Common use of Loan Account; Monthly Accountings Clause in Contracts

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 6 contracts

Samples: Loan and Security Agreement (Hayes Corp), Loan and Security Agreement (Hayes Corp), Loan and Security Agreement (Duramed Pharmaceuticals Inc)

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Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advancesoutstanding Loans and the Letter of Credit Balance, charges, expenses along with interest accrued thereon and payments made pursuant to this Agreement such other items reflected therein (the "LOAN ACCOUNT"“Loan Account”), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty thirty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's ’s failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit AccommodationsLetters of Credit) may, in Lender's ’s discretion, be charged to the Loan Account, and any contrary provision of this Agreement or other Loan Document notwithstanding, will thereafter be deemed to be Revolving Base Rate Loans and will bear interest at the same rate as other Revolving Loansper annum applicable thereto.

Appears in 3 contracts

Samples: Loan and Security Agreement (Janel Corp), Loan and Security Agreement (Janel Corp), Loan and Security Agreement (Janel Corp)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"Loan Account'), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissionsadmissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 2 contracts

Samples: Loan and Security Agreement (Fix Corp International Inc), Loan and Security Agreement (Fix Corp International Inc)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissionsadmissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 2 contracts

Samples: Loan and Security Agreement (Intellicell Corp), Loan and Security Agreement (Clinicor Inc)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower Borrowers reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"“Loan Account”), and shall provide Borrower Representative with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower Borrowers and an account stated stated. (except for reverses and reapplications reapplication of payments made and corrections of errors discovered by Lender), unless Borrower Representative notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's ’s failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. InterestWith respect to each calendar month end, Lender shall provide Borrower Representative with a statement of interest, fees and any other monetary Obligations due and owing under this Agreement then payable, which amount Borrowers shall pay within five (including fees and other amounts paid by Lender to issuers 5) Business Days of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loansreceipt of such statement.

Appears in 2 contracts

Samples: Stock Pledge Agreement (Wave2Wave Communications, Inc.), Security Agreement (Wave2Wave Communications, Inc.)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower Borrowers reflecting all advances, charges, expenses and payments made pursuant to this Agreement to or by any Borrower (the "LOAN ACCOUNT"), and shall provide Borrower Borrowers with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower all Borrowers and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Borrowers notify Lender in writing to the contrary within sixty 60 days after such account is rendered, describing the nature of any alleged errors or omissionsadmissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Willcox & Gibbs Inc /De)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advancesoutstanding Loans and the Letters of Credit Balance, charges, expenses along with interest accrued thereon and payments made pursuant to this Agreement such other items reflected therein (the "LOAN ACCOUNTLoan Account"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account, viewable by Borrower on Passport 6.0. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty thirty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit AccommodationsLetters of Credit) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Swisher Hygiene Inc.)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advancesoutstanding Loans, charges, expenses along with interest accrued thereon and payments made pursuant to this Agreement such other items reflected therein (the "LOAN ACCOUNT"“Loan Account”), and shall provide Borrower Borrowing Agent with a monthly accounting reflecting the activity in the Loan Account, viewable by Borrowing Agent on Passport 6.0. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower Borrowing Agent notifies Lender in writing to the contrary within sixty thirty (30) days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's ’s failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's ’s discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNTLoan Account"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan AccountAccount as soon as reasonably practicable. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Titan Global Holdings, Inc.)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty 60 days after such account is rendered, describing the nature of any alleged errors or omissionsadmissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Athey Products Corp)

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Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.. BANC OF AMERICA COMMERCIAL FUNDING LOAN AND SECURITY AGREEMENT ------------------------------------------------------------------------------

Appears in 1 contract

Samples: Loan and Security Agreement (Urban Juice & Soda Co LTD /Wy/)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissionsadmissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's reasonable discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Gardenburger Inc)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrowers collectively and each Borrower individually, reflecting all advances, charges, expenses and payments made pursuant to this Agreement (collectively, the "LOAN ACCOUNTLoan Account"), and shall provide Borrower Borrowers with a monthly accounting reflecting the activity in the Loan AccountAccount as soon as reasonably practicable. Each accounting shall be deemed correct, accurate and binding on Borrower Borrowers and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Borrowers notify Lender in writing to the contrary within sixty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.. Greystone Business Credit II LLC Loan and Security Agreement

Appears in 1 contract

Samples: Loan and Security Agreement (Titan Global Holdings, Inc.)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advancesoutstanding Loans and the Letters of Credit Balance, charges, expenses along with interest accrued thereon and payments made pursuant to this Agreement such other items reflected therein (the "LOAN ACCOUNT"“Loan Account”), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account, viewable by Borrower on Passport 6.0. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty (60) days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender's ’s failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit AccommodationsLetters of Credit) may, in Lender's ’s discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Sypris Solutions Inc)

Loan Account; Monthly Accountings. Lender shall maintain a loan account for Borrower reflecting all advances, charges, expenses and payments made pursuant to this Agreement (the "LOAN ACCOUNT"), and shall provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower and an account stated (except for reverses and reapplications of payments made and corrections of errors discovered by Lender), unless Borrower notifies Lender in writing to the contrary within sixty (60) days after such account is rendered, describing the nature of any alleged errors or omissionsadmissions. However, Lender's failure to maintain the Loan Account or to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers of Credit Accommodations) may, in Lender's discretion, be charged to the Loan Account, and will thereafter be deemed to be Revolving Loans and will bear interest at the same rate as other Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (First Wave Marine Inc)

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