Common use of Right to Audit and Inspect Clause in Contracts

Right to Audit and Inspect. Borrower shall permit any representative of Lender, at any reasonable time but no less than annually, on or before March 31st, to inspect, audit, examine and make extracts or copies from all books, records and other data relating to the Collateral, to inspect any of Borrower’s properties, to confirm balances due on accounts by direct inquiry to account debtors, and shall furnish Lender with all information regarding the business or finances of Borrower promptly upon Lender’s request. Borrower agrees to pay for Lender’s reasonable fees and expenses related to such audits, provided however, so long as no Event of Default exists the Borrower shall be obligated to pay for Lender’s reasonable fees and expenses for only annual audits. The Lender is permitted to conduct audits with a greater frequency but at Lenders expense so long as no Event of Default exists. Borrower shall pay for all such audits and inspections if an Event of Default exists at the time of such audit or inspection.

Right to Audit and Inspect. Borrower shall permit any representative of Lender, at any reasonable time but no less than annually, on or before March 31stJune 30th, to inspect, audit, examine and make extracts or copies from all books, records and other data relating to the Collateral, to inspect any of Borrower’s properties, to confirm balances due on accounts by direct inquiry to account debtors, and shall furnish Lender with all information regarding the business or finances of Borrower promptly upon Lender’s request. Borrower agrees to pay for Lender’s reasonable fees and expenses related to such audits, provided however, so long as no Event of Default exists the Borrower shall be obligated to pay for Lender’s reasonable fees and expenses for only annual audits. The Lender is permitted to conduct audits with a greater frequency but at Lenders expense so long as no Event of Default exists. Borrower shall pay for all such audits and inspections if an Event of Default exists at the time of such audit or inspection.. The definition entitled “Borrowing Base” is hereby amended and restated as follows: