Common use of Monthly and Interim Statements Clause in Contracts

Monthly and Interim Statements. Once each month Lender shall render a statement of account to Borrower showing the current status of principal, interest and service charges with respect to the Revolving Loan. If these statements or any interim statements indicate that the outstanding balance of the Revolving Loan exceeds the Revolving Loan Limit, Borrower, at Lender's option, forthwith shall either furnish additional Collateral satisfactory to Lender or pay the difference in cash. The statement of account rendered by Lender shall be considered correct, accepted by Borrower and conclusively binding upon Borrower, unless Borrower gives Lender written notice to the contrary within ten (10) Banking Days after the sending of the statement by Lender. If Borrower disputes the correctness of Lender's statement, Borrower's notice shall specify in detail the particulars of its basis for contending that Lender's statement is incorrect.

Monthly and Interim Statements. Once each month Lender shall render a statement of account to Borrower showing the current status of principal, interest and service charges with respect to the Revolving LoanLoans. If these statements or any interim statements indicate that the outstanding balance of the Revolving Loan Loans exceeds the Revolving Loan Limit, Borrower, at Lender's option, forthwith shall either furnish additional Collateral satisfactory to Lender or pay the difference in cash. The statement of account rendered by Lender shall be considered correct, accepted by Borrower and conclusively binding upon Borrower, unless Borrower gives Lender written notice to the contrary within ten (10) Banking Days after the sending of the statement by Lender. If Borrower disputes the correctness of Lender's statement, Borrower's notice shall specify in detail the particulars of its basis for contending that Lender's statement is incorrect.

Monthly and Interim Statements. Once each month Lender shall render a statement of account to Borrower showing the current status of principal, interest and service charges with respect to the Revolving LoanLoan account and the interest thereon. If these statements or any interim statements indicate that the outstanding balance of the Revolving Loan exceeds the Revolving Loan Advance Limit, Borrower, such excess shall at Lender's option, all times be governed and secured by this Agreement and Borrower forthwith shall either furnish additional Collateral satisfactory to Lender or pay the difference in cash. The statement of account rendered by Lender shall be considered correct, accepted by Borrower and conclusively binding upon the Borrower, unless Borrower gives notice to Lender written notice to the contrary in writing within ten (10) Banking Days after the sending of the said statement by the Lender. If Borrower disputes the correctness of Lender's statement, Borrower's notice shall specify in detail the particulars of its basis for contending that why it contends Lender's statement of account is incorrect.