Initial Audit definition

Initial Audit is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with results satisfactory to Bank in its sole and absolute discretion.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Initial Audit is Bank’s inspection of the Collateral, and Borrower’s Books.

Initial Audit shall be the receipt by Bank of the results of a complete audit of Borrower's Accounts, with results satisfactory to Bank in its sole and absolute discretion.

Examples of Initial Audit in a sentence

• Notwithstanding the foregoing, no Credit Extension may be requested prior to the Initial Audit.

• In addition to the Initial Audit, at reasonable times, on one (1) Business Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to inspect the Collateral and the right to audit and copy Borrower’s Books.

• The foregoing inspections and audits (including, without limitation, the Initial Audit) shall be at Borrower’s expense, and the charge therefor shall be $850 per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses.

• Subject to the terms and conditions of this Agreement, after the occurrence of the Initial Audit, Bank shall make Advances not exceeding the Availability Amount.

• Subject to the terms and conditions of this Agreement and to deduction of Reserves, Bank shall, after the completion of the Initial Audit, make Advances not exceeding the Availability Amount.

More Definitions of Initial Audit

Initial Audit is defined in Section 6.2(d).

Initial Audit is defined in Section 6.10.

Initial Audit shall be the receipt by ORIX of the results of a complete audit of Borrower’s Accounts, with results satisfactory to ORIX in its sole and absolute discretion.

Initial Audit means the audit conducted to ensure the overall competency of a laboratory to carry out testing of food items as per Food Safety and Standards Regulations, 2011 at the time of recognition;

Initial Audit is the Lenders’ inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books. The Initial Audit was completed by SVB on January 30, 2017.

Initial Audit is Bank’s initial inspection of the Collateral.

Initial Audit is Bank's inspection of Borrower's Accounts, the Collateral, and Borrower's Books.