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

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances and Letters of Credit made or issued by Agent or the Lenders to Borrowers' or for Borrowers' account, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.9, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan Agreement (Philip Services Corp/De)

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Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers Borrower (the "Loan Account") on which Borrowers Borrower will be charged with all Advances and Letters of Credit made or issued by Agent or the Lenders Lender Group to Borrowers' Borrower or for Borrowers' Borrower's account, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expenses, and any other payment Obligations of BorrowersBorrower. In accordance with Section 2.92.5, the Loan Account will be credited with all payments received by Agent from Borrowers Borrower or for Borrowers' Borrower's account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting the Lender Group Expenses owingowing and of all expenses, andcharges, absent manifest errorand costs provided for in Section 2.9(c) and attaching detailed invoices in respect of any such material charge, expense, or cost not otherwise set forth in detail on such statement, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Samuels Jewelers Inc)

Maintenance of Loan Account; Statements of Obligations. Agent Lender shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances and Letters of Credit made or issued by Agent or the Lenders Lender to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Lender for Borrowers' account, and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expensesfees and expenses, and any other payment Obligations of BorrowersLender Expenses. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent Lender from Borrowers or for Borrowers' account, including all amounts received in the AgentLender's Account from any Lockbox Bank or the Collection Account BanksCash Management Bank. Agent Lender shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent Lender written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Futurelink Corp)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances and Letters of Credit the Term Loan made or issued by Agent or the Lenders to Borrowers' Borrowers or for Borrowers' account’ account and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.7, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render make available to Borrowers quarterly statements regarding the Loan Account to Administrative BorrowerAccount, including principalthe principal amount of the Term Loan interest accrued hereunder, interest, feesfees accrued or charged hereunder or under the other Loan Documents, and including an a summary itemization of all charges and expenses constituting Lender Group Expenses owingaccrued hereunder or under the other Loan Documents, andand each such statement, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative BorrowerAgent first makes such a statement available to Borrowers, Administrative Borrower Borrowers shall deliver to Agent written objection thereto describing the error or errors contained in such statement. The Borrower shall continue to have such obligations notwithstanding any such statementsfailure by the Agent to maintain the Loan Account.

Appears in 1 contract

Samples: Term Loan Agreement (Colt Finance Corp.)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers Borrower (the "Loan Account") on which Borrowers Borrower will be charged with the Term Loan Amount and all Advances and Letters of Credit made or issued by Agent Agent, Swing Lender, or the Lenders to Borrowers' Borrower or for Borrowers' Borrower's account, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expenses, and any other payment Obligations of BorrowersObligations. In accordance with Section 2.9SECTION 2.8, the Loan Account will be credited with all payments received by Agent from Borrowers Borrower or for Borrowers' Borrower's account, including all amounts received in the Agent's Agent Account from any Lockbox Bank or the Collection Account BanksBank. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate (except to the extent of any manifest error contained therein) and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Star Telecommunications Inc)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers Borrower (the "Loan Account") on which Borrowers Borrower will be charged with all Advances and Letters of Credit Loans made or issued by Agent or the Lenders to Borrowers' Borrower or for Borrowers' accountBorrower’s account and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.9‎2.7, the Loan Account will be credited with all payments received by Agent from Borrowers Borrower or for Borrowers' Borrower’s account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render make available to Borrower monthly statements regarding the Loan Account to Administrative BorrowerAccount, including principalthe principal amount of the Loans, interestinterest accrued hereunder, feesfees accrued or charged hereunder or under the other Loan Documents, and including an a summary itemization of all charges and expenses constituting Lender Group Expenses owingaccrued hereunder or under the other Loan Documents, andand each such statement, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 days after receipt thereof by Administrative Agent first makes such a statement available to Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statementsstatement.

Appears in 1 contract

Samples: Credit Agreement (Pernix Therapeutics Holdings, Inc.)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with the Term Loan, all Advances (including Agent Advances and Letters of Credit Swing Loans) made or issued by Agent Agent, Swing Lender, or the Lenders to Borrowers' Borrowers or for Borrowers' account, and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account BanksCash Management Bank. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (SCB Computer Technology Inc)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances and Letters of Credit the Term Loan made or issued by Agent or the Lenders to Borrowers' Borrowers or for Borrowers' account’ account and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.7, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render make available to Borrowers quarterly statements regarding the Loan Account to Administrative BorrowerAccount, including principalthe principal amount of the Term Loan interest accrued hereunder, interest, feesfees accrued or charged hereunder or under the other Loan Documents, and including an a summary itemization of all charges and expenses constituting Lender Group Expenses owingaccrued hereunder or under the other Loan Documents, andand each such statement, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative BorrowerAgent first makes such a statement available to Borrowers, Administrative Borrower Borrowers shall deliver to Agent written objection thereto describing the error or errors contained in any such statementsstatement.

Appears in 1 contract

Samples: Term Loan Agreement (Colt Defense LLC)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with the Term Loan and all Advances (including Agent Advances and Letters of Credit Swing Loans) made or issued by Agent Agent, Swing Lender or the Lenders to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Agent for Borrowers’ account, and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render statements regarding the Loan Account to Administrative BorrowerBorrowers, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative BorrowerBorrowers, Administrative a Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.” (j) Section 2.11(b) of the Loan Agreement, Audit, Appraisal, and Valuation Charges, is hereby modified and amended by amending and restating such Section in its entirety as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Peninsula Gaming, LLC)

Maintenance of Loan Account; Statements of Obligations. Agent Lender shall maintain an account on its books in the name of Borrowers Borrower (the "Loan Account") on which Borrowers Borrower will be charged with all Advances and made by Lender to Borrower or for Borrower's account, the Letters of Credit made or issued by Agent or at the Lenders to Borrowers' request of Lender for Borrower's account, and with all other payment Obligations hereunder or for Borrowers' accountunder the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expensesfees and expenses, and any other payment Obligations of BorrowersLender Expenses. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent Lender from Borrowers Borrower or for Borrowers' Borrower's account, including all amounts received in the AgentLender's Account from any Lockbox Bank or the Collection Blocked Account BanksBank. Agent Lender shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 thirty (30) days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent Lender written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Credit Agreement (Piccadilly Cafeterias Inc)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers Borrower (the "Loan Account") on which Borrowers Borrower will be charged with all Advances and Letters of Credit the Term Loans made or issued by Agent or the Lenders to Borrowers' Borrower or for Borrowers' Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents (except Obligations referred to in clause (b) of the definition thereof), including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.9, the Loan Account will be credited with all payments received by Agent from Borrowers Borrower or for Borrowers' Borrower’s account, including all amounts received in the Agent's ’s Account from any Lockbox Bank or the Collection Account BanksCash Management Bank. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, andand such statements, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan Agreement (Gordmans Stores, Inc.)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances (including Agent Advances and Letters of Credit Swing Loans) made or issued by Agent Agent, Swing Lender or the Lenders to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Agent for Borrowers’ account, and with all other payment Obligations LEGAL_US_W # 62188650.14 hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render statements regarding the Loan Account to Administrative BorrowerBorrowers, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative BorrowerBorrowers, Administrative a Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Peninsula Gaming, LLC)

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Maintenance of Loan Account; Statements of Obligations. Agent Lender shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances and Letters of Credit made or issued by Agent or the Lenders Lender to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Lender for Borrowers' account, and with all other payment Obligations hereunder or under the other Loan Documents (except for Bank Product Obligations), including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expensesfees and expenses, and any other payment Obligations of BorrowersLender Expenses. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent Lender from Borrowers or for Borrowers' account, including all amounts received in the AgentLender's Account from any Lockbox Bank or the Collection Account BanksCash Management Bank. Agent Lender shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent Lender written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan Agreement (Synalloy Corp)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances (including Agent Advances and Letters of Credit Swing Loans) made or issued by Agent Agent, Swing Lender, or the Lenders to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Issuing Lender for Borrowers' account, and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Riviera Holdings Corp)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances and Letters of Credit (including Agent Advances) made or issued by Agent or the Lenders to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Issuing Lender for Borrowers' account, and with all other payment Obligations hereunder or under the other Loan Documents (except for Bank Product Obligations), including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Hypercom Corp)

Maintenance of Loan Account; Statements of Obligations. Agent Agents shall maintain an account on its books in the name of Borrowers Borrower, (the "Loan Account") on which Borrowers Borrower will be charged with the Term Loans, and with all Advances and Letters of Credit made other payment Obligations hereunder or issued by Agent or under the Lenders to Borrowers' or for Borrowers' accountother Loan Documents, including, Advances made by Agent or the Lenders for the payment of including accrued interest, premiums, if any, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.7, the Loan Account will be credited with all payments received by Agent Agents or the Lenders from Borrowers Borrower or for Borrowers' Borrower’s account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent Agents shall render provide statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owingowing (but neither any Agent nor any Lender shall have any liability if any Agent shall fail to provide any such statement), andand such statements, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 sixty (60) days after receipt thereof by Administrative BorrowerAgents first makes such a statement available to Borrower (or such longer period as the Required Lenders may agree in their sole discretion), Administrative Borrower shall deliver to Agent Agents and the Lenders written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Credit Agreement (Acreage Holdings, Inc.)

Maintenance of Loan Account; Statements of Obligations. Agent Lender shall maintain an account on its books in the name of Borrowers Borrower (the "Loan Account") on which Borrowers Borrower will be charged with the Term Loan, all Advances and made by Lender to Borrower or for Borrower's account, the Letters of Credit made or issued by Agent Lender for Borrower's account, and with all other payment Obligations hereunder or under the Lenders to Borrowers' or for Borrowers' accountother Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expensesfees and expenses, and any other payment Obligations of BorrowersLender Expenses. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent Lender from Borrowers Borrower or for Borrowers' Borrower's account, including all amounts received in the AgentLender's Account from any Lockbox Bank or the Collection Account BanksCash Management Bank. Agent Lender shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate (absent manifest error) and constitute an account stated between Borrowers Borrower and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent Lender written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Special Devices Inc /De)

Maintenance of Loan Account; Statements of Obligations. Agent Lender shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with the Term Loan, all Advances and Letters of Credit made or issued by Agent or the Lenders Lender to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Lender for Borrowers' account, and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, Lender Group Expensesfees and expenses, and any other payment Obligations of BorrowersLender Expenses. In accordance with Section 2.92.8, the Loan Account will be credited with all payments received by Agent Lender from Borrowers or for Borrowers' account, including all amounts received in the AgentLender's Account from any Lockbox Bank or the Collection Account BanksCash Management Bank. Agent Lender shall render statements regarding the Loan Account to Administrative Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and, absent manifest error, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative Borrower, Administrative Borrower shall deliver to Agent Lender written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Loan and Security Agreement (Cray Inc)

Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account on its books in the name of Borrowers (the "Loan Account") on which Borrowers will be charged with all Advances (including Protective Advances and Letters of Credit Swing Loans) made or issued by Agent Agent, Swing Lender, or the Lenders to Borrowers' Borrowers or for Borrowers' account, the Letters of Credit issued by Issuing Lender for Borrowers’ account, and with all other payment Obligations hereunder or under the other Loan Documents, including, Advances made by Agent or the Lenders for the payment of accrued interest, fees and expenses, and Lender Group Expenses, and any other payment Obligations of Borrowers. In accordance with Section 2.92.7, the Loan Account will be credited with all payments received by Agent from Borrowers or for Borrowers' any Borrower’s account, including all amounts received in the Agent's Account from any Lockbox Bank or the Collection Account Banks. Agent shall render monthly statements regarding the Loan Account to Administrative BorrowerBorrowers, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, andand such statements, absent manifest error, such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrowers and the Lender Group unless, within 30 days after receipt thereof by Administrative BorrowerBorrowers, Administrative Borrower Borrowers shall deliver to Agent written objection thereto describing the error or errors contained in any such statements.

Appears in 1 contract

Samples: Credit Agreement (Sirva Inc)

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