Common use of Audit Expense Clause in Contracts

Audit Expense. The Borrower agrees to reimburse the Bank for the cost of periodic audits of all collateral pledged to the Bank which may be conducted no more frequently than twice each calendar year and at a cost of no more than $2,000.00 per audit. The audits may be performed by employees of the Bank or independent contractors retained by the Bank.

Audit Expense. The Borrower agrees to reimburse the Bank for the cost of periodic audits of all collateral pledged granted to the Bank by the Borrower, which may be conducted no more frequently than twice at such intervals as the Bank may reasonably require but limited to a maximum of one audit each calendar year and at a cost of no more than $2,000.00 per audit. The audits may will be performed by employees of only if the Bank or independent contractors retained average outstanding principal under the Line exceeds $250,000.00 in any calendar year. Reimbursement for by the BankBorrower will be limited to one audit each calendar year, with a maximum reimbursement of $1,500.00.