7Accounting Sample Clauses

7Accounting. The Seller shall not be liable for any General Warranty Claim in respect of any amount specifically allowed, provided for or reserved in the Reference Accounts for the fact, matter, event or circumstance giving rise to such General Warranty Claim provided that if such allowance, provision or reserve is insufficient to cover the General Warranty Claim in full, the Seller shall be liable for the shortfall.
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7Accounting. (a) The fiscal year with respect to this Agreement will be a Calendar Year. Licensee will determine Net Sales with respect to any Licensed Product using its standard accounting procedures, consistent with GAAP or IFRS, as applicable. In the case of amounts to be determined by Third Parties (for example, Net Sales by Sublicensees), such amounts will be determined in accordance with GAAP or IFRS, as applicable. The Parties also recognize that such procedures may change from time to time and that any such changes may affect the definition of Net Sales. (b) In the event of the payment or receipt of non-cash consideration in connection with the performance of activities or sale of Licensed Products under this Agreement, Licensee will advise Licensor of such transaction, including Licensee’s assessment of the fair market value of such non-cash consideration and the basis therefor. Such transaction will be accounted for on a cash equivalent basis, as mutually agreed by the Parties. If the Parties are unable to agree on the fair market value of such non-cash consideration and the basis therefor, the Parties will appoint a mutual acceptable independent valuation expert to make the determination, the cost of which shall be shared equally by the Parties, and the decision of such expert shall be final and binding on both Parties.
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7Accounting. 1Novartis shall keep complete, true and accurate books and records in accordance with its Accounting Standards in relation to this Agreement, including in relation to Net Sales and royalties. Novartis shall keep such books and records for at least [*] following the Calendar Quarter to which they pertain. [*] = Certain portions of this exhibit (indicated by asterisks) have been omitted as the registrant has determined that the information is both not material and is the type that the registrant treats as private or confidential. 276626894 v2 ​
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Related to 7Accounting

  • No Accounting Except to the extent required by the 1940 Act or, if determined to be necessary or appropriate by the other Trustees under circumstances which would justify his or her removal for cause, no person ceasing to be a Trustee for reasons including, but not limited to, death, resignation, retirement, removal or incapacity (nor the estate of any such person) shall be required to make an accounting to the Shareholders or remaining Trustees upon such cessation.

  • Accounting Unless otherwise specified herein, for the purpose of any definition or calculation, whenever amounts are required to be netted, subtracted or added or any distributions are taken into account such definition or calculation and any related definitions or calculations shall be determined without duplication of such functions.

  • Annual Accounting The Custodian shall, at least annually, provide the Depositor or Beneficiary (in the case of death) with an accounting of such Depositor's account. Such accounting shall be deemed to be accepted by the Depositor or the Beneficiary, if the Depositor or Beneficiary does not object in writing within 60 days after the mailing of such accounting statement.

  • Fund Accounting The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to handle all or any part of the Trust’s accounting responsibilities, whether with respect to the Trust’s properties, Shareholders or otherwise.

  • Premium Accounting The Company will pay the Reinsurer premiums in accordance with the terms specified in Exhibit C-1. The method and requirements for reporting and remitting premiums are specified in Exhibit F.