Independent Verification Procedures Sample Clauses
The Independent Verification Procedures clause establishes the requirement for an impartial third party to review and confirm certain facts, data, or processes related to the agreement. Typically, this involves appointing an auditor or expert to assess compliance with contractual obligations, such as verifying financial statements, technical specifications, or performance metrics. By mandating independent verification, the clause helps ensure objectivity and accuracy, thereby reducing disputes and building trust between the parties.
Independent Verification Procedures. (a) At the conclusion of each calendar quarter, the Trustee, acting as a verification agent (the "Verification Agent"), shall select, randomly and without notifying the Administrative Agent, one Business Day in each week of the preceding quarter, and
(i) if any AP Acquisitions occurred on such day, the Verification Agent will verify that (1) the Administrative Agent properly identified and recorded all such AP Acquisitions; and
Independent Verification Procedures. (a) At the conclusion of each calendar quarter, the Trustee, acting as a verification agent (the "Verification Agent"), shall select, randomly and without notifying the Administrative Agent, one Business Day in each week of the preceding quarter, and
(i) if any AP Acquisitions occurred on such day, the Verification Agent will verify that (1) the Administrative Agent properly identified and recorded all such AP Acquisitions; and (2) no transactions outside of the Range were executed with any AP Affiliated Person; and
(ii) if any AP In-Kind Redemptions occurred on such day, the Verification Agent will verify that (1) the Administrative Agent properly identified and recorded all such AP In-Kind Redemptions and (2) that the AP In-Kind Redemptions were executed in accordance to Section 2, herein.
(b) In the event that the Verification Agent has identified an AP Acquisition outside of the Range or an AP In-Kind Redemption that violates Section 6.1(d) (each such transaction, a "Prohibited Transaction"), the Verification Agent shall review all the information retained by the Administrative Agent in accordance with Sections 3(a) or 3(b), hereof, as applicable, during,
(i) the six-month period that preceded such Prohibited Transaction and
(ii) the calendar quarter that follows the Prohibited Transaction, to determine whether any additional Prohibited Transactions occurred.