Collateral Audit definition

Collateral Audit means a collateral examination of the accounts receivable, accounts payable, books and records and the accounting systems, policies and procedures of the Borrower and its Subsidiaries from a third-party consultant reasonably satisfactory to the Administrative Agent and the Borrower, the results of which shall be in a form and prepared on a basis reasonably satisfactory to the Administrative Agent.

Collateral Audit has the meaning set forth in Section 9.1(i) in the Loan Agreement.

Collateral Audit means a collateral examination of the accounts receivable, accounts payable, books and records and the accounting systems, policies and procedures of the U.S. Borrower and the Subsidiary Loan Parties by the Administrative Agent or by a third-party consultant reasonably satisfactory to the Administrative Agent and the U.S. Borrower, the results of which shall be in a form and prepared on a basis reasonably satisfactory to the Administrative Agent.

Examples of Collateral Audit in a sentence

• For the avoidance of doubt, any review and evaluation of Additional Policies conducted by the Administrative Agent or the Lenders in connection with a Borrowing Request shall not constitute a Collateral Audit.

• Unless an Event of Default or an Unmatured Event of Default has occurred and is continuing, a Collateral Audit under this Section 9.1(i) may be conducted not more frequently than once per month.

• If an Event of Default or Unmatured Event of Default has occurred and is continuing, the Administrative Agent, at the Borrower’s expense, shall have the right to conduct a Collateral Audit at any time and as often the Administrative Agent determines is necessary or desirable.

• If no Collateral Test Triggering Event or Event of Default has occurred and is continuing during any twelve month period, the Administrative Agent shall not conduct more than one Collateral Audit during such twelve month period, and if a Collateral Test Triggering Event has occurred and is continuing, the Administrative Agent may conduct up to two Collateral Audits during such twelve month period (not to exceed one Collateral Audit per any three month period).

• To Agent for distribution to the Lenders, as soon as available, but not later than thirteen months after the delivery of the last Collateral Audit, and upon an Event of Default, upon Agent’s request, a Collateral Audit of Domestic Receivables performed by FTI Consulting (or another firm acceptable to Agent) at the request of agent or lenders, which are the providers (i.e., the lenders) pursuant to the Permitted Receivables Financing for Holdings and its Subsidiaries.

More Definitions of Collateral Audit

Collateral Audit shall have the meaning assigned to such term in Section 5.07.

Collateral Audit has the meaning ascribed to it in Section 2.3.

Collateral Audit shall have the meaning set forth in Section 4.10 hereto.

Collateral Audit means a collateral examination of the accounts receivable, accounts payable, books and records and the accounting systems, policies and procedures of the U.S. Borrower and the Subsidiary Loan Parties by the

Collateral Audit means an audit conducted by Administrative Agent prior to the Closing Date of certain of the Collateral (including all accounts receivable, inventory and accounts payable) and the accounting systems, policies and procedures of Holdings and its Subsidiaries as such audit may be updated by the Administrative Agent from time to time in accordance with subsection 6.12.

Collateral Audit means an examination of the books and records of HAPL, to be performed by employees or other representatives of the Agent.

Collateral Audit means an audit or inspection performed by the Lender or another auditor or inspector acceptable to the Lender as to the values and conditions of the assets and properties of the Borrowers.