Common use of Audit of Books and Records Clause in Contracts

Audit of Books and Records. (a) During the Term and for a period of 9 months thereafter, Arcelor Commercial and its Affiliates shall permit an independent accountant selected by Noble BV who has entered into a confidentiality agreement reasonably acceptable to Arcelor Commercial to have reasonable access, during normal business hours and upon reasonable advance notice, to the books and records of Arcelor Commercial and its Affiliates, to the extent such access is reasonably required to verify the accuracy of the amounts charged by Arcelor Commercial or its Affiliates pursuant to this Agreement. (b) If an audit pursuant to Section 3.4(a) reveals an overcharge, and Arcelor Commercial or its Affiliates do not successfully justify any charge questioned by such audit, Arcelor Commercial or its Affiliates shall promptly pay to Noble BV or its Affiliates the amount of such overcharge, together with interest from the date of receipt of such overcharge to the date of payment at a rate per annum equal to LIBOR, plus 100 basis points. (For purposes of this Agreement, “LIBOR” means, at the time in question, the rate per annum appearing on Xxxxxx’x Online Money Rates (xxxx://xxxxxx.xxxxxxx.xxx/public/page/mlab_money_rates.html) (or any successor Internet site) as the latest LIBOR Interbank Rate in U.S. dollars for a six-month term.) In addition, if any such audit reveals an overcharge of more than 10% of the audited invoices in the aggregate for the audited period, Arcelor Commercial or its Affiliates shall promptly reimburse Noble BV or its Affiliates for the actual out-of-pocket cost of such audit (including auditor’s fees).

Audit of Books and Records. (a) During the Term and for a period of 9 months thereafter, Arcelor Commercial Auto and its Affiliates shall permit an independent accountant selected by Noble BV who has entered into a confidentiality agreement reasonably acceptable to Arcelor Commercial Auto to have reasonable access, during normal business hours and upon reasonable advance notice, to the books and records of Arcelor Commercial Auto and its Affiliates, to the extent such access is reasonably required to verify the accuracy of the amounts charged by Arcelor Commercial Auto or its Affiliates pursuant to this Agreement. (b) If an audit pursuant to Section 3.4(a) reveals an overcharge, and Arcelor Commercial Auto or its Affiliates do not successfully justify any charge questioned by such audit, Arcelor Commercial Auto or its Affiliates shall promptly pay to Noble BV or its Affiliates the amount of such overcharge, together with interest from the date of receipt of such overcharge to the date of payment at a rate per annum equal to LIBOR, plus 100 basis points. (For purposes of this Agreement, “LIBOR” means, at the time in question, the rate per annum appearing on Xxxxxx’x Online Money Rates (xxxx://xxxxxx.xxxxxxx.xxx/public/page/mlab_money_rates.html) (or any successor Internet site) as the latest LIBOR Interbank Rate in U.S. dollars for a six-month term.) In addition, if any such audit reveals an overcharge of more than 10% of the audited invoices in the aggregate for the audited period, Arcelor Commercial Auto or its Affiliates shall promptly reimburse Noble BV or its Affiliates for the actual out-of-pocket cost of such audit (including auditor’s fees).

Audit of Books and Records. (a) During the Term term of this Agreement and for a period of 9 months thereafter, Arcelor Commercial and its Affiliates the Manufacturers shall permit an independent accountant selected by Noble BV who has entered into a confidentiality agreement reasonably acceptable to Arcelor Commercial to have reasonable access, during normal business hours and upon reasonable advance notice, to the books and records of Arcelor Commercial and its Affiliatesthe Manufacturers, to the extent such access is reasonably required to verify the accuracy of the amounts charged by Arcelor Commercial or its Affiliates the Manufacturers pursuant to this Agreement. Audits pursuant to this Section 2.10 may be requested no more frequently than once per calendar year. (b) If an audit pursuant to Section 3.4(a2.10(a) reveals an overcharge, and Arcelor Commercial or its Affiliates the Manufacturers do not successfully justify any charge questioned by such audit, Arcelor Commercial or its Affiliates the Manufacturers shall promptly pay to Noble BV or its Affiliates the Purchasers the amount of such overcharge, together with interest from the date of receipt of such overcharge to the date of payment at a rate per annum equal to LIBOR, plus 100 basis points. (For purposes of this Agreement, “LIBOR” means, at the time in question, the rate per annum appearing on Xxxxxx’x Online Money Rates (xxxx://xxxxxx.xxxxxxx.xxx/public/page/mlab_money_rates.html) (or any successor Internet site) as the latest LIBOR Interbank Rate in U.S. dollars for a six-month term.) In addition, if any such audit reveals an overcharge of more than 10% of the audited invoices in the aggregate for the audited period, Arcelor Commercial or its Affiliates the Manufacturers shall promptly reimburse Noble BV or its Affiliates the Purchasers for the actual out-of-pocket cost of such audit (including auditor’s fees).

Audit of Books and Records. (a) During the Term term of this Agreement and for a period of 9 months thereafter, Arcelor Commercial and its Affiliates the Manufacturers shall permit an independent accountant selected by Noble BV who has entered into a confidentiality agreement reasonably acceptable to Arcelor Commercial to have reasonable access, during normal business hours and upon reasonable advance notice, to the books and records of Arcelor Commercial and its Affiliatesthe Manufacturers, to the extent such access is reasonably required to verify the accuracy of the amounts charged by Arcelor Commercial or its Affiliates the Manufacturers pursuant to this Agreement. Audits pursuant to this Section 2.10 may be requested no more frequently than once per calendar year. (b) If an audit pursuant to Section 3.4(a2.10(a) reveals an overcharge, and Arcelor Commercial or its Affiliates the Manufacturers do not successfully justify any charge questioned by such audit, Arcelor Commercial or its Affiliates the Manufacturers shall promptly pay to Noble BV or its Affiliates the Purchasers the amount of such overcharge, together with interest from the date of receipt of such overcharge to the date of payment at a rate per annum equal to LIBOR, plus 100 basis points. (For purposes of this Agreement, “LIBOR” means, at the time in question, the rate per annum appearing on Xxxxxx’x Online Money Rates (xxxx://xxxxxx.xxxxxxx.xxx/public/page/mlab_money_rates.html) (or any successor Internet site) as the latest LIBOR Interbank Rate in U.S. dollars for a six-month term.) In addition, if any such audit reveals an overcharge of more than 10% of the audited invoices in the aggregate for the audited period, Arcelor Commercial or its Affiliates the Manufacturers shall promptly reimburse Noble BV or its Affiliates the Purchasers for the actual out-of-pocket cost of such audit (including auditor’s fees).