Common use of Analysis of Accounts Clause in Contracts

Analysis of Accounts. In addition to its rights under the Senior Credit Facility, the Senior Collateral Agent shall have the right upon the occurrence and during the continuance of an Event of Default to make test verifications of the Accounts in any manner and through any medium that it considers reasonably advisable, and each Grantor shall furnish all such assistance and information as the Senior Collateral Agent may reasonably require in connection with such test verifications. At any time and from time to time upon the occurrence and during the continuance of an Event of Default, upon the Senior Collateral Agent's reasonable request and at the expense of each Grantor, each Grantor shall immediately request and use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to the Senior Collateral Agent to furnish to the Senior Collateral Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts. Upon the occurrence and during the continuance of an Event of Default, the Senior Collateral Agent in its own name or in the name of others may communicate with Account Debtors on the Accounts to verify with them to the Senior Collateral Agent's reasonable satisfaction the existence, amount and terms of any Accounts and to direct all payments to the Senior Collateral Agent. To the extent reasonably practicable the Senior Collateral Agent will seek to take such actions through third parties.

Appears in 2 contracts

Samples: Senior Subsidiary Security Agreement (Rite Aid Corp), Senior Subsidiary Security Agreement (Rite Aid Corp)

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Analysis of Accounts. In addition to its their rights under the Senior Credit FacilityAgreement, the Senior Collateral Agent Agents shall have the right upon the occurrence and during the continuance of an Event of Default to make test verifications of the Accounts in any manner and through any medium that it they considers reasonably advisable, and each Grantor shall furnish all such assistance and information as the Senior Collateral Agent Agents may reasonably require in connection with such test verifications. At any time and from time to time upon the occurrence and during the continuance of an Event of Default, upon the Senior Collateral Agent's Agents' reasonable request and at the expense of each Grantor, each Grantor shall immediately request and use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to the Senior Collateral Agent Agents to furnish to the Senior Collateral Agent Agents reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts. Upon the occurrence and during the continuance of an Event of Default, the Senior Collateral Agent Agents in its their own name names or in the name of others may communicate with Account Debtors on the Accounts to verify with them to the Senior Collateral Agent's Agents' reasonable satisfaction the existence, amount and terms of any Accounts and to direct all payments to the Senior Collateral AgentAgents. To the extent reasonably practicable the Senior Collateral Agent Agents will seek to take such actions through third parties.

Appears in 1 contract

Samples: Senior Subsidiary Security Agreement (Rite Aid Corp)

Analysis of Accounts. In addition to its their rights under the Senior Credit FacilityAgreement, the Senior Collateral Agent Agents shall have the right upon the occurrence and during the continuance of an Event of Default to make test verifications of the Accounts in any manner and through any medium that it they considers reasonably advisable, and each Grantor shall furnish all such assistance and information as the Senior Collateral Agent Agents may reasonably require in connection with such test verifications. At any time and from time to time upon the occurrence and during the continuance of an Event of Default, upon the Senior Collateral Agent's Agents’ reasonable request and at the expense of each Grantor, each Grantor shall immediately request and use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to the Senior Collateral Agent Agents to furnish to the Senior Collateral Agent Agents reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts. Upon the occurrence and during the continuance of an Event of Default, the Senior Collateral Agent Agents in its their own name names or in the name of others may communicate with Account Debtors on the Accounts to verify with them to the Senior Collateral Agent's Agents’ reasonable satisfaction the existence, amount and terms of any Accounts and to direct all payments to the Senior Collateral AgentAgents. To the extent reasonably practicable the Senior Collateral Agent Agents will seek to take such actions through third parties.

Appears in 1 contract

Samples: Senior Subsidiary Security Agreement (Rite Aid Corp)

Analysis of Accounts. In addition to its their rights under the Senior Credit FacilityAgreement, the Senior Collateral Borrowing Base Agent shall have the right upon the occurrence and during the continuance of an Event of Default to make test verifications of the Accounts in any manner and through any medium that it they considers reasonably advisable, and each Grantor shall furnish all such assistance and information as the Senior Collateral Borrowing Base Agent may reasonably require in connection with such test verifications. At any time and from time to time upon the occurrence and during the continuance of an Event of Default, upon the Senior Collateral Borrowing Base Agent's ’s reasonable request and at the expense of each Grantor, each Grantor shall immediately request and use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to the Senior Collateral Borrowing Base Agent to furnish to the Senior Collateral Borrowing Base Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts. Upon the occurrence and during the continuance of an Event of Default, the Senior Collateral Agent in its own name or in the name of others may communicate with Account Debtors on the Accounts to verify with them to the Senior Collateral Borrowing Base Agent's ’s reasonable satisfaction the existence, amount and terms of any Accounts and to direct all payments to the Senior Collateral Agent. To the extent reasonably practicable the Senior Collateral Borrowing Base Agent will seek to take such actions through third parties. SECTION 5.03.

Appears in 1 contract

Samples: Senior Security Agreement

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Analysis of Accounts. In addition to its their rights under the Senior Credit FacilityAgreement, the Senior Collateral Borrowing Base Agent shall have the right upon the occurrence and during the continuance of an Event of Default to make test verifications of the Accounts in any manner and through any medium that it they considers reasonably advisable, and each Grantor shall furnish all such assistance and information as the Senior Collateral Borrowing Base Agent may reasonably require in connection with such test verifications. At any time and from time to time upon the occurrence and during the continuance of an Event of Default, upon the Senior Collateral Borrowing Base Agent's ’s reasonable request and at the expense of each Grantor, each Grantor shall immediately request and use commercially reasonable efforts to cause independent public accountants or others reasonably satisfactory to the Senior Collateral Borrowing Base Agent to furnish to the Senior Collateral Borrowing Base Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts. Upon the occurrence and during the continuance of an Event of Default, the Senior Collateral Agent in its own name or in the name of others may communicate with Account Debtors on the Accounts to verify with them to the Senior Collateral Borrowing Base Agent's ’s reasonable satisfaction the existence, amount and terms of any Accounts and to direct all payments to the Senior Collateral Agent. To the extent reasonably practicable the Senior Collateral Borrowing Base Agent will seek to take such actions through third parties.

Appears in 1 contract

Samples: Senior Subsidiary Security Agreement (Rite Aid Corp)

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