Common use of Right to Inspect and Verify Clause in Contracts

Right to Inspect and Verify. Lender (through any of its officers, employees, or agents) shall have the right, at Borrower’s sole expense, from time to time hereafter (a) to inspect the Books and make copies or abstracts thereof, during normal business hours and subject to the rights of tenants who are not Affiliates of Borrower, (b) from time to time, to communicate directly with any and all Account Debtors to verify the existence and terms thereof, and (c) from time to time, to check, test, and appraise Borrower Collateral, or any portion thereof, in order to verify Borrower’s financial condition or the amount, quality, value, condition of, or any other matter relating to, Borrower Collateral; and Borrower shall permit any designated representative of Lender to visit and inspect any of the properties of Borrower to inspect and to discuss its finances and properties and Borrower Collateral, upon reasonable notice and at such reasonable times during normal business hours and subject to the rights of tenants who are not Affiliates of Borrower and as often as may be reasonably requested.

Appears in 2 contracts

Sources: Term Loan and Security Agreement, Term Loan and Security Agreement (Lexicon Pharmaceuticals, Inc.)