Common use of Provision of Records Clause in Contracts

Provision of Records. The Processor shall provide OTS’s auditor with any and all records requested and shall cooperate with the Audit at no expense to OTS. It is agreed that OTS shall pay the costs of the Audit except in circumstances where the auditor determines that the Processor has not complied with the terms of this Agreement and the Plan in which case OTS’ reasonable costs of the Audit, including any follow-up review or inspection undertaken as a result of a finding of non-compliance, shall be paid by the Processor within 30 days of demand therefor being transmitted from OTS to the Processor. In the event the Processor fails to pay OTS’ reasonable costs of the Audit as aforesaid, such costs of the Audit shall be treated as Repayment Amounts and subject to set-off in accordance with Section 7.3.

Provision of Records. The Processor shall provide OTS’s auditor with any and all records requested and shall cooperate with the Audit at no expense to OTS. It is agreed that OTS shall pay the costs of the Audit except in circumstances where the auditor determines that the Processor has not complied with the terms of this Agreement and the Plan in which case OTS’ reasonable costs of the Audit, including any follow-up review or inspection undertaken as a result of a finding of non-compliance, shall be paid by the Processor within 30 days of demand therefor being transmitted from OTS to the Processor. In the event the Processor fails to pay OTS’ reasonable costs of the Audit as aforesaid, such costs of the Audit shall be treated as Repayment Amounts and subject to set-off in accordance with Section 7.38.3.