Common use of Field Audits Clause in Contracts

Field Audits. The Broker/Dealer shall permit the Lender to inspect the tangible assets and/or other business operations of the Broker/Dealer, to perform appraisals of the equipment of the Broker/Dealer, and to inspect, audit, check and make copies of, and extracts from, the books, records, computer data, journals, orders, receipts, correspondence and other data relating to accounts. Such inspections or audits will be limited to no more than once per calendar year provided that no Event of Default has occurred and is continuing. Unless an Event of Default shall have occurred and is continuing, all such inspections or audits that the Lender conducts during any calendar year shall be at the Lender’s sole expense.