Common use of Borrowing Base Audit Clause in Contracts

Borrowing Base Audit. Two times during any Fiscal Year, as of a date to be designated by the Administrative Agent, but at the cost of the Borrowers, a report of a collateral field examiner approved by the Administrative Agent in writing and reasonably acceptable to the Borrowers (which may be the Administrative Agent or an affiliate thereof) with respect to the Eligible Accounts, Eligible Included-In-Transit Inventory, Eligible Bailee Inventory and Eligible Inventory components for each of the Borrowers included in the US Borrowing Base and the Canadian Borrowing Base and such other matters regarding the Credit Parties or the Collateral as the Administrative Agent or the Canadian Administrative Agent shall reasonably require, and after the occurrence and during the continuance of a Default or if Excess Availability shall fall below $15,000,000, the Administrative Agent shall have the option to receive at the cost of the Borrowers such additional reports as the Administrative Agent or the Required Lenders shall reasonably request.

Borrowing Base Audit. Two times during any Fiscal Year, as of a date to be designated by the Administrative Agent, but at the cost of the Borrowers, a report of a collateral field examiner approved by the Administrative Agent in writing and reasonably acceptable to the Borrowers (which may be the Administrative Agent or an affiliate thereof) with respect to the Eligible Accounts, Eligible Included-In-Transit Inventory, Eligible Bailee Inventory and Eligible Inventory components for each of the Borrowers included in the US Borrowing Base and the Canadian Borrowing Base and such other matters regarding the Credit Parties or the Collateral as the Administrative Agent or the Canadian Administrative Agent shall reasonably require, and after the occurrence and during the continuance of a Default or if Excess Availability shall fall below $15,000,000, the Administrative Agent shall have the option to receive at the cost of the Borrowers such additional reports as the Administrative Agent or the Required Lenders shall reasonably request.