Common use of Loan Account and Accounting Clause in Contracts

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term Loans, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 5 contracts

Samples: Credit Agreement (Rand Logistics, Inc.), Credit Agreement (Rand Logistics, Inc.), Credit Agreement (Rand Logistics, Inc.)

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Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansAdvances, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to itBorrowers.

Appears in 3 contracts

Samples: Credit Agreement (Milacron Inc), Credit Agreement (Milacron Inc), Credit Agreement (Milacron Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansRevolving Loan Advances, all payments made by a Borrowerthe Borrower or any other Credit Party, and all other debits and credits as provided in this Agreement with respect to the Loans Revolving Loan or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by the Borrower and each Borrowerother Credit Party; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a the Borrower's ’s or any other Credit Party’s duty to pay the Obligations. Agent shall render to Borrowers the Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify the Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a the Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 3 contracts

Samples: Credit Agreement, Credit Agreement (Blockbuster Inc), Credit Agreement

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: record all Advances and the Term Loans, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) 30 days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 2 contracts

Samples: Credit Agreement (Ddi Corp), Credit Agreement (Ddi Corp)

Loan Account and Accounting. (a) Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term Loans, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any the Lender may elect (which election may be revoked) has elected to dispense with the issuance of Notes notes to that Lender and may shall rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 2 contracts

Samples: Credit Agreement (Rand Logistics, Inc.), Credit Agreement (Rand Logistics, Inc.)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: record all Advances and the Term Loans, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) 30 days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Ddi Corp)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: record all Advances Advances, the Term Loan and the Term LoansB Loan, all payments made by a or on behalf of Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, shall be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five ninety (4590) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected thereindeemed conclusive. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Roller Bearing Co of America Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansAdvances, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Caraustar Industries Inc)

Loan Account and Accounting. (a) Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term Loans, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Rand Logistics, Inc.)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansAdvances, all payments made by a Borroweror on behalf of the Borrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrowerthe Borrowers; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's the Borrowers’ duty to pay the Obligations. Upon request (but not more frequently than monthly) Agent shall render to the Borrowers a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless the Borrowers notify Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrowerthe Borrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Devcon International Corp)

Loan Account and Accounting. (a) Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansAdvances, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Rand Logistics, Inc.)

Loan Account and Accounting. Agent Lender shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansRevolving Credit Advances, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with AgentLender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on AgentLender's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders Lender by each Borrower; provided provided, that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent Lender shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Agent Borrower notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Revolving Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Astec Industries Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to recordand records: all Advances and the Term Loans, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Term Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Term Loans setting forth the balance of the Loan Account as to Borrower for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five sixty (4560) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be deemed presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Term Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Visteon Corp)

Loan Account and Accounting. Agent Lender shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansRevolving Credit Advances, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans Revolving Loan or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's Lender’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's Lender’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders Lender by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's ’s duty to pay the Obligations. Agent Lender shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans Revolving Loan setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Agent Borrower notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Newtek Business Services Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan AccountLOAN ACCOUNT") on its books to record: record all Advances and the Term LoansLoan, all payments made by a or on behalf of Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, shall be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) 90 days of receipt after the date thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected thereindeemed conclusive. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Roller Bearing Co of America Inc)

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Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansAdvances, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each BorrowerBorrowers; provided provided, that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five sixty (4560) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Oregon Steel Mills Inc)

Loan Account and Accounting. Agent Lender shall maintain a loan account or loan accounts (the "Loan AccountLOAN ACCOUNT") on its books to record: all Advances and the Term LoansAdvances, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with AgentLender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on AgentLender's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders Lender by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent Within ten (10) Business Days after the end of each month, Lender shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding one month. Unless Borrowers notify Agent Borrower notifies Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to (or related to items expressly objected to) in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Loan Agreement (Winston Hotels Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term Loans, all payments made by a Borrowerthe Borrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrowerthe Borrowers; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to the Borrowers for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) days of receipt thereofafter the date Agent delivers such accounting to Borrower Representative, each and every such accounting shall, shall (absent manifest error) be deemed final, be presumptive evidence of binding and conclusive on Borrowers in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Penn Traffic Co)

Loan Account and Accounting. (a) Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansLoan, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) 30 days of receipt after the date thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of deemed final, binding and conclusive on Borrower in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Otelco Inc.)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances Advances, the Term Loan A and the Term LoansLoan B, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) 30 days of receipt after the date thereof, each and every such accounting shall, absent manifest error, be presumptive evidence of deemed final, binding and conclusive on Borrower in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Butler International Inc /Md/)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan AccountLOAN ACCOUNT") on its books to record: all Advances and the Term LoansAdvances, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's most recent printout or other written statement, shall, absent manifest demonstrable error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five (45) 30 days of receipt after the date thereof, each and every such accounting shall, absent manifest demonstrable error, be presumptive evidence of deemed final, binding and conclusive on Borrower in all respects as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Wesco International Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and record the Term LoansLoan, all payments made by a Borrower, and all other debits and credits as provided in this Agreement with respect to the Loans Term Loan or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower a monthly accounting of transactions with respect to the Loans Term Loan setting forth the balance of the Loan Account as to Borrower for the immediately preceding month. Unless Borrowers notify Borrower notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days of receipt after the date thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a Borrower. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Energy Coal Resources, Inc.)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansAdvances, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest demonstrable error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five sixty (4560) days after the date of Borrower Representative’s receipt thereof, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Gateway Inc)

Loan Account and Accounting. Agent shall maintain a loan account or loan accounts (the "Loan Account") on its books to record: all Advances and the Term LoansLetter of Credit Obligations, all payments made by a BorrowerBorrowers, and all other debits and credits as provided in this Agreement with respect to the Loans or any other Obligations. All entries in the Loan Account shall be made in accordance with Agent's ’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's ’s most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent and Lenders by each Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect a any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrowers a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrowers notify Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within forty-five thirty (4530) days after the date of receipt thereofdelivery of such notice, each and every such accounting shall, absent manifest error, shall be presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by a BorrowerBorrowers. Notwithstanding any provision herein contained to the contrary, any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Credit Agreement (Palace Entertainment Holdings, Inc.)

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