Collateral Exam. Within 180 days after the Closing Date and at such other times as reasonably requested, the Borrowers shall permit the Agent or its designee to conduct a collateral field audit at the sole cost and expense of the Borrowers, and such collateral field audit shall be reasonably satisfactory to the Agent in scope and result; provided, however, that so long as no Default or Event of Default exists, the Agent shall not request more than two (2) collateral exams and two (2) inventory appraisals in any Fiscal Year. The Agent shall have obtained, at the Borrowers’ expense, results of (i) an updated field examination on or before September 28, 2013 and (ii) an updated inventory appraisal on or before March 29, 2014, each of which shall be used for, among other things, updating the Borrowing Base, and the parties hereto hereby agree that field exam and inventory appraisal shall not be included in determining the number of collateral exams and/or inventory appraisals requested in any fiscal year.
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Sources: Credit Agreement, Credit Agreement (Parametric Sound Corp)
Collateral Exam. Within 180 days after the Closing Date and at such other times as reasonably requested, the Borrowers shall permit the Agent or its designee to conduct a collateral field audit at the sole cost and expense of the Borrowers, and such collateral field audit shall be reasonably satisfactory to the Agent in scope and result; provided, however, that so long as no Default or Event of Default exists, the Agent shall not request more than two (2) collateral exams and two (2) inventory appraisals in any Fiscal Year. The Agent shall have obtained, at the Borrowers’ expense, results of (i) an updated field examination on or before September 2830, 2013 and (ii) an updated inventory appraisal on or before March 2931, 2014, each of which shall be used for, among other things, updating the Borrowing Base, and the parties hereto hereby agree that field exam and inventory appraisal shall not be included in determining the number of collateral exams and/or inventory appraisals requested in any fiscal year.
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