Common use of Initial Audit Clause in Contracts

Initial Audit. Beginning within sixty (60) days after the Effective Date, A▇▇▇ and A▇▇▇ Affiliates shall permit the Independent Accountant, which as of the Effective Date is PriceWaterhouse Coopers LLP, to have access during normal business hours, at A▇▇▇ and any A▇▇▇ Affiliate’s premises, to such of the records of A▇▇▇ and A▇▇▇ Affiliates as may be reasonably necessary to verify the accuracy of the royalty payments under Section 4.2 and interest thereon (the “Initial Audit”). In the event that such Independent Accountant concludes that additional royalties or interest thereon are owed for the period before the Effective Date, the additional royalty shall be paid within thirty (30) days of the date Palomar delivers to A▇▇▇ such Independent Accountant’s written report so concluding, together with interest calculated in the manner provided above. The fees and expenses charged by such Independent Accountant for the Initial Audit shall be paid by A▇▇▇.

Initial Audit. Beginning within sixty (60) days after the Effective Date, A▇▇▇▇ and A▇▇▇▇ Affiliates shall permit the Independent Accountant, which as of the Effective Date is PriceWaterhouse Coopers LLP, to have access during normal business hours, at A▇▇▇▇ and any A▇▇▇▇ Affiliate’s premises, to such of the records of A▇▇▇▇ and A▇▇▇▇ Affiliates as may be reasonably necessary to verify the accuracy of the royalty payments under Section 4.2 and interest thereon (the “Initial Audit”). In the event that such Independent Accountant concludes that additional royalties or interest thereon are owed for the period before the Effective Date, the additional royalty shall be paid within thirty (30) days of the date Palomar delivers to A▇▇▇▇ such Independent Accountant’s written report so concluding, together with interest calculated in the manner provided above. The fees and expenses charged by such Independent Accountant for the Initial Audit shall be paid by A▇▇▇▇.