Common use of Loan Account and Accounting Clause in Contracts

Loan Account and Accounting. Administrative Agent shall maintain a loan account (the "LOAN ACCOUNT") on its books to record: (a) all Advances and all Term Loans, (b) all payments made by Borrowers, and (c) 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 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 be presumptive evidence of the amounts due and owing to Administrative Agent and Lenders by Borrowers; PROVIDED that any failure to so record or any error in so recording shall not limit or otherwise affect Borrowers' duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty (60) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon each 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 Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Superior Energy Services Inc)

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Loan Account and Accounting. Administrative Agent shall maintain a --------------------------- loan account (the "LOAN ACCOUNTLoan Account") on its books to record: (a) all Advances and all Term Loans, Revolving ------------ Credit Advances; (b) all payments made by Borrowers, ; and (c) 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 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 shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative Agent Agents and Lenders by Borrowers; PROVIDED provided, that any failure to so record or any -------- error in so recording shall not limit or otherwise affect Borrowers' duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans Revolving Loan setting forth the balance of the Loan AccountAccount 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 sixty (60) 90 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon each Borrower on Borrowers (absent manifest error) 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.

Appears in 1 contract

Samples: Credit Agreement (Boston Chicken Inc)

Loan Account and Accounting. Administrative Agent Lender shall maintain a loan account (the "LOAN ACCOUNTLoan Account") on its books to record: (a) all Advances and all Term Loans, Revolving Credit Advances; (b) all payments made by Borrowers, ; and (c) 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 Administrative AgentLender's customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded on Administrative AgentLender's most recent printout or other written statement, shall shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative Agent and Lenders Lender by Borrowers; PROVIDED provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrowers' duty any Borrower's joint and several obligation to pay the Obligations. Administrative Agent Lender shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans Revolving Loan setting forth the balance of the Loan AccountAccount as to each Borrower for the immediately preceding month. Unless Borrower Representative notifies Administrative Agent Lender in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty (60) 60 days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon each Borrower on Borrowers (absent manifest error) 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.

Appears in 1 contract

Samples: Possession Credit Agreement (WTD Industries Inc)

Loan Account and Accounting. Administrative Agent shall --------------------------- maintain a loan account (the "LOAN ACCOUNTLoan Account") on its books to record: (a) all Advances and all Term Loans------------ Advances, (b) all payments made by Borrowers, and (c) 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 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 be presumptive evidence of the amounts due and owing to Administrative Agent Agents and Lenders by Borrowerseach Borrower; PROVIDED provided -------- that any failure to so record or any error in so recording shall not limit or otherwise affect Borrowers' any Borrower's duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan AccountAccount as to each Borrower. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty thirty (6030) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon each Borrower 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.

Appears in 1 contract

Samples: Credit Agreement (Bon Ton Stores Inc)

Loan Account and Accounting. Administrative Revolving Credit Agent and Agent shall each maintain a loan account (the each a "LOAN ACCOUNTLoan Account") on its their books to record: (a) all Advances , with respect to the Revolving Loan, the Term Loan, and all Term Loansthe Master Lease, (b) respectively, all payments made by Borrowers, and (c) all other debits and credits as provided in this Agreement with respect to the Loans or any other ObligationsAgreement. All entries in the a Loan Account shall be made in accordance with Administrative Revolving Credit Agent's or Agent's customary accounting practices as in effect from time to time. The balance in the Loan AccountAccounts, as recorded on Administrative Revolving Credit Agent's or Agent's most recent printout or other written statement, shall as applicable, shall, absent demonstrable error, be presumptive evidence of the amounts due and owing to Administrative Agent Revolving Credit Agent, Agent, and Lenders by Borrowerseach Borrower; PROVIDED provided that any failure to so record or any error in so recording shall not limit or otherwise affect Borrowers' any Borrower's duty to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account. Unless Borrower Representative notifies Administrative Agent Agent, and the Revolving Credit Agent, if applicable in writing of any objection to any such accounting delivered to Borrower Representative (specifically describing the basis for such objection), within sixty ninety (6090) days after the date thereof, each and every such accounting shall (absent manifest demonstrable error) be deemed final, binding and conclusive upon each Borrower 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.

Appears in 1 contract

Samples: Credit Agreement (Precision Partners Inc)

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Loan Account and Accounting. The Administrative Agent shall maintain a loan account (the "LOAN ACCOUNT"“Loan Account”) on its books to record: (a) all Advances Revolving Credit Loans and all the Term Loans, (b) all payments made by Borrowersthe Borrower, and (c) 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 the Administrative Agent's ’s customary accounting loan agency administration practices as in effect from time to time. The balance in the Loan Account, as recorded on the Administrative Agent's ’s most recent printout or other written statement, shall shall, absent manifest error, be presumptive prima facie evidence of the amounts due and owing to Administrative Agent the Agents and Lenders by Borrowersthe Borrower; PROVIDED provided, that any failure to so record or any error in so recording shall not limit or otherwise affect Borrowers' the Borrower’s duty to pay the Obligations. The Administrative Agent shall render to the Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan Account. Unless the Borrower Representative notifies the Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for such objection), within sixty thirty (6030) days after the date thereof, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon each the 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 Borrowersthe Borrower.

Appears in 1 contract

Samples: Credit Agreement (Pope & Talbot Inc /De/)

Loan Account and Accounting. Administrative Agent shall maintain a loan account --------------------------- (the "LOAN ACCOUNTLoan Account") on its books to record: (a) all Advances and all Term Loans, Revolving Credit Advances; ------------ (b) all Swing Line Advances; (c) all payments made by Borrowers, ; and (cd) 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 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 be presumptive evidence of the amounts due and owing to Administrative Agent and Lenders by Borrowers; PROVIDED provided that any failure to so record or any error in so recording -------- shall not limit or otherwise affect Borrowers' duty duties to pay the Obligations. Administrative Agent shall render to Borrower Representative a monthly accounting of transactions with respect to the Loans setting forth the balance of the Loan AccountLoan. Unless Borrower Representative notifies Administrative Agent in writing of any objection to any such accounting (specifically describing the basis for each such objection), within sixty thirty (6030) days after the date thereofreceipt of such accounting by Borrower Representative, each and every such accounting shall (absent manifest error) be deemed final, binding and conclusive upon each Borrower 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.

Appears in 1 contract

Samples: Assignment Agreement (Montgomery Ward Holding Corp)

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