Common use of Periodic Audit Rights Clause in Contracts

Periodic Audit Rights. PSINet shall have the right, upon reasonable notice and at a date and time mutually agreed upon by the Parties, to enter the premises of IXC for the purpose of auditing any of IXC's books of accounts, documents, records (in any media), papers and files (the "IXC Documents") relating to its compliance with the provisions of this Agreement. PSINet shall bear the expense of the audit unless the audit reveals that (i) the amounts collected by PSINet from IXC hereunder are more than two (2) percent less than that which should have been paid by IXC to PSINet, or (ii) IXC has not complied with either or both of the first two sentences of Section 5.1.2, in which case, the entire cost of the audit shall be borne by IXC. Payment of any amounts found due and owing PSINet shall be made promptly by IXC upon demand by PSINet.