definiens: shall mean the United States, Germany, Fran ce, Italy, Japan and the United Kingdom . Internal auditors or indepe ndent public accountants selected by each Party and acceptable to th e other shall conduct such verification at the respective Party 's expe nse and during regular business hours . With respect to Net Sales b y a Party 's licensees ( including sub - licensees ), the other Party shall have the right to request an audit of the Net Sales by such l icensees and/or sub - licensees, at such requesting Party 's e xpense, once after each calendar year on an aggregated country - by - c ountry basis and on a country - by - country basis for Major Market C ountries, in which case the Party receiving such request to audit shall promptly cause an audit to be undertaken of Net Sales made by its lice nsees and/or sub - licensees and promptly deliver the results of such au dit to the Party requesting same . Any discrepancies of 5 % or less shall not be considered material