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 Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Revolving Credit Advances 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 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 duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loan setting forth the balance of the Loan Account as to each Borrower. Unless Borrower Representative notifies 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 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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Samples: Credit Agreement (Liposome Co Inc)
Loan Account and Accounting. Administrative Agent shall maintain a loan account (the "“Loan Account"”) on its books to record: (a) all Revolving Credit AdvancesAdvances and the Term Loans, (b) all payments made by BorrowersBorrower, and (c) all other debits and credits as provided in this Agreement with respect to the Revolving Credit Advances Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Administrative Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative Agent's ’s most recent printout or other written statement, shall shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative 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 the Borrower's ’s duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loan 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 manifest error) be deemed final, binding and conclusive upon Borrowers 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 BorrowersBorrower.
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Samples: Credit Agreement (Presstek Inc /De/)
Loan Account and Accounting. Administrative Agent shall maintain a loan account (the "Loan Account") on its books to record: (a) all Revolving Credit AdvancesAdvances and the Term Loans, (b) all payments made by BorrowersBorrower, and (c) all other debits and credits as provided in this Agreement with respect to the Revolving Credit Advances 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 shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative 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 the Borrower's duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loan 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 manifest error) be deemed final, binding and conclusive upon Borrowers 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 BorrowersBorrower.
Appears in 1 contract
Samples: Credit Agreement (Presstek Inc /De/)
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 Revolving Credit Advances 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 Agent 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 Revolving Loan 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 manifest 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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