Collateral Reporting and Information Sample Clauses
The Collateral Reporting and Information clause requires a party to provide regular updates and detailed information regarding the status, value, and condition of collateral pledged under an agreement. Typically, this involves submitting periodic reports, financial statements, or other documentation that verifies the collateral remains sufficient and compliant with the contract's requirements. By mandating transparency and ongoing disclosure, this clause helps the secured party monitor risk and ensures that the collateral continues to adequately support the obligations, thereby reducing the likelihood of disputes or unexpected shortfalls.
Collateral Reporting and Information. (i) The Company agrees to furnish to the Agent:
(A) On or before the 15th day of each month (but more frequently upon the Agent's reasonable request), a borrowing base certificate in form and substance satisfactory to the Agent, certified by a Responsible Officer of the Company (or any other authorized officer satisfactory to the Agent), together with such confirmatory schedules of Trade Accounts Receivable and Inventory constituting Collateral (in form and substance satisfactory to the Agent) as the Agent reasonably may request. The Agent, in its sole discretion, may permit the Company to access CIT’s System for the purpose (in addition to those set forth in Section 3.7) of completing and submitting borrowing base certificates when required hereunder.
(B) On or before the 20th day of each month (but more frequently upon the Agent’s reasonable request), a detailed and summary aging report of Trade Accounts Receivable existing as of the last day of the preceding month, a roll-forward of Trade Accounts Receivable from the first day of the preceding month through the last day of the preceding month, and a summary of Inventory as of the last day of the preceding month, all in such form as the Agent reasonably shall require, certified by a Responsible Officer of the Company (or any other authorized officer satisfactory to the Agent), together with (1) a reconciliation, as of the last day of the preceding month, of the Company’s Trade Accounts Receivable aging report to the Company’s general ledger and applicable borrowing base certificate delivered by the Company to the Agent, and (2) if required by the Agent, such other information sufficient to allow the Agent to update the amount of Eligible Accounts Receivable and Eligible Inventory.
(C) On or before the 20th day of each month (but more frequently upon the Agent’s reasonable request), an aged trial balance of all the Company’s accounts payable and the total balance of accrued payables as of the last day of the preceding month.
(D) On a daily basis, a summary of cash collections and sales of refined products for the Company for the prior day, in such form as the Agent reasonably shall require.
(E) No later than 5 p.m. on Tuesday of each calendar week, a reconciliation report of Inventory on hand (for Inventory in which the Agent holds a first priority security interest), a production report for the prior week and a report of the quantities of sales of unrefined products (including the estimated market value ...
Collateral Reporting and Information. The Companies agree to furnish to the Agent:
Collateral Reporting and Information. (i) The Company agrees to furnish to the Agent:
(1) At least once each week and concurrently with the delivery of each notice of borrowing pursuant to Section 3.1(b) (but more frequently on request by the Agent if an Event of Default has occurred and is continuing), a borrowing base certificate in form and substance satisfactory to the Agent, certified by the treasurer or chief financial officer of the Company (or any other authorized officer satisfactory to the Agent), together with such confirmatory schedules of Accounts Receivable (in form and substance satisfactory to the Agent) as the Agent reasonably may request. The Agent, in its sole discretion, may permit the Company to access CIT's System for the purpose (in addition to those set forth in Section 3.7) of completing and submitting borrowing base certificates when required hereunder.
(2) On or before the 20th day of each month (but more frequently upon the Agent's reasonable request), a detailed and summary aging report of Accounts Receivable existing as of the last day of the preceding month, and a roll-forward of Accounts Receivable from the first day of the preceding month through the last day of the preceding month, both in such form as the Agent reasonably shall require, certified by the treasurer or the chief financial officer of the Company (or any other authorized officer satisfactory to the Agent), together with (x) a reconciliation, as of the last day of the preceding month, of the Company's Accounts Receivable aging report to the Company's general ledger and applicable borrowing base certificate delivered by the Company to the Agent, and (z) if required by the Agent, such other information sufficient to allow the Agent to update the amount of Eligible Accounts Receivable.
(3) On or before the 20th day of each month (but more frequently upon the Agent's reasonable request), an aged trial balance of all the Company's accounts payable as of the last day of the preceding month.
(4) Prompt written disclosure of (x) all matters adversely affecting the value, enforceability or collectibility of the Accounts Receivable, (y) all customer disputes, offsets, defenses, counterclaims, returns, rejections and all reclaimed or repossessed merchandise or goods, in each case only where the amount exceeds $5,000, and (z) all matters adversely effecting the value or marketability of the Inventory, all in such detail and format as the Agent reasonably may require, provided that to the extent that any such m...
Collateral Reporting and Information. The Company agrees to furnish to CIT:
Collateral Reporting and Information