Auditing Procedures and Right to Receive Data Sample Clauses

Auditing Procedures and Right to Receive Data. 5.1. The Manager is entitled to keep with diligence and precision (both at its seat premises as well as at the Representative’s seat) the accounting statements from which the data arise regarding the financial contributions owing to HERRCO based on the calculations of Annex B hereof. Twice on a yearly basis (per semester) and following the previous written notice of the Manager to this end, HERRCO may proceed, via an independent chartered auditors company of HERRCO’s preference, to audits of the above accounting statements and in general all the required data (at the Representative’s seat), to ascertain that the entries registered in them are effected in a way that allows the receipt of the aforementioned data. The Representative is obliged to receive from the Manager and provide HERRCO’s auditors with the necessary data and information for the audit and to facilitate the auditing process at its premises. Any refusal of the Representative for the conducting of the audit will be regarded automatically as refusal of the Manager to the audit. The cost of these audits is incurred by HERRCO. If, upon the related suggestion of the Manager, with the consent of HERRCO, the above audits are carried out by chartered auditors of the Manager’s preference, the costs of these audits will be incurred by the Manager.