Common use of Inspection and Reporting Clause in Contracts

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) (i) to examine and make copies of and abstracts from any Grantor’s Records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisals, valuations and/or examinations at the locations of any Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent may, at any time (with reasonable prior notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required), in the Collateral Agent’s own name or in the name of a nominee of the Collateral Agent communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 2 contracts

Sources: Security and Pledge Agreement (Eastside Distilling, Inc.), Security and Pledge Agreement (BitNile Metaverse, Inc.)

Inspection and Reporting. Each Grantor shall permit the Collateral AgentSecured Party, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent Secured Party may designate (at Grantors’ sole cost and expense), during business hours and upon prior reasonable notice (except where an Event of Default has occurredreasonable, such prior written notice shall not apply) notice, (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor; provided that, unless a Default or an Event of Default has occurred and is continuing, such examinations and inspections shall be limited to four visits per calendar year. Each Grantor shall also permit the Collateral AgentSecured Party, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent Secured Party may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent Secured Party may, at any time upon no less than two (with reasonable prior 2) days’ written notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)the Company, in the Collateral AgentSecured Party’s own name or name, in the name of a nominee of the Collateral Agent Secured Party, or in the name of any Grantor direct such Grantor to communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral AgentSecured Party’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (Akerna Corp.)

Inspection and Reporting. Each Grantor shall permit the Collateral AgentSecured Party, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent Secured Party may designate (at Grantors’ sole cost and expense), during business hours and upon prior reasonable notice (except where an Event of Default has occurredreasonable, such prior written notice shall not apply) notice, (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor; provided that, unless a Default or an Event of Default has occurred and is continuing, such examinations and inspections shall be limited to four visits per calendar year. Each Grantor shall also permit the Collateral AgentSecured Party, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent Secured Party may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent Secured Party may, at any time upon no less than two (with reasonable prior 2) days’ written notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)the Company, in the Collateral AgentSecured Party’s own name or name, in the name of a nominee of the Collateral Agent Secured Party, or in the name of any Grantor direct such Grantor to communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral AgentSecured Party’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms Security Agreement and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).Pledge

Appears in 1 contract

Sources: Security and Pledge Agreement (Akerna Corp.)

Inspection and Reporting. Each Grantor shall permit the Collateral AgentSecured Party, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent Secured Party may designate (at Grantors’ sole cost and expense), during business hours and upon prior reasonable notice (except where an Event of Default has occurredreasonable, such prior written notice shall not apply) notice, (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor; provided that, unless a Default or an Event of Default has occurred and is continuing, such examinations and inspections shall be limited to four visits per calendar year. Each Grantor shall also permit the Collateral AgentSecured Party, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent Secured Party may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent Secured Party may, at any time upon no less than two (with reasonable prior 2) days’ written notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)the Company, in the Collateral AgentSecured Party’s own name or name, in the name of a nominee of the Collateral Agent Secured Party, or in the name of any Grantor direct such Grantor to communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral AgentSecured Party’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms Security Agreement and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).Pledge 21

Appears in 1 contract

Sources: Security and Pledge Agreement (Akerna Corp.)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) upon reasonable notice, to visit and inspect its propertiesproperties accompanied by a representative of Grantor, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent may, at any time upon no less than two (with reasonable prior 2) days’ notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)the Company, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (One Stop Systems, Inc.)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), expense not to exceed $5,000 per examination) after executing confidentiality agreement in form and substance satisfactory to Grantor no more than one every six months during normal business hours upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, solely upon an Event of Default the Collateral Agent may, at any time (with reasonable prior notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)time, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (CVSL Inc.)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor; provided, that absent the occurrence and continuance of an Event of Default, the Collateral Agent may not exercise such rights more than once per calendar year. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives; provided, that absent the occurrence and continuance of an Event of Default, the Collateral Agent may not exercise such rights more than once per calendar year. Without limiting the foregoing, the Collateral Agent may, at any time (with reasonable prior notice to a Grantor (except, if upon the occurrence and during the continuance of an Event of Default shall have occurred, no such notice shall be required)Default, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (Ipsidy Inc.)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) (i) to examine and make copies of and abstracts from any Grantor’s Records and books of account, (ii) to visit and inspect its propertiesproperties during normal business hours, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisals, valuations and/or examinations at the locations of any Grantor (unless an Event of Default shall have occurred and be continuing, the foregoing will not be required more than once each fiscal year of such Grantor). Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representativesrepresentatives (provided that such Grantor shall be offered the opportunity to be present). Without limiting the foregoing, if an Event of Default shall have occurred and be continuing, the Collateral Agent may, at any time (with reasonable prior notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)time, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (Arcimoto Inc)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) (ix)(i) to examine and make copies of and abstracts from any Grantor’s Records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisals, valuations and/or examinations at the locations of any Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate and (y) to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representativesrepresentatives provided that unless an Event of Default has occurred and is continuing, the Collateral Agent may not conduct more than once in any calendar year inspections under this Section 7 and under Section 6(f)(i). Without limiting the foregoing, the Collateral Agent may, at any time (with reasonable prior notice to a Grantor (except, if that an Event of Default shall have occurred, no such notice shall be required)has occurred and is continuing, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (Fisker Inc./De)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense; provided that prior to the occurrence of an Event of Default, no Grantor shall be required to expend funds pursuant to this paragraph more than once in any calendar year), upon prior reasonable no less than ten days’ notice (except where an Event of Default has occurred, to such prior written notice shall not apply) Grantor (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent may, at any time upon no less than three (with reasonable prior 3) Business Days’ notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)the Company, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Securities Purchase Agreement (Delcath Systems, Inc.)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense), ) at any time upon prior reasonable notice (except where an Event of Default has occurred, such prior written notice shall not apply) during reasonable business hours (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor, provided, that, except upon the occurrence of an Event of Default, such audits, physical counts, appraisals and/or valuations and examinations shall not be conducted more than once annually in the Collateral Agent’s sole discretion. The Collateral Agent acknowledges and agrees that such inspections set forth above shall not interfere with the operation of each Grantor’s business and all information in the books and records of each Grantor shall remain confidential. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, managerial employees, attorneys, independent accountants or any of its other representativesrepresentatives at any time upon reasonable notice during reasonable business hours. Without limiting the foregoing, at any the Collateral Agent may, at any time (with upon reasonable prior notice to a Grantor the Grantors (except, if except upon the occurrence of an Event of Default shall have occurred, no such notice shall be requiredDefault), in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (Boston Therapeutics, Inc.)

Inspection and Reporting. Each Grantor shall permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountant or other professionals or other Persons (the “Representatives”) as the Collateral Agent may designate (at Grantors’ sole cost and expense)expense for reasonable fees, upon prior reasonable notice (except where and, provided that an Event of Default has not occurred, not more frequently one such prior written notice shall not applyinspection every six months during normal business hours and upon reasonable advance notice) (i) to examine and make copies of and abstracts from any Grantor’s Records records and books of account, (ii) to visit and inspect its properties, (iii) to verify materials, leases, Instruments, Accounts, Inventory and other assets of any Grantor from time to time, and (iv) to conduct audits, physical counts, appraisalsappraisals and/or valuations, valuations and/or examinations at the locations of any Grantor. Each Grantor shall also permit the Collateral Agent, or any agent or representatives thereof or such attorneys, accountants or other professionals or other Persons as the Collateral Agent may designate to discuss such Grantor’s affairs, finances and accounts with any of its directors, officers, members, managers, managerial employees, attorneys, independent accountants or any of its other representatives. Without limiting the foregoing, the Collateral Agent may, at any time (with reasonable prior notice to a Grantor (except, if an Event of Default shall have occurred, no such notice shall be required)time, in the Collateral Agent’s own name or name, in the name of a nominee of the Collateral Agent Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of such Grantor, parties to contracts with such Grantor and/or obligors in respect of Instruments or Pledged Debt of such Grantor to verify with such Persons, to the Collateral Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Pledged Debt, Chattel Paper, payment intangibles and/or other receivables. The Grantor may require any such Representative to execute the Grantor’s standard form of non-disclosure agreement to perform the services contemplated hereunder under terms and conditions no more restrictive than is required of the Collateral Agent under any Transaction Document and for which the intention or consequence is to limit the Collateral Agent’s right to inspection and reporting as set forth in this Section 6(l).

Appears in 1 contract

Sources: Security and Pledge Agreement (Duos Technologies Group, Inc.)