Common use of Keeping of Records and Books of Accounts Clause in Contracts

Keeping of Records and Books of Accounts. The Borrower shall maintain and keep proper books and records and accounts which enable the Borrower to prepare and issue financial statements in accordance with generally accepted accounting principles and as otherwise may be required by any applicable law, rule or regulation and in which full, true and correct entries shall be made of all of its dealings and business and financial affairs. The Borrower shall permit the Lender to examine and make excerpts from such books and records at such times and as often as the Lender may reasonably request. The Borrower shall permit, upon the request of the Lender, an audit to be conducted of the Borrower’s financial statements and books and records. Any such audit shall be at the Borrower’s expense and shall be conducted by independent accountants selected by the Lender.