Common use of Expense Reporting Clause in Contracts

Expense Reporting. After the commencement of NPCII activities, each ----------------- party shall on a calendar quarter basis prepare a report to the Committee detailing all NPCII Costs incurred by it during such quarter and aggregate NPCII Costs less reimbursements hereunder. To the extent that any such report shows aggregate NPCII Costs incurred by one party in an amount exceeding those incurred by the other by at least [ ]*, the party incurring the lesser NPCII Costs shall, within [ ]* after receipt of such report, reimburse the party incurring the greater costs. In the event that the difference between the NPCII Costs incurred by each party is less, in the aggregate, than [ ]* during any twelve (12) month period beginning on the Effective Date, the party incurring the lesser NPCII Costs shall reimburse the party incurring the greater costs within [ ]* following the receipt of such report of NPCII Costs incurred during such period. In the event that either party anticipates a material deviation from the approved budget, such party shall immediately notify the Committee of such anticipated deviation, specifying the expected amount of the deviation, the reason(s) for the deviation, and any alternative or remedial actions that are available. As soon as practical following such notification, the Committee will decide whether the deviation should be permitted.