Field Audits definition

Field Audits means audits, verifications and inspections of the accounts receivable and inventory of Borrower, conducted by an independent third Person selected by Lender.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Field Audits means audits, verifications and inspections of (a) the Collateral, (b) the accounting and financial processes and procedures of Borrower and its Subsidiaries, (c) the financial condition of Borrower and its Subsidiaries, (d) the books, records and documents of Borrower and its Subsidiaries, and (e) such other items, documents and matters related to Borrower and its Subsidiaries as Lender may request or desire, in each case conducted by a Person (who may be an employee of Lender or who may be independent) satisfactory to Lender.

Field Audits means, an audit, verification and inspection of the books and records, accounts receivable, inventory and fixed assets of the Borrower and its Subsidiaries, conducted by the Administrative Agent or any other Person selected by the Administrative Agent.

Examples of Field Audits in a sentence

• The Contractor will have ninety (90) calendar days to successfully implement the action plan, correct all deficiencies, and maintain at least a Standard Performance rating in both Monthly Performance and Quarterly Field Audits for at least the ninety (90) days following the execution of the Corrective Action Plan.

• The Michigan State Housing Development Authority (“Authority” or “MSHDA”) shall measure the Contractor’s performance of the activities described in this Agreement, and its attached and incorporated Exhibits, Monthly Performance standards, and Quarterly Field Audits.

• The requirement for Field Audits twice a year at Borrowers’ expense shall be reduced to once a year at Borrowers’ expense after the Company becomes publicly traded.

• The expense of such Field Audit shall be for the account of the Borrower, provided that as long as no Default or Event of Default exists, Field Audits shall be limited to one per fiscal year of the Borrower during the term of this Agreement and the cost of such Field Audits shall not exceed $5,000.00 in any fiscal year of the Borrower.

• In connection with Field Audits, the Borrower agrees to pay the out of pocket expenses and costs incurred by the Administrative Agent in conducting periodic Field Audits, provided however, that so long as no Event of Default has occurred and is continuing the costs and expenses of any Field Audit required by Section 5.1, shall not exceed $10,000 per annum.

• Field Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information.............93 17.17.

• Prior to an Event of Default such Field Audits shall be limited (in aggregate for all Lenders) to once in each twelve (12) month period.

• The Borrower shall pay the reasonable fees and expenses of any representatives retained by Administrative Agent to conduct any such Field Audits; but the Borrower shall not, unless an Event of Default has occurred and is continuing, be required to pay such fees and expenses for more than one Field Audit during any calendar year.

• Cooperate with the Providing Agency in Field Audits conducted pursuant to Section VI.

• In the absence of any Default or Event of Default, the Company shall not be required to reimburse the Agent for more than two (2) Scheduled Field Audits per calendar year.

More Definitions of Field Audits

Field Audits means audits, verifications and inspections of the accounts receivable and inventory of Borrowers, conducted by an independent third Person selected by Agent.

Field Audits means, an audit, verification and inspection of the books and records, accounts receivable, inventory and fixed assets of the Borrower and its Subsidiaries, conducted by the Administrative Agent or any other Person selected by the Administrative Agent. ​

Field Audits means audits, verifications and inspections of (a) the Collateral, (b) the accounting and financial processes and procedures of the Borrower and its Subsidiaries, (c) the financial condition of the Borrower and its Subsidiaries, (d) the books, records and documents of the Borrower and it Subsidiaries, and (e) such other items, documents and matters related to the Borrower and its Subsidiaries as the Lender Representative may request or desire, in each case conducted by a Person (who may be an employee of the Lender Representative or who may be independent) satisfactory to the Lender Representative.

Field Audits means audits, verifications and inspections of the accounts receivable of Borrowers and Qualified Foreign Subsidiaries, conducted by an independent third Person selected by Agent; provided, that the term "Field Audit" shall only apply to a Qualified Foreign Subsidiary as long as the accounts receivable or costs in excess of ▇▇▇▇▇▇▇▇ of such Qualified Foreign Subsidiary are included in the Borrowing Base.

Field Audits means on-site (and to the extent waived by the Department as permitted in certain cases by the Florida Administrative Code, off-site) audits of Participating Employers for the purpose of determining normal premium due from each Participating Employer in each policy year based upon actual payroll of each Participating Employer.