Common use of Maintenance of Loan Account; Statements of Account Clause in Contracts

Maintenance of Loan Account; Statements of Account. The Administrative Agent shall maintain an account on its books in the name of the Borrower (the "Loan Account") in which the Borrower will be charged with all Loans and Advances made by each Lender to the Borrower or for the Borrower's account, including the Revolving Credit Loans, the Swingline Loans, interest, fees, expenses and any other Obligations. The Loan Account will be credited with all amounts received by the Administrative Agent from the Borrower or for the Borrower's account, including, as set forth below, all amounts received from the Blocked Account Banks. The Administrative Agent shall send the Borrower a monthly statement reflecting the activity in the Loan Account. Each such statement shall be an account stated and shall be final, conclusive and binding on the Borrower, absent error.

Appears in 2 contracts

Samples: Loan and Security Agreement (Icahn Enterprises L.P.), Loan and Security Agreement (Westpoint International Inc)

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Maintenance of Loan Account; Statements of Account. The Administrative Agent shall maintain an account on its books in the name of the Administrative Borrower (the "Loan Account") in which the Borrower will be charged with all Loans and Advances made by each the Lender Parties to the Borrower or for the Borrower's ’s account, including the Swing Loan, the Revolving Credit Loans, the Swingline Loans, interest, fees, expenses and any other Obligations. The Loan Account will be credited with all amounts received by the Administrative Agent from the Borrower or for the Borrower's ’s account, including, as set forth below, all amounts received from in the Blocked Administrative Agent Account Banksor the Collection Account. The Administrative Agent shall send the Administrative Borrower a monthly statement reflecting the activity in the Loan Account. Each such statement shall be an account stated and shall be final, conclusive and binding on the Borrower, absent manifest error.

Appears in 2 contracts

Samples: Loan and Security Agreement (BuzzFeed, Inc.), Loan and Security Agreement (890 5th Avenue Partners, Inc.)

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Maintenance of Loan Account; Statements of Account. The Administrative Agent shall maintain an account on its books in the name of the Borrower (the "Loan Account") in which the Borrower will be charged with all Loans and Advances made by each Lender to the Borrower or for the Borrower's ’s account, including the Revolving Credit Loans, the Swingline Loans, interest, fees, expenses and any other Obligations. The Loan Account will be credited with all amounts received by the Administrative Agent from the Borrower or for the Borrower's ’s account, including, as set forth below, all amounts received from the Blocked Account Banks. The Administrative Agent shall send the Borrower a monthly statement reflecting the activity in the Loan Account. Each such statement shall be an account stated and shall be final, conclusive and binding on the Borrower, absent error.

Appears in 1 contract

Samples: Loan and Security Agreement (American Real Estate Partners L P)

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