Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) all payments made by Borrower; and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) within 30 days after receipt by Borrower thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. SCIL Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) record the SCIL Loan, all payments made by or on behalf of Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Loans SCIL Loan or any other Obligations. All entries in the Loan Account shall be made in accordance with SCIL Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on SCIL Agent's ’s most recent printout or other written statement, shall, absent demonstrable error, shall be presumptive evidence of the amounts due and owing to SCIL Agent and SCIL Lenders by Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's ’s duty to pay the Obligations. SCIL Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans SCIL Loan setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies SCIL Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within ninety (90) within 30 days after receipt by Borrower the date thereof, each and every such accounting shall shall, absent manifest error, be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected thereinconclusive. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any SCIL Lender may elect (which election may be revoked) to dispense with the issuance of SCIL Notes to that SCIL Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Samples: Credit Agreement (RBC Bearings INC)
Loan Account and Accounting. Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) the outstanding principal amount of the Term Loan, all payments made by Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Loans Term Loan or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans Term Loan setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 90 days after receipt by Borrower the date thereof, each and every such accounting shall shall, absent manifest error, be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Samples: Credit Agreement (Navarre Corp /Mn/)
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) Advances and the Term Loan, all payments made by Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) , all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Samples: Credit Agreement (Brightpoint Inc)
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) , all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty (60) within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan --------------------------- account (the "Loan Account") on its books to record: (a) all Advances; (b) , all payments ------------ made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) , all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans Revolving Loan or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by BorrowerBorrowers; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans Revolving Loan setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Revolving Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) Advances and all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 45 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) , all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty (60) within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: (a) all Advances; (b) , all payments made by Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall shall, absent demonstrable error, be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) the Term Loan, all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by BorrowerBorrowers; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) , all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Samples: Credit Agreement (Amedisys Inc)
Loan Account and Accounting. Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Advances; (b) , all payments made by Borrower; Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall shall, absent manifest error, be deemed final, binding and conclusive on Borrower (absent demonstrable error) Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Samples: Credit Agreement (Pediatric Services of America Inc)
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) Advances and the Term Loan, all payments made by Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to Borrower for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Samples: Credit Agreement (Applied Extrusion Technologies Inc /De)
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) all payments made by Borrower; and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent Co-Agents and Lenders by Borrower; provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower (absent demonstrable manifest error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Advances; (b) , the Term Loan A and the Term Loan B, all payments made by Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 days after receipt by Borrower the date thereof, each and every such accounting shall shall, absent manifest error, be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract
Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit Advances; (b) , all payments made by Borrower; , and (c) all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent demonstrable manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by Borrower; provided, provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrower's duty to pay the Obligations. Agent shall render to Borrower a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection) ), within 30 60 days after receipt by Borrower the date thereof, each and every such accounting shall shall, absent manifest error, be deemed final, binding and conclusive on Borrower (absent demonstrable error) in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Revolving Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.
Appears in 1 contract