Common use of Audit and Collateral Monitoring Fees Clause in Contracts

Audit and Collateral Monitoring Fees. The Borrowers acknowledge that pursuant to Section 7.01(f), representatives of the Agent may visit any or all of the Loan Parties and/or conduct audits, inspections, valuations and/or field examinations of any or all of the Loan Parties at any time and from time to time in a manner so as to not unduly disrupt the business of the Loan Parties. If an Event of Default has occurred and is continuing, the Borrowers agree to pay the cost of all visits, audits, inspections, valuations and field examinations conducted by a third party on behalf of the Agent.

Audit and Collateral Monitoring Fees. The Borrowers acknowledge Borrower acknowledges that pursuant to Section 7.01(f), representatives of the Agent may visit any or all of the Loan Parties and/or conduct audits, inspections, appraisals, valuations and/or field examinations of any or all of the Loan Parties at or any time and from time to time in a manner so as to not unduly disrupt the business of the Loan Parties. If an Event of Default has occurred and is continuing, the Borrowers agree to pay the cost of Collateral (all visits, such audits, inspections, appraisals, valuations and and/or field examinations are hereinafter referred to collectively as “Inspections”). The Borrower agrees to pay out of pocket costs and reasonable expenses incurred in connection with all such Inspections and the actual cost of all Inspections conducted by a third party on behalf of the Agent.