Common use of Loan Account and Accounting Clause in Contracts

Loan Account and Accounting. Lender shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term Loans, (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 Lender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Lender 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. Lender 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 Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 days after the date thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower (absent 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.

Appears in 1 contract

Samples: Credit Agreement (Peets Coffee & Tea Inc)

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Loan Account and Accounting. Lender shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term LoansAdvances, (b) all payments made by BorrowerBorrowers, 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 Lender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender's most recent printout or other written statement, shall, absent manifest error, shall be presumptive evidence of the amounts due and owing to Lender 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 duty to pay the Obligations. Lender 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 monthas to each Borrower. Unless Borrower Representative notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 forty-five (45) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent manifest error) upon 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.

Appears in 1 contract

Samples: Credit Agreement (Ringer Corp /Mn/)

Loan Account and Accounting. Lender Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term LoansAdvances, (b) all payments made by BorrowerBorrowers, 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 LenderAgent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on LenderAgent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Lender 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 duty to pay the Obligations. Lender Agent shall render to U.S. Borrower within ten (10) days after the end of each month 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 U.S. Borrower notifies Lender Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 sixty (60) days after the date thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower (absent manifest error) in all respects as to presumptive evidence of 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 (Samsonite Corp/Fl)

Loan Account and Accounting. Lender Agent shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: (a) all Revolving Credit ------------ Advances and the Term Loans, 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 LenderAgent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on LenderAgent's most recent printout or other written statement, shall, absent manifest error, shall be presumptive evidence of the amounts due and owing to Lender 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. Lender 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 Lender Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 45 days after the date thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower Borrowers (absent 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 BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Track N Trail Inc)

Loan Account and Accounting. The Lender shall maintain a loan account (the "Loan Account") on its books to record: (a) record all Revolving Credit ------------ Advances and the Term Advances, Loans, (b) all payments made by Borrowerthe 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 the Lender's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on the Lender's ’s most recent printout or other written or electronic statement, shall, absent manifest errorclear and convincing evidence to the contrary, be presumptive evidence of the amounts due and owing to Lender by Borrowerthe Borrowers; provided provided, however, that any failure to so record or any error in so recording shall not -------- limit or otherwise affect Borrower's the Borrowers’ duty to pay the Obligations. The Lender shall render to the Borrower Representative a monthly accounting of transactions with respect to the Loans Obligations setting forth the balance of the Loan Account for the immediately preceding monthAccount. Unless the Borrower Representative notifies the Lender in writing of any objection to any such monthly accounting (specifically describing the basis for such objection), ) within 120 thirty (30) days after the date thereof, each and every such monthly accounting shall be deemed final, binding and conclusive on Borrower (absent manifest error) upon the 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 Borrowerthe Borrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Clarient, Inc)

Loan Account and Accounting. Lender Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term Loans, 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 LenderAgent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on LenderAgent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Lender 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. Lender 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 Lender Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 60 days after the date thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower Borrowers (absent 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 BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Itron Inc /Wa/)

Loan Account and Accounting. Lender Administrative Agent shall --------------------------- maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term LoansAdvances, (b) all payments made by BorrowerBorrowers, 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 LenderAdministrative Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on LenderAdministrative Agent's most recent printout or other written statement, shall, absent manifest error, shall be presumptive evidence of the amounts due and owing to Lender Agents 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 duty to pay the Obligations. Lender Administrative 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 monthas to each Borrower. Unless Borrower Representative notifies Lender Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 thirty (30) days after the date thereof, each and every such accounting shall (absent error) be deemed final, binding and conclusive on Borrower (absent manifest error) upon 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.

Appears in 1 contract

Samples: Credit Agreement (Bon Ton Stores Inc)

Loan Account and Accounting. Lender The Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) record all Revolving Credit ------------ Advances and the Term Loans, (b) all payments made by the 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 Lenderthe Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lenderthe Agent's most recent printout or other written statement, shall, absent manifest errorclear and convincing evidence to the contrary, be presumptive evidence of the amounts due and owing to each Lender and the Agent by the Borrower; provided that any failure to so record or any error in so recording shall not -------- limit or otherwise affect the Borrower's duty to pay the Obligations. Lender The Agent shall render to the Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding monthAccount. Unless the Borrower notifies Lender the Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 thirty (30) days after the date thereof, each and every such accounting shall (absent clear and convincing error) be deemed final, binding and conclusive on Borrower (absent manifest error) upon the Credit Parties 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 the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Castle Dental Centers Inc)

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Loan Account and Accounting. Lender shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: (a) record all Revolving Credit ------------ Advances and the Term LoansAdvances, (b) all payments made by BorrowerBorrowers, 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 Lender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender's most recent printout or other written statement, shall, absent manifest demonstrable error, be presumptive evidence of the amounts due and owing to Lender by Borrower; provided that any failure to so record or any error in so recording shall not -------- limit or otherwise affect Borrower's any Borrowers' duty to pay the Obligations. Lender shall render to Borrower Borrower's Representative 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 Borrower's Representative notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 thirty (30) days after the date of Borrower's Representative's receipt thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower (absent manifest error) in all respects as to presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice and explaining the basis for such objection(s) shall be deemed to be disputed by BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Integrated Healthcare Holdings)

Loan Account and Accounting. Lender shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term LoansLoan, (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 Lender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender's most recent printout or other written statement, shall, absent manifest error, shall be presumptive evidence of the amounts due and owing to Lender 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. Lender 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 monthAccount. Unless Borrower notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on upon Borrower (absent 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.

Appears in 1 contract

Samples: Credit Agreement (Key Tronic Corp)

Loan Account and Accounting. Lender shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit ------------ Advances and the Term Loans, 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 Lender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Lender 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 duty joint and several obligation to pay the Obligations. Lender 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 as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 60 days after the date thereof, each and every such accounting shall be deemed final, binding and conclusive on Borrower Borrowers (absent 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 BorrowerBorrowers.

Appears in 1 contract

Samples: Debtor in Possession Credit Agreement (WTD Industries Inc)

Loan Account and Accounting. Lender shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: (a) all Revolving Credit ------------ Advances and the Term LoansAdvances, (b) all payments made by BorrowerBorrowers, 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 Lender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lender's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Lender 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 duty to pay the Obligations. Lender shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account for the immediately preceding monthas to each Borrower. Unless Borrower Representative notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrower (absent manifest error) upon 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.

Appears in 1 contract

Samples: Credit and Security Agreement (Unapix Entertainment Inc)

Loan Account and Accounting. Lender The Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) record all Revolving Credit ------------ Advances and the Term Loans, (b) all payments made by Borrowerthe 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 Lenderthe Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Lenderthe Agent's most recent printout or other written statement, shall, absent manifest errorclear and convincing evidence to the contrary, be presumptive evidence of the amounts due and owing to each Lender and the Agent by Borrowerthe Borrowers; provided that any failure to so record or any error in so recording shall not -------- limit or otherwise affect Borrower's the Borrowers' duty to pay the Obligations. Lender The Agent shall render to the Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding monthAccount. Unless the Borrower Representative notifies Lender the Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within 120 thirty (30) days after the date thereof, each and every such accounting shall (absent clear and convincing error) be deemed final, binding and conclusive on Borrower (absent manifest error) upon the Credit Parties 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 Borrowerthe Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Curative Health Services Inc)

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