Records of the Collateral Clause Samples
The "Records of the Collateral" clause requires the party holding or managing collateral to maintain accurate and up-to-date records regarding the collateral's status, location, and any transactions involving it. In practice, this means the party must document details such as ownership, transfers, and any changes in the value or condition of the collateral, and may need to make these records available for inspection by the other party or a regulator. The core function of this clause is to ensure transparency and accountability in the handling of collateral, reducing the risk of disputes or mismanagement.
Records of the Collateral. Debtor at all times shall maintain accurate books and records covering the Collateral. Debtor immediately will ▇▇▇▇ all books and records with an entry showing the absolute assignment of all Collateral to Lender, and Lender is hereby given the right to audit the books and records of Debtor relating to the Collateral at any time and from time to time. The amounts shown as owed to Debtor on Debtor's books and on any assignment schedule will be the undisputed amounts owing and unpaid.
Records of the Collateral. Debtor at all times shall maintain accurate books and records covering the Collateral. Bank is hereby given the right to audit the books and records of Debtor relating to the Collateral at any reasonable time and from time to time. The amounts shown as owed to Debtor on Debtor's books and on any assignment schedule will be the undisputed amounts owing and unpaid.
Records of the Collateral. Debtor at all times shall maintain accurate books and records covering the Collateral. Debtor immediately will ▇▇▇▇ all books and records with an entry showing the absolute assignment of all Collateral to Secured Party, and Secured Party is hereby given the right to audit the books and records of Debtor relating to the Collateral at any time and from time to time. The amounts shown as owed to Debtor on Debtor's books and on any assignment schedule will be the undisputed amounts owing and unpaid.
Records of the Collateral. Debtor, at all time, shall maintain records, which shall be accurate in all material resects, specifying the location of the Collateral; the insurance covering the Collateral; and the amount of proceeds received from any sale, lease or other disposition of the Collateral. Secured Party, at its sole cost and expense, is hereby given the right to audit, at reasonable intervals, but without any unreasonable disruption to Debtor’s businesses, the books and records of Debtor, relating to the Collateral during normal business hours upon reasonable prior notice.