Common use of Field Exams Clause in Contracts

Field Exams. Bank (through its officers, employees or agents) shall conduct, during Borrower’s usual business hours and at Borrower’s expense, an initial field examination of Borrower’s Books and the Collateral. Thereafter, Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, annually (or more frequently if an Event of Default has occurred and is continuing), during Borrower’s usual business hours and at Borrower’s expense, to conduct additional field examinations of Borrower’s Books and the Collateral. The cost of each field examination shall be $850 per day, per examiner, plus expenses.