Common use of Asset Reports Clause in Contracts

Asset Reports. (a) The Company must supply to the Lender an asset report in form and substance satisfactory to the Lender, together with such additional information, reports and/or statements as the Lender may require, setting out: (i) a listing and aging (by invoice date) of all accounts receivable and accounts payable together with applicable sales and payment terms, details of outstanding balances due from all account debtors (as that term is defined in the Uniform Commercial Code as in effect in the State of California) and the Company's worksheet for applicable reserves; (ii) a reconciliation of the aging referred to in paragraph (i) above with the previous aging delivered to the Lender; (iii) a listing of all the Company's inventory (as that term is defined in the Uniform Commercial Code as in effect in the State of California) setting out types, locations and values (calculated in accordance with generally accepted accounting principles); and (iv) details of reserves for obsolete inventory and the Company's applicable worksheet. (b) The asset report referred to in paragraph (a) above must be supplied within 15 days after the end of each calendar month.