Common use of Third Party Audit Rights Clause in Contracts

Third Party Audit Rights. Upon the Administrative Agent’s request, promptly notify the Administrative Agent of, and at all times allow the Administrative Agent access to the results of, all audits conducted by any Credit Party of any third party licensee, partnership or joint venture under any agreement with respect to any Item of Product included in the Collateral. After an Event of Default has occurred and is continuing, the Administrative Agent shall have the right to exercise directly or through any Credit Party at the option of the Administrative Agent, such Credit Party’s right to audit any obligor under an agreement with respect to any Item of Product included in the Collateral.

Third Party Audit Rights. Upon the Administrative Agent’s requestOn a quarterly basis, promptly notify the Administrative Agent of, and at all times allow the Administrative Agent access to the results of, all audits conducted by any Credit Party of any third party licensee, partnership or joint venture licensee under any agreement with respect to any Item item of Product included in the CollateralCollateral or of any partnership, or joint venture. The Credit Parties will exercise their audit rights with respect to any such third party licensees, partnerships and joint ventures upon the reasonable request of the Administrative Agent to the extent that the Credit Parties shall have the right to conduct such audits. After an Event of Default has occurred and is continuing, the Administrative Agent shall have the right to exercise directly or through any Credit Party at the option of the Administrative AgentParty, such Credit Party’s 's right to audit any obligor under an agreement with respect to any Item item of Product included in the Collateral.