Inspection, Audit and Adjustment Sample Clauses

Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Section with respect to payments subject to Cost Substantiation, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the Company has overstated any amount subject to Cost Substantiation, then the Company shall, at the election of the County, either immediately reimburse to the County or offset against future Service Fee payments, as a Service Fee adjustment, the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the County, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of 1% or more of the total amount that should have been properly paid by the County during the period audited, then the Company shall, in addition to the reimbursement or credit of such overpaid amount, with interest, reimburse the County for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County may have, including remedies for an Event of Default by the Company.
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Inspection, Audit and Adjustment. The Borough shall have the right to commission an independent audit of the information respecting Cost Substantiation available under this Section at its sole cost and expense (recognizing that the allowance for overhead and profit are fixed by this Agreement and not subject to audit), subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the amount of the Service Fee payments have been overstated, then the Company shall immediately reimburse to the Borough the overstated amount, in addition to interest from the time such amount was initially overpaid until reimbursed or credited to the Borough, at the Overdue Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 2% or more of the total amount that should have been properly paid by the Borough during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the Borough for any and all costs incurred in connection with the inspection or audit including, without limitation, reasonable accounting and attorneys’ fees and other Fees and Costs. If an inspection or audit conducted pursuant to this Section establishes that the Service Fee was properly calculated, then the Borough shall reimburse the Company for any and all costs incurred by the Company in connection with the inspection and audit including, without limitation, reasonable accounting and attorneys’ fees and other Fees and Costs. The foregoing remedies shall be in addition to any other remedies the parties may have including, without limitation, any remedies for an Event of Default.
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Inspection, Audit and Adjustment. The WPCA shall have the right to perform or commission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the WPCA has overpaid the Monthly Service Fee or other amounts payable by the WPCA hereunder, then the Company shall, at the election of the WPCA, either immediately reimburse to the WPCA or offset against future Monthly Service Fee payments, as a Service Fee adjustment, the overpaid amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the WPCA, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 1% or more of the total amount that should have been properly paid by the WPCA during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the WPCA for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the WPCA may have, including remedies for an Event of Default by the Company.
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Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or independent audit of the financial information required to be kept under this Project Agreement. The County shall give the Developer reasonable advance notice (at least three Business Days) prior to any such audit, and such audit shall be performed during business hours. The County shall, or shall cause the party conducting the inspection or audit, to provide a complete copy of the inspection or audit report to the Developer following receipt of such report. If an inspection or audit reveals that the Developer has overstated any component of the Service Fee, a County payment obligation under subsection 7.22(A), or any other County payment obligation arising out of this Project Agreement, then the Developer shall, at the election of the County, either immediately reimburse to the County or offset against Service Fee payments, as a Service Fee adjustment, the overstated amount plus interest at the Overdue Rate, from the time such amount was initially overpaid until reimbursed or credited to the County. If the overpayment exceeds 1% of the total amount that should have been properly paid by the County during the period audited, then the Developer shall, in addition, reimburse the County for any and all fees and costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County may have, including remedies for a Developer Event of Default.
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Inspection, Audit and Adjustment. The County shall have the right to perform or commission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit contemplated by this Section discloses a Billing Statement that either (i) overstates County Payment Amounts by more than 1% of the proper amount or (ii) understates County Credit Amounts by more than 1% of the proper amount during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated (or understated) County Payment Amounts or County Credit Amounts, as applicable, with respect to such Billing Statement, with interest at the Overdue Rate, reimburse the County for any and all reasonable costs and expenses incurred by the County in connection with the inspection or audit.
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Inspection, Audit and Adjustment. The County shall have the right to perform or commission an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the County has overstated the Service Fee, then the Company shall, at the election of the County, either immediately reimburse to the County or offset against future Service Fee payments, as a Service Fee adjustment, the overstated amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the County, at the Prime Rate. If an inspection or audit reveals that the County has understated the Service Fee, then the County shall immediately pay the Company the understated amount, in addition to interest from the time such amount was initially underpaid until paid to the Company, at the Prime Rate. If an inspection or audit contemplated by this Section discloses an overpayment of the Service Fee to the Company of 5% or more of the total amount that should have been properly paid by the County during the period audited, then the Company shall, in addition to the reimbursement or credit of such overstated amount, with interest, reimburse the County for any and all Fees and Costs incurred in connection with the inspection or audit. The foregoing remedies shall be in addition to any other remedies the County or the Company may have, including remedies for an Event of Default.
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Inspection, Audit and Adjustment. The Lessor shall have th e right to perform or comm ission an inspection or an independent audit of the financial information required to be kept under this Section, subject to possible reimbursement as provided in this Section. If an inspection or audit reveals that the Lessee has underpaid the Rent, then the Lessee shall either promptly pay to the Lessor or, if agreed to by the Lessor at the Lessor's discretion, increase future Rent payments as a Ren t adjustm ent to account for the underpaid am ount, together with interest at the Overdue Rate from the time such amount was initially underpaid until reimbursed or credited to the Lessor.
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Inspection, Audit and Adjustment. The Borough shall have the right to perform or comm ission an inspection or an independent audit of the financial information required to be kept under this Section , subject to possible xxxx bursem ent as provided in this Section. If an inspection or audit reveals that the Borough has overpaid the Service Fee, then the Company shall, at the election of the Borough , either prom ptly reimburse to the Borough or offset against future Service Fee payments, as a Service Fee adjustment, the overpaid amount, in addition to interest, from the time such amount was initially overpaid until reimbursed or credited to the Borough, at the Overdue Rate.
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Related to Inspection, Audit and Adjustment

  • Property Inspections; Collection of Financial Statements; Delivery of Certain Reports (a) The Special Servicer shall perform or cause to be performed a physical inspection of the Mortgaged Property securing a Serviced Mortgage Loan as soon as practicable after such Serviced Mortgage Loan becomes a Specially Serviced Mortgage Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Mortgage Loan, the cost of which shall be paid by the Master Servicer, at the direction of the Special Servicer, and shall be reimbursable as a Servicing Advance. In addition, the Special Servicer shall perform or cause to be performed a physical inspection of each of the Administered REO Properties at least once per calendar year, the cost of which shall be paid by the Master Servicer, at the direction of the Special Servicer, and shall be reimbursable as a Servicing Advance. Beginning in 2008, the Master Servicer shall at its expense perform or cause to be performed a physical inspection of each Mortgaged Property securing a Performing Serviced Mortgage Loan: (i) at least once every two calendar years in the case of Mortgaged Properties securing Performing Serviced Mortgage Loans that have outstanding principal balances of (or Mortgaged Properties having allocated loan amounts of) $2,000,000 or less; and (ii) at least once every calendar year in the case of all other such Mortgaged Properties; provided that, the Master Servicer will not be required to perform or cause to be performed an inspection on a Mortgaged Property if such Mortgaged Property has been inspected by the Master Servicer or the Special Servicer in the preceding six (6) months. The Master Servicer and the Special Servicer shall each promptly prepare or cause to be prepared and deliver to the Trustee, the related Serviced Non-Trust Mortgage Loan Noteholder(s) (if the subject Mortgaged Property secures a Serviced Loan Combination) and each other a written report of each such inspection performed by it that sets forth in detail the condition of the Mortgaged Property and that specifies the existence of: (i) any sale, transfer or abandonment of the Mortgaged Property of which the Master Servicer or the Special Servicer, as applicable, is aware, (ii) any change in the condition or value of the Mortgaged Property that the Master Servicer or the Special Servicer, as applicable, in its reasonable, good faith judgment, considers material, or (iii) any waste committed on the Mortgaged Property. The Master Servicer and Special Servicer shall each forward copies of any such inspection reports prepared by it to the Underwriters, the Controlling Class Representative and the Serviced Non-Trust Noteholders, upon request, subject to payment of a reasonable fee. The Special Servicer, in the case of each Specially Serviced Mortgage Loan and each REO Mortgage Loan that relates to an Administered REO Property, and the Master Servicer, in the case of each Performing Serviced Mortgage Loan, shall each, consistent with the Servicing Standard, use reasonable efforts to obtain quarterly, annual and other periodic operating statements and rent rolls with respect to each of the related Mortgaged Properties and REO Properties. The Special Servicer shall, promptly following receipt, deliver copies of the operating statements and rent rolls received or obtained by it to the Master Servicer. The Master Servicer shall promptly deliver copies of the operating statements and rent rolls received or obtained by it (including pursuant to the preceding sentence) to the Trustee, the Special Servicer, any related Serviced Non-Trust Mortgage Loan Noteholder(s) (if the subject Mortgaged Property secures a Serviced Loan Combination) or any Controlling Class Certificateholder, in each case upon request. Within 30 days after receipt by the Master Servicer or Special Servicer, as applicable, of any annual operating statements with respect to any Mortgaged Property (other than a Mortgaged Property that secures an Outside Serviced Loan Combination) or Administered REO Property, the Master Servicer (with respect to a Mortgaged Property that secures a Performing Serviced Mortgage Loan) and the Special Servicer (with respect to a Mortgaged Property that secures a Specially Serviced Mortgage Loan or with respect to an Administered REO Property) shall prepare or update and forward to the Trustee a CMSA NOI Adjustment Worksheet for such Mortgaged Property or Administered REO Property (with, upon request, the annual operating statements attached thereto as an exhibit). The Master Servicer, with respect to a Mortgaged Property that secures a Performing Serviced Mortgage Loan, and the Special Servicer, with respect to a Mortgaged Property that secures a Specially Serviced Mortgage Loan or with respect to an Administered REO Property, shall prepare and maintain one CMSA Operating Statement Analysis Report for each such Mortgaged Property and Administered REO Property. The CMSA Operating Statement Analysis Report for each such Mortgaged Property and REO Property is to be updated by the Master Servicer or Special Servicer, as applicable, within 30 days after its receipt of updated operating statements for a Mortgaged Property or REO Property, as the case may be. The Master Servicer or Special Servicer, as applicable, shall use the "Normalized" column from the CMSA NOI Adjustment Worksheet for any Mortgaged Property or REO Property, as the case may be, to update and normalize the corresponding annual year-end information in the CMSA Operating Statement Analysis Report and shall use any annual operating statements and related data fields received with respect to any Mortgaged Property or REO Property, as the case may be, to prepare the CMSA NOI Adjustment Worksheet for such property. Copies of CMSA Operating Statement Analysis Reports and CMSA NOI Adjustment Worksheets (as well as any comparable items received with respect to an Outside Serviced Trust Mortgage Loan or any related REO Property) are to be forwarded by the Master Servicer or the Special Servicer, as applicable, to each other, the Trustee and any Controlling Class Certificateholder, in each case upon request.

  • Audit, Inspection and Visitation The Adviser shall make available to the Trust during regular business hours all records and other data created and maintained pursuant to the foregoing provisions of this Agreement for reasonable audit and inspection by the Trust or any regulatory agency having authority over the Trust.

  • Investigation of Financial Condition Without in any manner reducing or otherwise mitigating the representations contained herein, Company shall have the opportunity to meet with Buyer's accountants and attorneys to discuss the financial condition of Buyer. Buyer shall make available to Company all books and records of Buyer.

  • Inspection; Reports A "full inspection report" comprises a Site Master File (compiled by the manufacturer or by the inspectorate) and a narrative report by the inspectorate. A "detailed report" responds to specific queries about a firm by the other Party.

  • Field Examination The Administrative Agent or its designee shall have conducted a field examination of the Borrowers’ Accounts, Inventory and related working capital matters and of the Borrowers’ related data processing and other systems, the results of which shall be satisfactory to the Administrative Agent in its sole discretion.

  • Annual Statement of Compliance The Officer’s Certificate required to be delivered by the Issuing Entity, pursuant to Section 3.9 of the Indenture or the Officer’s Certificate required to be delivered by the Servicer pursuant to Section 4.01(a) of the Servicing Agreement, as applicable.

  • Books and Records; Inspection and Examination The Borrower will keep accurate books of record and account for itself pertaining to the Collateral and pertaining to the Borrower's business and financial condition and such other matters as the Lender may from time to time request in which true and complete entries will be made in accordance with GAAP and, upon the Lender's request, will permit any officer, employee, attorney or accountant for the Lender to audit, review, make extracts from or copy any and all corporate and financial books and records of the Borrower at all times during ordinary business hours, to send and discuss with account debtors and other obligors requests for verification of amounts owed to the Borrower, and to discuss the Borrower's affairs with any of its directors, officers, employees or agents. The Borrower will permit the Lender, or its employees, accountants, attorneys or agents, to examine and inspect any Collateral, other collateral covered by the Security Documents or any other property of the Borrower at any time during ordinary business hours.

  • Periodic Review of Costs of Environmental Compliance In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and properties of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review and the amount of its established reserves, the Company has reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate, result in a Material Adverse Change.

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