Common use of Inspection; Verification Clause in Contracts

Inspection; Verification. During regular business hours and with prior notice and after reasonable notice, to the Company, the Bank (by any of its officers, employees, agents, representatives, or designees) shall have the right to inspect the Company's Collateral and to inspect and audit, all books, records, journals, orders, receipts, or other correspondence related thereto (and to make extracts or copies thereof as the Bank may desire) and to inspect the premises upon which any of the Collateral is located for the purpose of verifying the amount, quality, quantity, value, and condition of, or any other matter relating to, the Collateral, provided, however, that upon the occurrence and during the continuance of an Event of Default, the Bank may exercise such access and other rights at any time the Bank deems such action necessary or desirable. In addition to inspections as outlined above, the Bank or its designee shall have the right to make test verifications of the Accounts Receivable and other Collateral and physical verifications of the Inventory and other tangible items of the Collateral in any manner and through any commercially reasonable medium that the Bank considers advisable, and the Company agrees to furnish all such assistance and information as the Bank may require in connection therewith. The Company shall pay the costs for each of one such inspection and one such verification in each 12-month period; provided that if an Event of Default has occurred and is continuing, the Company shall pay the costs of all such inspections and verifications.

Inspection; Verification. During regular business hours and with prior notice and after reasonable notice, to the Company, the Bank (by any of its officers, employees, agents, representatives, or designees) shall have the right to inspect the Company's Collateral and to inspect and audit, all books, records, journals, orders, receipts, or other correspondence related thereto (and to make extracts or copies thereof as the Bank may desire) and to inspect the premises upon which any of the Collateral is located for the purpose of verifying the amount, quality, quantity, value, and condition of, or any other matter relating to, the Collateral, provided, however, that upon the occurrence and during the continuance of an Event of Default, the Bank may exercise such access and other rights at any time the Bank deems such action necessary or desirable. In addition to inspections as outlined above, the Bank or its designee shall have the right to make test verifications of the Accounts Receivable and other Collateral and physical verifications of the Inventory and other tangible items of the Collateral in any manner and through any commercially reasonable medium that the Bank considers advisable, and the Company agrees to furnish all such assistance and information as the Bank may require in connection therewith. The Company shall pay the costs for each of one such inspection and one such verification in each 12-month period; provided PROVIDED, HOWEVER that if an Event of Default has occurred and is continuing, the Company shall pay the costs of all such inspections and verifications.