Common use of Audits and Appraisals Clause in Contracts

Audits and Appraisals. (a) So long as no Event of Default has occurred and is continuing, the Administrative Agent may, from time to time, conduct commercial finance audits of the Borrowers’ books and records (in each event, at the Administrative Agent’s expense), such exams to be conducted not more than once during any one (1) consecutive twelve (12) month period. After the occurrence of an Event of Default which is continuing, the Administrative Agent may, from time to time, conduct commercial finance audits of the Borrowers’ books and records (in each event, at the Borrowers’ expense, but not to exceed $5,000.00 per exam). (b) The Administrative Agent, at the expense of the Borrowers, may participate in and/or observe each physical count and/or inventory of Inventory which is undertaken on behalf of the Borrowers. (c) Upon the Administrative Agent’s reasonable request after the occurrence and during the continuance of an Event of Default, the Borrowers shall permit the Administrative Agent to obtain appraisals of the Borrowers’ assets (in all events, at the Borrowers’ expense) conducted by such appraisers as are satisfactory to the Administrative Agent.

Audits and Appraisals. (a) So long as no Event of Default has occurred and is continuing, the Administrative Agent may, from time to time, conduct commercial finance audits of the Borrowers’ ' books and records (in each event, at the Administrative Agent’s 's expense), such exams to be conducted not more than once during any one (1) consecutive twelve (12) month period. After the occurrence of an Event of Default which is continuing, the Administrative Agent may, from time to time, conduct commercial finance audits of the Borrowers’ ' books and records (in each event, at the Borrowers’ ' expense, but not to exceed $5,000.00 per exam). (b) The Administrative Agent, at the expense of the Borrowers, may participate in and/or observe each physical count and/or inventory of Inventory which is undertaken on behalf of the Borrowers. (c) Upon the Administrative Agent’s 's reasonable request after the occurrence and during the continuance of an Event of Default, the Borrowers shall permit the Administrative Agent to obtain appraisals of the Borrowers’ ' assets (in all events, at the Borrowers’ ' expense) conducted by such appraisers as are satisfactory to the Administrative Agent.