Management Accounts and Financial Statements Sample Clauses
The 'Management Accounts and Financial Statements' clause requires a party, typically a company, to provide regular financial reports and statements to another party, such as an investor or buyer. These documents may include balance sheets, profit and loss statements, and cash flow reports, often delivered on a monthly or quarterly basis. By mandating the provision of up-to-date financial information, this clause ensures transparency and enables the recipient to monitor the company's financial health and performance, thereby reducing information asymmetry and supporting informed decision-making.
Management Accounts and Financial Statements. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers and the Issuer Group:
(i) establish an accounting system and maintain the accounting ledgers of and for each Issuer Group Member in accordance with U.S. GAAP unless otherwise required by Applicable Law and specified by the Controlling Trustees (collectively, the "Ledgers");
(ii) prepare and deliver (within 40 days after the end of the relevant Quarter or, if the end of such Quarter coincides with the end of a Year, within 75 days after the end of such Year), with respect to the Issuer Group, on a consolidated basis, a draft balance sheet and draft statement of changes in shareholders' equity or residual trust interest as of the end of each Quarter and Year, as applicable, and draft statements of income and cash flows for each Quarter and Year, as applicable (the "Consolidated Quarterly Draft Accounts");
(iii) to the extent required by Applicable Law, prepare and deliver (within 40 days after the end of the relevant Quarter or, if the end of such Quarter coincides with the end of a Year, within 90 days after the end of such Year), with respect to the Issuer Group on a combined basis and such of the Issuer and the other Issuer Group Members as specified by the Controlling Trustees in a written schedule provided to the Administrative Agent (which schedule may be updated by the Controlling Trustees to the Administrative Agent delivered at least 30 days prior to the commencement of the relevant Quarter), on a consolidating company-by-company basis, a draft balance sheet and statement of changes in shareholders' equity or residual trust interest as of the end of each Quarter and Year, as applicable, with respect to such Issuer Group Member and draft statements of income and cash flows for such Quarter and Year, as applicable (the "Consolidating Quarterly Draft Accounts" and, together with the Consolidated Quarterly Draft Accounts the "Draft Accounts"). The Controlling Trustees shall specify the applicable legal requirements mandating the preparation of such Consolidating Quarterly Draft Accounts in the written schedule provided to the Administrative Agent pursuant to this section;
(iv) as required by the Controlling Trustees, arrange and manage the quarterly review of the Draft Accounts by the Issuer Group's auditors;
(v) arrange for, coor...
Management Accounts and Financial Statements. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers and AerCo Group:
(i) establish an accounting system and maintain the accounting ledgers of and for each Person within AerCo Group and their Subsidiaries in accordance with accounting principles generally accepted in the United Kingdom, ("U.K. GAAP"), unless otherwise required by Applicable Law and specified by the relevant board of directors of Persons within AerCo Group (collectively, the "LEDGERS");
(ii) prepare and deliver (within 40 days after the end of the relevant Quarter or, if the end of such Quarter coincides with the end of a Year, within 75 days after the end of such Year), with respect to AerCo Group, on a consolidated basis, a draft balance sheet and draft statement of changes in shareholders' equity or residual trust interest as of the end of each Quarter and Year, as applicable, and draft statements of income and cash flows for each Quarter and Year, as applicable (the "CONSOLIDATED QUARTERLY DRAFT ACCOUNTS");
(iii) to the extent required by Applicable Law, prepare and deliver (within 40 days after the end of the relevant Quarter or, if the end of such Quarter coincides with the end of a Year, within 90 days after the end of such Year), with respect to AerCo Group and such Persons within AerCo Group as specified by the relevant board of directors of Persons within AerCo Group in a written schedule provided To the Administrative Agent (which schedule may be updated by such board of directors to the Administrative Agent delivered at least 30 days prior to the commencement of the relevant Quarter), on a consolidating company-by-company basis, a draft balance sheet and statement of changes in shareholders' equity or residual trust interest as of the end of each Quarter and Year, as applicable, with respect to such Person and draft
Management Accounts and Financial Statements. (a) Seller has delivered to Buyer true and complete copies of (i) combined unaudited statements of income of the Business for the twelve (12)-month periods ended December 31, 2014 and December 31, 2013 and (ii) combined unaudited balance sheets of the Business as of December 31, 2014 (the “Balance Sheet”) and December 31, 2013 ((i) and (ii) together, the “Management Accounts”). The Management Accounts have been prepared based on the books and records of Seller, Selling Subsidiary and their Affiliates (including the Transferred Entities) and such books and records have been regularly maintained in the ordinary course by the management of the Business to be able to prepare combined statements of income and combined balance sheets of the Business. To the Knowledge of Seller, the Management Accounts have been prepared consistent with the accounting policies, practices and methodologies used in the preparation of the audited consolidated financial statements of the Seller and its Subsidiaries for the years ended December 31, 2014 and December 31, 2013 (“Financial Statements”), consistently applied, to the extent applicable to the Business. The Financial Statements have been prepared in accordance with GAAP and present fairly, in all material respects, the consolidated financial position and operating results of the Seller and its Subsidiaries as of the dates thereof and for the periods covered thereby. Seller has made available to Buyer true and complete copies of all external auditors’ reports and management representation letters delivered in connection with the external audit of the Financial Statements since January 1, 2013. Seller has made available to Buyer copies of all internal audit reports related to the Business since January 1, 2013.
(b) Seller has delivered to Buyer true and complete copies of the most recent audited financial statements (including any auditor’s report or cover letter thereto) of Seller Guarantor.
(c) Except as set forth on Section 2.6(c) of the Seller Disclosure Letter, as of December 31, 2014, assuming the Post-Signing Restructuring Actions had occurred immediately prior to such date, there were no Liabilities of UCI Acquisition Holdings (No.
Management Accounts and Financial Statements. The Management Accounts and the Financial Statements have been prepared using the same accounting principles, policies and bases as used in the Accounts (consistently applied), fairly reflect the trading position of the Company as at the date and for the period to which they relate and are not affected by any extraordinary, exceptional, unusual or non-recurring income, capital gain or expenditure or by any other factor known to the Sellers rendering profits or losses for the period covered exceptionally high or low.