Common use of Loan Account and Accounting Clause in Contracts

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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: Possession Credit Agreement (Mirant Corp)

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Loan Account and Accounting. Agent Lender shall maintain a loan account --------------------------- (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by ------------- Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's duty to pay the Obligations. Agent Lender shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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 a Note 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 (Intercept Group Inc)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: all Revolving Credit Advances, Advances and each of the Term Loans; all payments made by BorrowersBorrower, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding monthBorrower. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty forty-five (3045) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers upon 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 BorrowersBorrower. 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 (Morton Industrial Group Inc)

Loan Account and Accounting. Agent Administrative Agent, acting as agent for Lenders and solely for the purpose of Treasury Regulation Section 5f.103-1(c) under this Section 1.12, shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advances, all Synthetic Loan Credit-Linked Deposits, all payments made by BorrowersBorrower, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers Borrower and Administrative Agent shall treat each Person Lender whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Administrative Agent and Lenders by Borrowers Borrower will be paid only to those Persons Lenders entered in the Loan Account as such. All entries in the Loan Account shall be made in accordance with Administrative Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative 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 any Borrower's duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty sixty (3060) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers in all respects presumptive evidence as to all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. 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 itLender.

Appears in 1 contract

Samples: Credit Agreement (Kmart Holding Corp)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: all Revolving Advances and the Obligations under the Pre-Petition Credit Advances, Agreement; all payments made by BorrowersBorrower, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding monthBorrower. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty forty-five (3045) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers upon 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 BorrowersBorrower. 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: Assignment Agreement (Morton Industrial Group Inc)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Advances and payments made under Letter of Credit AdvancesObligations, all payments made by Borrowers, Borrower and all other appropriate debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. All entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time. Borrower shall pay all Obligations as such amounts become due or are declared due pursuant to the terms of this Agreement. 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 provided, that, any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty obligations to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to under the Revolving Loans Loans, setting forth the balance of the Loan Account as to each Borrower for the immediately preceding monthAccount. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each Each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers upon Borrower in all respects as to all matters reflected therein, unless Borrower, within thirty (30) days after the date any such accounting is rendered, shall notify Agent in writing of any objection which Borrower may have to any such accounting, describing the basis for such objection with specificity. Only In that event, only those items expressly objected to in such notice shall be deemed to be disputed by BorrowersBorrower. Notwithstanding Agent's determination, based upon the facts available, of any provision herein contained item objected to the contraryby Borrower in such notice shall be presumptively correct, any Lender may elect (which election may be revoked) unless Borrower shall further object to dispense with the issuance such determination within a reasonable period 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 itthereafter.

Appears in 1 contract

Samples: Credit Agreement (Artra Group Inc)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's Borrowers’ duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty sixty (3060) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers in all respects as to presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. 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 a Note to that Lender and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to it. Each Borrower shall at all times be deemed to be primarily liable for a portion of the aggregate outstanding balance of the Revolving Loan and any other Obligations that is equivalent to the percentage of such Borrower’s share of the Borrowing Base as reflected on the most recently delivered Borrowing Base certificate. Notwithstanding the foregoing, each Borrower hereby agrees that such Borrower is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to Agent and Lenders and their respective successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Obligations owed or hereafter owing to Agent and Lenders by each other Borrower.

Appears in 1 contract

Samples: Credit Agreement (Drugmax Inc)

Loan Account and Accounting. Administrative Agent shall maintain a loan account accounts (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans Loan or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. All entries in the Loan Account shall be made in accordance with Administrative Agent's customary accounting practices as in effect from time to time. The Subject to the Borrowers' right to object in accordance with the terms and conditions set forth below, the balance in the Loan Account, as recorded on Administrative Agent's most recent printout or other written statementstatement (which printout or statement shall be delivered to Borrower Representative upon its reasonable request), shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative 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 any Borrower's duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans Loan setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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: Loan Agreement (Asta Funding Inc)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books (such Loan Account shall be for accounting purposes only and shall not be a bank account) to record: (a) all Revolving Credit Advances, (b) all payments made by BorrowersBorrower, and (c) all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly periodic accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding monthAccount. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting account (specifically describing the basis for such objection), within thirty ninety (3090) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers upon Borrower in all respects as to all matters reflected thereintherein unless Borrower, within ninety (90) days after the date any such accounting is rendered, shall notify Agent in writing of any objection which Borrower may have to any such accounting, describing the basis for such objection with specificity. Only In that event, only those items expressly objected to in such notice shall be deemed to be disputed by BorrowersBorrower. Notwithstanding Agent's determination, based upon the facts available, of any provision herein contained item objected to by Borrower in such notice shall (absent manifest error) be final, binding and conclusive on Borrower, unless Borrower shall, at Borrower's expense, request Agent's independent auditor to resolve such objection within thirty (30) days following Agent's notification to Borrower of such determination, in which event the contraryresolution by Agent's independent auditor shall be final, any Lender may elect (which election may be revoked) to dispense with the issuance of Revolving Notes to that Lender conclusive and may rely on the Loan Account as evidence of the amount of Obligations from time to time owing to itbinding.

Appears in 1 contract

Samples: Loan Agreement (Bti Telecom Corp)

Loan Account and Accounting. Agent shall maintain maintain, in its offices located in Bethesda, Maryland, a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: all Revolving Credit Advancesthe Loan, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans Loan or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as suchIndebtedness. 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 BorrowerBorrowers; provided provided, that any failure to so record or any error in so recording shall not limit limit, increase or otherwise affect any Borrower's duty to pay the ObligationsIndebtedness. Not more than five (5) Business Days after the end of each month, Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans Loan setting forth each transaction or other entry and the balance of the Loan Account as to each Borrower Borrowers for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing in reasonable detail the basis for such objection), within thirty (30) 30 days after the date thereofBorrowers' receipt of such monthly accounting, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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 a Note to that Lender and may rely on the Loan Account as evidence of the amount of Obligations Indebtedness from time to time owing to it.. EXECUTED as of the date first written above. LENDERS: GECC: GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation By: /s/ Xxxx Xxxxx ---------------------------------- Name: Xxxx Xxxxx Title: Vice President MLC: XXXXXXX XXXXX CAPITAL, a Division of Xxxxxxx Xxxxx Business Financial Services Inc., a Delaware corporation By: /s/ Xxxxx Xxxxxxxx ---------------------------------- Name: Xxxxx Xxxxxxxx Title: Vice President Signature Page to Loan Agreement BORROWERS: FIT NBA CYPRESS VILLAGE LLC, a Delaware limited liability company By: /s/ Xxxxxxx X. Xxxxxxx ---------------------------------- Name: Xxxxxxx X. Xxxxxxx Title: VP FIT NBA FOXWOOD SPRINGS LLC, a Delaware limited liability company By: /s/ Xxxxxxx X. Xxxxxxx ---------------------------------- Name: Xxxxxxx X. Xxxxxxx Title: VP Signature Page to Loan Agreement FIT NBA KANSAS CHRISTIAN LLC, a Delaware limited liability company, By: /s/ Xxxxxxx X. Xxxxxxx ---------------------------------- Name: Xxxxxxx X. Xxxxxxx Title: VP FIT NBA XXXXXX LLC, a Delaware limited liability company By: /s/ Xxxxxxx X. Xxxxxxx ---------------------------------- Name: Xxxxxxx X. Xxxxxxx Title: VP FIT NBA SKYLINE LLC, a Delaware limited liability company By: /s/ Xxxxxxx X. Xxxxxxx ---------------------------------- Name: Xxxxxxx X. Xxxxxxx Title: VP Signature Page to Loan Agreement FIT NBA PATRIOT HEIGHTS LP, a Delaware limited liability company By: FIT NBA Patriot Heights GP Inc., a Delaware corporation, its general partner By: /s/ Xxxxxxx X. Xxxxxxx ------------------------------ Name: Xxxxxxx X. Xxxxxxx Title: VP FIT NBA XXXXX RUN LP, a Delaware limited liability company, By: FIT NBA Xxxxx Run GP Inc., a Delaware corporation, its general partner By: /s/ Xxxxxxx X. Xxxxxxx ------------------------------ Name: Xxxxxxx X. Xxxxxxx Title: VP Signature Page to Loan Agreement AGENT: GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation By: /s/ Xxxx Xxxxx ------------------------------ Name: Xxxx Xxxxx Title: Vice President THE PROJECTS Borrower: FIT NBA Xxxxx Run LP

Appears in 1 contract

Samples: Loan Agreement (Brookdale Senior Living Inc.)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advances, Swing Line Advances, Letters of Credit, the Term Loan B and the Term Loan A, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower and for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on the applicable 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 the applicable Borrowers. 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 applicable Loan Account as evidence of the amount of the applicable Obligations from time to time owing to it. Regardless of whether any Note or Notes are issued, each Borrower promises to pay the Obligations as and when due.

Appears in 1 contract

Samples: Credit Agreement (Blount International Inc)

Loan Account and Accounting. Agent Agent, acting as agent for the Lenders and, solely for the purpose of Treasury Regulation Section 5f.103-1(c) under this Section 1.12, Borrower, shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by BorrowersBorrower, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers Borrower and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers Borrower will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers 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 BorrowersBorrower. 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 itLender.

Appears in 1 contract

Samples: Credit Agreement (Budget Group Inc)

Loan Account and Accounting. Each of Agent and Revolving Credit Agent --------------------------- shall maintain a loan account (the each, a "Loan Account") on its books to record: ------------ all Revolving Credit AdvancesAdvances (in the case of the Revolving Credit Agent) and all Term Loan Advances (in the case of the Agent), all payments made to it by BorrowersBorrower, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. All entries in the a Loan Account shall be made in accordance with Agent's or Revolving Credit Agent's, as the case may be, customary accounting practices as in effect from time to time. The balance in the Loan AccountAccounts, as recorded on Agent's and Revolving Credit Agent's most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent, Revolving Credit 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 any Borrower's duty to pay the Obligations. Each of Agent and Revolving Credit Agent shall render to Borrower Representative Borrower, and to each other, a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the applicable Loan Account as to each Borrower for the immediately preceding monthAccount. Unless Borrower Representative notifies Agent or Revolving Credit Agent, as applicable, in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers upon 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 BorrowersBorrower. Agent's or Revolving Credit Agent's, as applicable, determination, based upon the facts available, of any disputed item shall (absent manifest error) be final, binding and conclusive on 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 Accounts as evidence of the amount of Obligations from time to time owing to it.

Appears in 1 contract

Samples: Loan and Security Agreement (Premier Graphics Inc)

Loan Account and Accounting. Administrative Agent shall maintain a loan account (the "Term Loan Account") on its books to record: the Term Loan, all payments made by Borrower with respect to the Term Loan and all other debits and credits as provided in this Agreement with respect to the Term Loan or any other Obligations (other than the information required to be recorded by the Revolving Credit Agent pursuant to the next sentence) and the name of each Person that is a Term Lender. Revolving Credit Agent shall maintain a loan account (the "Revolving Loan Account" and together with the Term Loan Account, the "Loan Account") on its books to record: record all Revolving Advances, all Letters of Credit, all Letter of Credit AdvancesObligations, all participations in the Letter of Credit Obligations, the amount of the reimbursement obligations of Borrower for each drawing made under a Letter of Credit, all payments made by BorrowersBorrower with respect to the Advances, the Letters of Credit, the Letter of Credit Obligations, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other ObligationsLoans, and Borrowers the name of each Person that is a Revolving Lender or an L/C Issuer, as the case may be. In addition, Borrower and Agent Agents shall treat each Person whose name is entered in the Loan Account as a Lender or as such an L/C Issuer, as the case may be, for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. All entries in the Loan Account shall be made in accordance with each Agent's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's each Agents' most recent printout printouts or other written statementstatements, shall, absent manifest error, be presumptive evidence of the amounts due and owing to such 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 any Borrower's duty to pay the Obligations. Each Agent shall render to Borrower Representative and Lenders a monthly accounting of transactions with respect to the Revolving respective Loans maintained by them, setting forth the balance and details of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies the respective Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers 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 BorrowersBorrower. 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 (Darling International Inc)

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Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's ’s duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (shall, absent manifest error) , be deemed final, binding and conclusive on Borrowers in all respects as to presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. 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. A transfer of the Notes, or any interest therein, is effective only if the transferee is recorded on records of Agent, which shall be deemed for this purpose to be acting on behalf of Borrowers. If requested in writing by the Borrower Representative (due to a written request for the information from the IRS), Agent will provide the name of the transferee (and its address, if known) to the Borrower Representative.

Appears in 1 contract

Samples: Credit Agreement (Caraustar Industries Inc)

Loan Account and Accounting. Agent Lender shall maintain a loan account accounts (the "Loan Account") on its books to record: all Revolving Credit Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans Loan or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 Subject to the Borrowers’ right to object in accordance with the terms and conditions set forth below, the balance in the Loan Account, as recorded on Agent's Lender’s most recent printout or other written statementstatement (which printout or statement shall be delivered to Borrower Representative upon its reasonable request), 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 any Borrower's ’s duty to pay the Obligations. Agent Lender shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans Loan setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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 Note 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 (Asta Funding Inc)

Loan Account and Accounting. Agent The Lender shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit Advancesrecord the Term Loans, all payments made by Borrowersthe Borrower with respect to the Term Loans, and all other debits and credits as provided in this Agreement with respect to the Revolving Term Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in Obligations with respect to the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as suchTerm Loans. All entries in the Loan Account shall be made in accordance with Agent's the Lender’s customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's the 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 the Lender by each the Borrower; provided that any failure to so record or any error in so recording shall not limit or otherwise affect any the Borrower's ’s duty to pay the ObligationsObligations with respect to the Term Loans. Agent If requested by the Borrower or the Issuing Bank, the Lender shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Term Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. The Lender may elect, by notice to the Notice Parties, to have any Term Loans be evidenced by a Note issued to the Lender. If no such Note is requested, the Lender may rely on the Loan Account as evidence of the amount of Obligations with respect to the Term Loan from time to time owing to it. Unless the Borrower Representative notifies Agent the Notice Parties in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers in all respects as to presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. 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 itBorrower.

Appears in 1 contract

Samples: Credit Agreement (Gulfmark Offshore Inc)

Loan Account and Accounting. Agent shall maintain a loan account (the "Term Loan Account") on its books to record: all Revolving Credit Advancesrecord the Term Loan, all payments made by BorrowersBorrower, and all other debits and credits as provided in this Agreement with respect to the Term Loan. Revolving Loans or any other ObligationsCredit Agent shall maintain a loan account (the "Revolving Loan Account"; the Term Loan Account and the Revolving Loan Account collectively the "Loan Account") on its books to record all Advances, all payments made to Borrower, and Borrowers and Agent shall treat each Person whose name is entered all other debits to credits as provided in this Agreement with respect to the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as suchRevolving Loan. All entries in the Loan Account shall be made in accordance with Agent's or Revolving Credit Agent's (as applicable) customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's or Revolving Credit Agent's (as applicable) most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent, Revolving Credit 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 any Borrower's duty to pay the Obligations. Upon written request by Borrower to Agent or Revolving Credit Agent (as applicable), Agent or Revolving Credit Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding monthAccount. Unless Borrower Representative notifies Agent or Revolving Credit Agent (as applicable) in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty ninety (3090) days after the date thereof, each and every such accounting shall (shall, absent manifest error) , be deemed final, binding and conclusive on Borrowers upon Borrower in all respects as to all matters reflected therein. Only Absent manifest error, only those items expressly objected to in such notice shall be deemed to be disputed by BorrowersBorrower. 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 (American Coin Merchandising Inc)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan AccountLOAN ACCOUNT") on its books to record: all Revolving Credit Advances, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 PROVIDED, that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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 (Radio Unica Corp)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan Account") on its books to record: all Revolving Credit AdvancesAdvances and the Term Loan, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Revolving Loans or any other Obligations, and Borrowers and Agent shall treat each Person whose name is entered in the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as such. 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 any Borrower's duty to pay the Obligations. Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive on Borrowers in all respects as to presumptive evidence of all matters reflected therein. Only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. 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. Each Borrower agrees and acknowledges that the present structure of the credit facilities detailed in this Agreement is based in part upon the financial and other information presently known to Agent and the Lenders regarding each Borrower, the organizational structure of Borrowers, and the present financial condition of each Borrower. Each Borrower hereby agrees that Agent shall have the right, in its sole credit judgment exercisable from time to time in its sole discretion, to require that any or all of the following changes be made to these credit facilities during any Separate Borrowing Base Period: (i) establish a separate Borrowing Base for each Borrower; (ii) require Revolving Credit Advances, Swing Line Advances and Letter of Credit Obligations to be available on a Borrower-by-Borrower basis to each individual Borrower based on such Borrower's availability under its own separate Borrowing Base, (iii) restrict loans and advances between Borrowers, (iv) establish separate lockbox and dominion accounts for each Borrower, and (v) establish such other procedures as shall be deemed by Agent in its reasonable discretion to be useful in tracking where Loans and Letter of Credit Obligations (and the benefit thereof) are made under this Agreement and the source of payments received by Agent and the Lenders on such Loans and Letter of Credit Obligations.

Appears in 1 contract

Samples: Credit Agreement (Astec Industries Inc)

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

Appears in 1 contract

Samples: Credit Agreement (Coffeyville Resources, Inc.)

Loan Account and Accounting. Agent shall maintain a loan account (the "Loan AccountTERM LOAN ACCOUNT") on its books to record: all Revolving Credit Advancesrecord the Term Loan, all payments made by Borrowers, and all other debits and credits as provided in this Agreement with respect to the Term Loan. Revolving Loans or any other ObligationsCredit Agent shall maintain a loan account (the "REVOLVING LOAN ACCOUNT"; the Term Loan Account and the Revolving Loan Account collectively the "LOAN ACCOUNT") on its books to record all Advances, all payments made to Borrowers, and Borrowers and Agent shall treat each Person whose name is entered all other debits to credits as provided in this Agreement with respect to the Loan Account as a Lender as such for all purposes hereunder, and amounts due and owing to Agent and Lenders by Borrowers will be paid only to those Persons entered in the Loan Account as suchRevolving Loan. All entries in the Loan Account shall be made in accordance with Agent's or Revolving Credit Agent's (as applicable) customary accounting accounting, practices as in effect from time to time. The balance in the Loan Account, as recorded on Agent's or Revolving Credit Agent's (as applicable) most recent printout or other written statement, shall, absent manifest error, be presumptive evidence of the amounts due and owing to Agent, Revolving Credit 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 any Borrower's Borrowers' duty to pay the Obligations. Upon written request by Borrower Representative to Agent or Revolving Credit Agent (as applicable), Agent or Revolving Credit Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Revolving Loans setting forth the balance of the Loan Account as to each Borrower Borrowers for the immediately preceding month. Unless Borrower Representative notifies Agent or Revolving Credit Agent (as applicable) in writing of any objection to any such accounting (specifically describing the basis for such objection), within thirty (30) 30 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, 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 Borrowers. 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 (Layne Christensen Co)

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