Records and Schedules of Accounts, etcEtc Clause Samples
The 'Records and Schedules of Accounts' clause requires a party to maintain accurate and up-to-date records and financial accounts related to the agreement. In practice, this means the party must keep detailed documentation of transactions, invoices, and other relevant financial data, and may be required to provide schedules or summaries of these accounts upon request. This clause ensures transparency and accountability, making it easier to verify compliance with the agreement and resolve any disputes regarding payments or financial obligations.
Records and Schedules of Accounts, etcEtc. Each Obligor shall keep accurate and complete records of its Accounts, including all payments and collections thereon, and shall submit to Agent, on such periodic basis as Agent may reasonably request, a sales and collections report, in form reasonably satisfactory to Agent. Each Borrower shall also provide to Agent, on or before the 12th Business Day of each month, (a) a detailed aged trial balance of all Accounts as of the end of the preceding month, specifying each Account’s Account Debtor name, amount, invoice date and due date, showing any discount, allowance, credit, authorized return or dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Agent may reasonably request, and (b) a listing of each Obligor’s trade payables, specifying the trade creditor and balance due, and, at Agent’s reasonable request, a detailed trade payable aging, all in form reasonably satisfactory to Agent. If Accounts in an aggregate face amount of $10,000,000 or more that were Eligible Accounts in the immediately preceding month cease to be Eligible Accounts, Borrowers shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrower has knowledge thereof. Agent shall provide such of the foregoing information as it deems material to Lenders promptly upon receipt thereof from Borrowers.