Audit of Collateral Sample Clauses

The 'Audit of Collateral' clause grants a party, typically a lender or secured party, the right to inspect and verify the assets pledged as collateral under an agreement. In practice, this means the party can periodically review records, visit premises, or request documentation to ensure the collateral remains sufficient and properly maintained. This clause helps protect the secured party by ensuring the value and existence of the collateral, thereby reducing the risk of loss due to misrepresentation or deterioration of the pledged assets.
Audit of Collateral. At any Bank’s election, such Bank shall have received from Borrower an internally prepared report of the Collateral (including, without limitation, Borrower’s and Portfolio Recovery Associates, L.L.C.’s Asset Pools), in a format consistent with the form included in Borrower’s quarterly and annual public filings. In the event Borrower’s accountants make material corrections or modifications to the report presented to them for review, Borrower shall immediately inform each Bank of such corrections or modifications.
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Audit of Collateral. In the case of any Advances under the Revolving Facility, at Bank’s election, the Bank shall have received and conducted an audit of the Collateral (including, as applicable, without limitation, the Accounts of each of Borrower, IL, NBIL, ORC and Chesapeake), the results of which shall be satisfactory to the Bank.
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Audit of Collateral. Commerce Energy agrees PSE may audit any Account or Customer Term Contract on a quarterly basis. Commerce Energy will provide PSE the contracts and data necessary for the audit. PSE shall provide Commerce Energy with reasonable advanced notice of any audit and shall conduct any audit in a reasonable manner that minimizes any potential disruption to Commerce Energy’s customers.
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Audit of Collateral. Commerce Energy agrees TPS may audit any Account or RSC Term Contract on a quarterly basis provided that TPS requests such audit no later than fifty (50) calendar days after the end of any of fiscal quarter of Commerce Energy (i.e. fifty (50) calendar days after January 31, April 30, July 31 and October 31).
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Audit of Collateral. Allow Bank to audit Pledgor’s Collateral at Pledgor’s expense. Such audits may be conducted (i) once every twelve months, and (ii) at such more frequent times as the Bank may from time to time determine; provided that Bank shall not require any such audit during any period for which Bank has agreed, under the Loan Agreement, not to require an audit of Borrower’s collateral.
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Audit of Collateral. In the case of any Advances under the Revolving Facility, at Bank’s election, the Bank shall have received and conducted an audit of the Collateral (including, without limitation, Borrower’s Accounts) which, in the absence of an Event of Default, shall not occur more than once per year, and the results of which shall be satisfactory to the Bank, provided that the expense to Borrower for each such audit will not exceed Five Thousand Dollars ($5,000.00).
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Audit of Collateral. Allow Bank to audit Debtor’s Collateral at Borrower’s or Debtor’s expense, in accordance with Section 6.6 of the Loan Agreement.
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Related to Audit of Collateral

  • Maintenance of Collateral Borrower will maintain the Collateral in good working condition, and Borrower will not use the Collateral for any unlawful purpose. Borrower will immediately advise Silicon in writing of any material loss or damage to the Collateral.

  • Insurance of Collateral The Borrowers shall at all times maintain and pay for insurance upon all Collateral wherever located and with respect to the business of the Borrowers, covering casualty, hazard, public liability, workers’ compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Administrative Agent. The Borrowers shall provide that such policies shall include satisfactory endorsements, naming Administrative Agent as a lender loss payable or additional insured, as appropriate, as its interest may appear. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than ten (10) days’ prior written notice to Administrative Agent in the event of cancellation of the policy for nonpayment of premium and not less than thirty (30) days’ prior written notice to Administrative Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of their Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by such policy. If an Event of Default has occurred and is continuing, all proceeds of business interruption insurance (if any) of the Borrowers shall be remitted to Administrative Agent for application to the outstanding balance of the Revolving Credit Loans. Upon the occurrence and during the continuance of an Event of Default, Administrative Agent shall, subject to the Intercreditor Agreement, have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Unless the Borrowers provide Administrative Agent with evidence of the insurance coverage required by this Agreement, Administrative Agent may purchase insurance at the Borrowers’ expense to protect Administrative Agent’s interests in the Properties of the Borrowers. This insurance may, but need not, protect the interests of the Borrowers. The coverage that Administrative Agent purchases may not pay any claim that any Borrower makes or any claim that is made against any Borrower in connection with such Property. The Borrowers may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with evidence that the Borrowers have obtained insurance as required by this Agreement. If Administrative Agent purchases insurance, the Borrowers will be responsible for the costs of that insurance, including interest and any other charges Administrative Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that the Borrowers may be able to obtain on their own.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6 hereof.

  • Inspection of Collateral Lender and Lender's designated representatives and agents shall have the right at all reasonable times to examine and inspect the Collateral wherever located.

  • Return of Collateral The Collateral shall be returned to Borrower at the termination of the Loan upon the return of the Loaned Securities by Borrower to State Street in accordance with the applicable Securities Loan Agreement.