Common use of Field Audits Clause in Contracts

Field Audits. The Borrower shall permit the Bank to inspect the Inventory, other Tangible Assets and/or other business operations of the Borrower and each Subsidiary, to perform appraisals of the Equipment of the Borrower and each Subsidiary, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other Collateral, the results of which must be satisfactory to the Bank in the Bank’s sole and absolute discretion. All such inspections or audits by the Bank shall be at the Borrower’s sole expense, provided, however, that so long as no Event of Default or Unmatured Event of Default exists, the Borrower shall not be required to reimburse the Bank for inspections or audits more frequently than once each fiscal year.

Appears in 3 contracts

Samples: Loan and Security Agreement (Primoris Services CORP), Loan and Security Agreement (Rhapsody Acquisition Corp.), Loan and Security Agreement (Primoris Services CORP)

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Field Audits. The Borrower shall permit the Bank to inspect the Inventory, other Tangible Assets tangible assets and/or other business operations of the Borrower and each Subsidiary, to perform appraisals of the Equipment of the Borrower and each Subsidiary, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other Collateral, the results of which must be satisfactory to the Bank in the Bank’s 's sole and absolute discretion. All such inspections or audits by the Bank shall be at the Borrower’s 's sole expense, provided, however, that so long as no Event of Default or Unmatured Event of Default exists, the Borrower shall not be required to reimburse the Bank for inspections or audits more frequently than once twice each fiscal yearFiscal Year.

Appears in 1 contract

Samples: Loan and Security Agreement (Rockwell Medical Technologies Inc)

Field Audits. The Borrower Each of the Borrowers shall permit the Bank to inspect the Inventory, other Tangible Assets tangible assets and/or other business operations of the Borrower Borrowers and each Subsidiary, to perform appraisals of the Equipment of the Borrower Borrowers and each Subsidiary, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other Collateral, the results of which must be satisfactory to the Bank in the Bank’s sole and absolute discretion. All such inspections or audits by the Bank shall be at the Borrower’s Borrowers’ sole expense, provided, however, that so long as no Event of Default or Unmatured Event of Default exists, the Borrower Borrowers shall not be required to reimburse the Bank for inspections or audits more frequently than once each fiscal year.

Appears in 1 contract

Samples: Loan and Security Agreement (Lifeway Foods Inc)

Field Audits. The Borrower shall permit the Bank to inspect the Inventory, other Tangible Assets tangible assets and/or other business operations of the Borrower and each Restricted Subsidiary, to perform appraisals of the Equipment of the Borrower and each such Restricted Subsidiary, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other Collateral, the results of which must be satisfactory to the Bank in the Bank’s sole and absolute discretion. All such inspections or audits by the Bank shall be at the Borrower’s sole expense, provided, however, that so long as no Event of Default or Unmatured Event of Default exists, the Borrower shall not be required to reimburse the Bank for inspections or audits more frequently than once each fiscal yearduring the term of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Global Energy, Inc.)

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Field Audits. The Borrower shall permit the Bank to inspect the Inventory, other Tangible Assets and/or other business operations of the Borrower and each Subsidiary, to perform appraisals of the Equipment of the Borrower and each Subsidiary, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other Collateral, the results of which must be satisfactory to the Bank in the Bank’s sole and absolute discretion. All such inspections or audits by the Bank shall be at the Borrower’s sole expenseexpense , provided, however, that so long as no Event of Default or Unmatured Event of Default exists, the Borrower shall not be required to reimburse the Bank for inspections or audits more frequently than once each fiscal year.

Appears in 1 contract

Samples: Loan and Security Agreement (Primoris Services CORP)

Field Audits. The Borrower shall permit the Bank to inspect the Inventory, other Tangible Assets tangible assets and/or other business operations of the Borrower and each Subsidiary, to perform appraisals of the Equipment of the Borrower and each Subsidiary, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to Inventory, Accounts and any other Collateral, the results of which must be satisfactory to the Bank in the Bank’s sole and absolute discretion. All such inspections or audits by the Bank shall be at the Borrower’s sole expense, provided, however, that so long as no Event of Default or Unmatured Event of Default exists, the Borrower shall not be required to reimburse the Bank for inspections or audits more frequently than once twice each fiscal year.

Appears in 1 contract

Samples: Loan Agreement (Cti Industries Corp)

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