Common use of Collateral Report Clause in Contracts

Collateral Report. Upon the request of the Lender from time to time after the occurrence and during the continuation of an Event of Default, the Borrower will, at its own cost and expense, obtain and deliver to the Lender a report of an independent collateral auditor satisfactory to the Lender (which may be, or be affiliated with, the Lender) with respect to the Collateral, which report shall indicate whether or not the information set forth in the Accounts Receivable/Payable Report most recently delivered is accurate and complete in all material respects based upon a review by such auditors of the accounts (including verification with respect to the amount, aging, identity and credit of the respective account debtors and the billing practices of the Borrower and its Subsidiaries).