Loan Account and Accounting. Administrative Agent shall --------------------------- maintain a loan account (the "Loan Account") on its books to record: (a) all ------------ Advances, (b) all payments made by 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 Administrative Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative Agent's most recent printout or other written statement, shall be presumptive evidence of the amounts due and owing to 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. 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 as to each Borrower. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent error) be deemed final, binding and conclusive 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 Borrowers.
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Loan Account and Accounting. Administrative Agent shall --------------------------- maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: (a) all ------------ Revolving Credit Advances, ; (b) all payments made by 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 Administrative Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative Agent's most recent printout or other written statement, shall be presumptive evidence of the amounts due and owing to Agents 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. 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 as to each BorrowerBorrower for the immediately preceding month. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 45 days after the date thereof, each and every such accounting shall (absent error) be deemed final, binding and conclusive upon on 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 Borrowers.
Appears in 1 contract
Samples: Credit Agreement (Track N Trail Inc)
Loan Account and Accounting. Administrative Agent Lender shall --------------------------- maintain a loan account (the "Loan Account") on its books to record: (a) all ------------ Revolving Credit Advances, ; (b) all payments made by 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 Administrative AgentLender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative AgentLender's most recent printout or other written statement, shall shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agents and Lenders Lender by each 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. Administrative Agent 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 BorrowerBorrower for the immediately preceding month. Unless Borrower Representative notifies Administrative Agent Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 60 days after the date thereof, each and every such accounting shall (absent error) be deemed final, binding and conclusive upon on 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 Borrowers.
Appears in 1 contract
Samples: Debtor in Possession Credit Agreement (WTD Industries Inc)
Loan Account and Accounting. The Administrative Agent shall --------------------------- maintain a loan account (the "“Loan Account"”) on its books to record: all Revolving Credit Loans and the Term Loans (a) all ------------ Advancesincluding the outstanding Term Loan B PIK Amount), (b) all payments made by Borrowersthe 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 the Administrative Agent's ’s customary accounting loan agency administration practices as in effect from time to time. The balance in the Loan Account, as recorded on the Administrative Agent's ’s most recent printout or other written statement, shall shall, absent manifest error, be presumptive prima facie evidence of the amounts due and owing to the Agents and Lenders by each the Borrower; provided -------- provided, that any failure to so record or any error in so recording shall not limit or otherwise affect any the Borrower's ’s duty to pay the Obligations. The Administrative 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 as to each BorrowerAccount. Unless the Borrower Representative notifies the Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon Borrowers the Borrower 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 Borrowersthe Borrower.
Appears in 1 contract
Samples: Debt and Security Agreement (Pope & Talbot Inc /De/)
Loan Account and Accounting. Administrative Agent shall --------------------------- maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: (a) all ------------ AdvancesAdvances and all Term Loans, (b) all payments made by 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 Administrative Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative Agent's most recent printout or other written statement, shall be presumptive evidence of the amounts due and owing to Agents Administrative Agent and Lenders by each BorrowerBorrowers; provided -------- PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's Borrowers' duty to pay the Obligations. 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 as to each BorrowerAccount. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty sixty (3060) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon Borrowers each Borrower 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 Borrowers.
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Loan Account and Accounting. Administrative Revolving Credit Agent and Agent shall --------------------------- each maintain a loan account (the each a "Loan Account") on its their books to record: (a) all ------------ Advances, (b) with respect to the Revolving Loan, the Term Loan, and the Master Lease, respectively, all payments made by Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other ObligationsAgreement. All entries in the a Loan Account shall be made in accordance with Administrative Revolving Credit Agent's or Agent's customary accounting practices as in effect from time to time. The balance in the Loan AccountAccounts, as recorded on Administrative Revolving Credit Agent's or Agent's most recent printout or other written statement, shall as applicable, shall, absent demonstrable error, be presumptive evidence of the amounts due and owing to Agents Revolving Credit Agent, 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. 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 as to each Borrower. Unless Borrower Representative notifies Administrative Agent Agent, and the Revolving Credit Agent, if applicable in writing of any objection to any such accounting delivered to Borrower Representative (specifically describing the basis for such objection), within thirty ninety (3090) days after the date thereof, each and every such accounting shall (absent demonstrable error) be deemed final, binding and conclusive 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 Borrowers.
Appears in 1 contract
Loan Account and Accounting. Administrative Agent shall --------------------------- maintain a --------------------------- loan account (the "Loan Account") on its books to record: (a) all Revolving ------------ Credit Advances, ; (b) all payments made by 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 Administrative Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative Agent's most recent printout or other written statement, shall shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agents and Lenders by each BorrowerBorrowers; provided -------- provided, that any failure to so record or any -------- error in so recording shall not limit or otherwise affect any Borrower's Borrowers' duty to pay the Obligations. Administrative 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 as to each Borrowerfor the immediately preceding month. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), ) within thirty (30) 90 days after the date thereof, each and every such accounting shall (absent error) be deemed final, binding and conclusive upon on 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 Borrowers.
Appears in 1 contract
Samples: Debtor in Possession Credit Agreement (Boston Chicken Inc)