Common use of OBLIGATIONS OF BORROWER Clause in Contracts

OBLIGATIONS OF BORROWER. Borrower will keep and maintain or will cause to be kept and maintained, in accordance with general accepted accounting principles and USAH proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and Operating Lessee and all items of income and expense in connection with the operation on an individual basis of each of the Individual Properties. Lender shall have the right from time to time at all times during normal business hours to examine such books, records and accounts at the office of Borrower, Operating Lessee or other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default, Borrower shall pay any costs and expenses incurred by Lender to examine Borrower's accounting records with respect to the Properties, as Lender shall determine to be necessary or appropriate in the protection of Lender's interest.

Appears in 2 contracts

Samples: Loan Agreement (Equity Inns Inc), Loan Agreement (Equity Inns Inc)

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OBLIGATIONS OF BORROWER. 9.1.1 Borrower will keep and maintain or will cause to be kept and maintained, in accordance with general accepted accounting principles and USAH proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and Operating Lessee and all items of income and expense in connection with the operation on an individual basis of each of the Individual Properties. Lender shall have the right from time to time at all times during normal business hours to examine such books, records and accounts at the office of Borrower, Operating Lessee or other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an Event of Default, Borrower shall pay any costs and expenses incurred by Lender to examine Borrower's accounting records with respect to the Properties, as Lender shall determine to be necessary or appropriate in the protection of Lender's interest.

Appears in 1 contract

Samples: Loan Agreement (Equity Inns Inc)

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OBLIGATIONS OF BORROWER. Borrower will keep ----------------------- and maintain or will cause to be kept and maintained, in accordance with general generally accepted accounting principles and USAH proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and Operating Lessee and Lessees, all items of income and expense in connection with the operation on an individual basis of each of the Individual Properties. Lender shall have the right from time to time at all times during normal business hours to examine such books, records and accounts at the office of Borrower, Operating Lessee or other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence and during the continuation of an Event of Default, Borrower shall pay any costs and expenses incurred by Lender to examine Borrower's any accounting records with respect to the Properties, as Lender shall determine to be necessary or appropriate in the protection of Lender's interest.

Appears in 1 contract

Samples: Loan Agreement (Winston Hotels Inc)

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