Books of Record and Accounts Sample Clauses
The "Books of Record and Accounts" clause requires a party to maintain accurate and complete financial records related to the agreement. Typically, this means keeping detailed books, ledgers, and supporting documents that reflect all transactions and financial activities under the contract. These records may be subject to inspection or audit by the other party to ensure compliance. The core function of this clause is to promote transparency and accountability, helping to prevent fraud or mismanagement by ensuring that all relevant financial information is properly documented and accessible if needed.
Books of Record and Accounts. Guarantor shall at all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions fairly in accordance with GAAP, consistently applied, and set aside on its books from its earnings for each Fiscal Year all such proper reserves in accordance with GAAP, consistently applied.
Books of Record and Accounts. Keep proper books of record and accounts in which full, true and correct entries shall be made of its transactions as necessary to prepare financial statements in accordance with generally accepted accounting principles.
Books of Record and Accounts. (a) The Authority covenants that proper books of record and account will be kept in which full, true and correct entries will be made of all dealings or transactions of or in relation to the properties, business and affairs of the Authority, and that it will:
(1) At least annually, furnish to the Trustee statements in reasonable detail showing the earnings, expenses and financial condition of the Authority.
(2) From time to time furnish the Trustee such information as to the property of the Authority as the Trustee shall reasonably request.
(3) File with the Trustee within ninety (90) days after the end of each year a certificate stating that all taxes then due on the Leased Premises have been duly paid (unless any of said taxes are being contested, in good faith, in which event the facts concerning such contest shall be set forth); that all insurance premiums required by the terms of the Lease have been duly paid; and that the Authority is in existence under Indiana law.
(b) The Authority further covenants that all books, documents and vouchers relating to the properties, business and affairs of the Authority shall at all times be open to the inspection of such accountants or other agents as the Trustee may from time to time designate.
(c) The Trustee shall have no duty to review or analyze such financial statements and shall hold such financial statements solely as a repository for the benefit of the bondholders; that Trustee shall not be deemed to have notice of any information contained therein or event of default which may be disclosed therein in any manner.