Notice of Milestone Achievement and Audit Sample Clauses
The Notice of Milestone Achievement and Audit clause establishes the requirement for a party to formally notify the other party upon reaching specific project milestones and allows for verification of such achievements. In practice, this means that when a contractor completes a defined phase of work, they must submit a written notice to the client, who may then review supporting documentation or conduct an audit to confirm the milestone has been met. This clause ensures transparency and accountability in project progress, helping to prevent disputes over deliverables and facilitating timely payments or approvals tied to milestone completion.
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Notice of Milestone Achievement and Audit. Borrower shall have delivered to the Lenders a notice certifying satisfaction of the conditions set forth in Section 6.02(c) no later than 60 calendar days thereafter, and the Lenders shall have been reasonably satisfied with the evidence of such achievement and with the results of its audit of Borrower’s Revenue by examining Borrower’s books and records.
Notice of Milestone Achievement and Audit. Borrower shall have delivered to Administrative Agent a notice certifying satisfaction of the condition set forth in Section 6.02(b)(ii) no later than thirty (30) days thereafter, and Administrative Agent shall have been reasonably satisfied with the results of its audit of such Revenues of Borrower and its Subsidiaries by examining Borrower’s books and records.
Notice of Milestone Achievement and Audit. Borrower shall have delivered to the Administrative Agent a notice certifying satisfaction of the condition precedent set forth in Section 6.04(b). If the Administrative Agent notifies Borrower, within five Business Days of receipt of such notice, that Lenders intend to conduct an audit of Net Revenue to confirm satisfaction of such condition precedent, Majority Lenders may appoint a regionally or nationally recognized independent accounting firm of good standing, to conduct such audit (at Borrower’s sole expense). Borrower will, and will cause its Subsidiaries and Affiliates to, use their best efforts to cooperate with such auditors in performing such audit, including without limitation by permitting such auditors to examine and make extracts from its books and records, and to discuss its finances with its officers and independent accountants. The results of such an audit will be conclusive absent manifest error.
Notice of Milestone Achievement and Audit. Borrower shall have delivered to Administrative Agent a notice certifying satisfaction of the condition set forth in clause (a) of the Second Draw Milestone no later than *** thereafter, and the Lenders shall have been reasonably satisfied with the results of its audit of Borrower’s Product Revenue by examining Borrower’s books and records.
Notice of Milestone Achievement and Audit. Lead Borrower shall have delivered to Administrative Agent a notice certifying satisfaction of the condition set forth in Section 6.03(d) no later than sixty (60) days thereafter, and Administrative Agent shall have been reasonably satisfied with the results of its audit of the Obligors’ Revenue by examining the Obligors’ books and records.
Notice of Milestone Achievement and Audit. Borrower shall have delivered to the Lenders a notice certifying achievement of the Second Borrowing Milestone no later than 45 days after achieving such milestone, which notice shall demonstrate in reasonable detail such achievement and be accompanied by such financial information supporting such certification as may be reasonably requested by the Lenders.
Notice of Milestone Achievement and Audit. If the Borrower wishes to draw the Second Borrowing, then the Borrower shall have delivered to the Lenders a notice certifying achievement of the Second Borrowing Milestone no later than 60 days after achieving such milestone, and the Lenders shall have been reasonably satisfied with the results of its audit of the Borrower’s Revenue by examining the Borrower’s books and records within 30 days following the delivery of such notice.