business hours. (dc) The Lender may also, from time to timealso obtain during the continuance of a Default or an Event of Default, obtain at the Borrower’s expense an appraisal of Collateral Inventory by an appraiser acceptable to the Lender in its sole discretion. The Lender agrees that it will limit the cost of such to one appraisal per year so long as the Borrower is not in default.