Common use of Special Accountant Clause in Contracts

Special Accountant. In the event that, in the opinion of the Lender, circumstances have arisen which gives reasonable cause for concern over the financial condition of the Mortgagor and the Borrower, the Mortgagor and the Borrower will, notwithstanding that an Event of Default or a potential Event of Default has not occurred, forthwith upon the Lender's request appoint a Special Accountant nominated by the Lender. The Lender may at its absolute discretion immediately after such request to appoint a Special Accountant make such appointment on the behalf of the Mortgagor and/or the Borrower. The Special Accountant so appointed shall be the agent of the Mortgagor and/or the Borrower and the Mortgagor and/or the Borrower shall be solely responsible for his acts, defaults and remuneration; The Special Accountant shall have the following functions :- (a) to carry out an audit of the accounts of the Mortgagor and/or the Borrower and report the outcome of such audit to the Lender; (b) to verify and submit to the Lender a list of the accounts receivable of the Mortgagor and/or the Borrower; (c) to verify and submit to the Lender a list of the creditors of the Mortgagor and/or the Borrower; and (d) to render such advisory services with respect to the financial affairs of the Mortgagor and/or the Borrower as the Lender may specify in its request to the Mortgagor and/or the Borrower to appoint the Special Accountant.;

Special Accountant. In the event that, in the opinion of the Lender, circumstances have arisen which gives reasonable cause for concern over the financial condition of the Mortgagor and the Borrower, the Mortgagor and the Borrower will, notwithstanding that an Event of Default or a potential Event of Default has not occurred, forthwith upon the Lender's request appoint a Special Accountant nominated by the Lender. The Lender may at its absolute discretion immediately after such request to appoint a Special Accountant make such appointment on the behalf of the Mortgagor and/or the Borrower. The Special Accountant so appointed shall be the agent of the Mortgagor and/or the Borrower and the Mortgagor and/or and the Borrower shall be solely responsible for his acts, defaults and remuneration; The Special Accountant shall have the following functions :-functions:- (a) to carry out an audit of the accounts of the Mortgagor and/or the Borrower and report the outcome of such audit to the Lender; (b) to verify and submit to the Lender a list of the accounts receivable of the Mortgagor and/or the Borrower; (c) to verify and submit to the Lender a list of the creditors of the Mortgagor and/or the Borrower; and (d) to render such advisory services with respect to the financial affairs of the Mortgagor and/or the Borrower as the Lender may specify in its request to the Mortgagor and/or the Borrower to appoint the Special Accountant.;