Records and Budgets Sample Clauses

The "Records and Budgets" clause requires parties to maintain accurate and detailed records of financial transactions and budgetary allocations related to the agreement. Typically, this involves keeping up-to-date books, receipts, and supporting documentation, and may grant the other party the right to review or audit these records upon request. The core function of this clause is to promote transparency and accountability, ensuring that funds are managed properly and that both parties can verify compliance with financial obligations.
Records and Budgets. Property Manager shall keep or cause to be kept at the Records Office suitable books of control as provided in this Agreement. Property Manager shall prepare on Microsoft Excel worksheets (using Yardi templates) and submit to Owner such monthly, quarterly, annual or other operating and capital budgets as shall be required by Owner. Without limitation, Property Manager shall prepare and submit to Owner a proposed operating budget and a proposed capital budget for the Property for the management and operation of the Property for the forthcoming Fiscal Year no later than November 1 of each year during the term hereof. All proposed operating budgets and capital budgets shall be on a form submitted by Property Manager and approved by Owner. Owner will consider the proposed budgets and endeavor to approve such budgets by December 1 of each year during the term hereof. The proposed budgets shall become the Approved Capital Budget and the Approved Operating Budget only when approved by Owner. In the event an annual operating budget for a Property has not been approved by Owner prior to the commencement of any Fiscal Year during the term hereof, the operating budget for each month (the "Current Month") until the annual operating budget is approved shall be the amount of the most recent Approved Operating Budget for the Property for the same calendar month ("Base Month"), as adjusted to reflect (a) any increase or decrease between the Base Month and the Current Month in the Consumer Price Index for All Urban Consumers for the metropolitan area in which the Property is located (base year 1982-84=100) published by the United States Department of Labor, Bureau of Labor Statistics and (b) any increase or decrease in the occupancy of the Property between the Base Month and the Current Month and (c) any increase or decrease in the taxes, insurance and utilities of the Property. Owner may revoke its approval of either Budget at any time upon twenty (20) days' prior written notice to Property Manager. Owner may amend its approval of either Budget and cause the Budget to be amended to conform to such approval at any time upon twenty (20) days' prior written notice to Property Manager and, in such event, only the Budget as so amended shall be deemed approved. With respect to the first Fiscal Year of the term, if not a full twelve months, Property Manager shall submit to Owner for approval an operating and capital budget for the balance of such calendar year as soon as possibl...
View SourceView Similar (23)
Records and Budgets. Agent shall keep or cause to be kept at the Records Office suitable books of control as provided in this Agreement. Agent shall assist Owner in reviewing monthly, quarterly, annual or other operating and capital budgets as shall be required by Owner.
View SourceView Similar (7)
Records and Budgets. Property Manager shall keep or cause to be kept at the Records Office suitable books of control and account as provided in this Agreement. Property Manager shall prepare and submit to Owner such monthly, quarterly, annual or other operating and capital budgets for the Property as may be required by BPOP or Owner. Without limiting the generality of the foregoing, Property Manager shall prepare and submit to Owner a proposed annual operating budget and a proposed annual capital budget for the management and operation of the Property at times reasonably requested by Owner. All payments to be made to Property Manager or an Affiliate thereof shall be separately itemized and explained in the proposed annual operating budget and the proposed capital budget. The proposed annual operating and capital budgets shall be in a form approved by Owner. If Owner considers any proposed budget unacceptable, Owner shall specify to Property Manager the reason(s) therefor and Property Manager shall revise and resubmit the budget until it is accepted by Owner and approved by Owner. All budgets shall be effective only when approved in writing by Owner. Owner may revoke its approval of any budget at any time. The operating budget approved in writing by Owner shall be referred to as the "Approved Operating Budget" and the capital budget approved in writing by Owner shall be referred to as the "Approved Capital Budget"
View SourceView Similar (2)
Records and Budgets. 3 2.2.3 Leasing..................................................................................5 2.2.4 Rent.....................................................................................5 2.2.5 Collections..............................................................................5 2.2.6 Maintenance..............................................................................5 2.2.7 Contracts................................................................................6 2.2.8 Purchases................................................................................6 2.2.9 Operating and Capital Expenses...........................................................6 2.2.10 Energy Management........................................................................7 2.2.11 Security.................................................................................7 2.2.12 Taxes....................................................................................7 2.2.13 Compliance with Owner's Obligations......................................................7 2.2.14 Licenses and Permits.....................................................................8 2.2.15 Notice and Cooperation in Legal Proceedings..............................................8 2.2.16 Construction Facilitation................................................................8 2.2.17 General..................................................................................8 2.3
View Source
Records and Budgets. Company shall keep or cause to be kept at the Records Office suitable books of control as provided in this Agreement. Company shall be required to prepare and submit to the Authority such monthly, quarterly, annual, or other operating and capital budgets as shall be required by the Authority. Without limitation, Company shall prepare and submit to the Authority a proposed operating budget and a proposed capital budget for the System for the management and operation of the System for the forthcoming Fiscal Year no later than February 1 of each year during the term hereof to cover the fiscal year beginning each July 1. All proposed operating budgets and capital budgets shall be on a form submitted by Company and approved by the Authority. The Authority will consider the proposed budgets and endeavor to approve such budgets by May 15 of each year. The Parties may negotiate details of such budget during the intervening time. The proposed budgets shall become the Approved Capital Budget and the Approved Operating Budget only when approved by the Authority. The Company shall have the right, from time to time during each Fiscal Year, to submit requested revisions to the budgets for consideration and approval by Owner. Company agrees to use diligence and all reasonable efforts to ensure that the actual costs of maintaining and operating the System shall not exceed the Approved Operating Budget or the Approved Capital Budget pertaining thereto, as applicable.
View Source

Related to Records and Budgets

  • Maintaining Records; Access to Properties and Inspections Maintain financial records in accordance with GAAP and, upon reasonable notice, permit any representatives designated by the Administrative Agent or any Lender to visit and inspect the financial records and the properties of the Borrower or any Significant Subsidiary during normal business hours and to discuss the affairs, finances and condition of the Borrower or any Significant Subsidiary with the officers thereof and independent accountants therefor.

  • Records; Visits The books and records pertaining to the Fund, which are in the possession or under the control of PFPC, shall be the property of the Fund. Such books and records shall be prepared and maintained as required by the 1940 Act and other applicable securities laws, rules and regulations. The Fund and Authorized Persons shall have access to such books and records at all times during PFPC's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by PFPC to the Fund or to an Authorized Person, at the Fund's expense.

  • Books and Records; Audits (i) Contractor shall maintain complete and accurate accounting records, and shall retain such records for a period of three (3) years following the date of the invoice to which they relate. (ii) Company (and its duly authorized representatives) shall be entitled to (a) audit such books and records as they relate to the Services performed hereunder, upon reasonable notice to Contractor and during normal business hours, and (b) make copies and summaries of such books and records for its use. If Company discovers an overpayment in the amounts paid by Company to Contractor for any period under audit (an “Audit Overpayment”), Contractor shall promptly pay such Audit Overpayment to Company. In the event that any such Audit Overpayment shall be in excess of five percent (5%) of the aggregate payments made by Company in respect of the applicable period under audit, Contractor shall also reimburse Company for all reasonable costs and expenses incurred by Company in connection with such audit and the collection of the Audit Overpayment. If any such Audit Overpayment shall be in excess of ten percent (10%) of the aggregate payments made by Company in respect of the applicable period under audit, Company shall have the right to re-audit, at Contractor’s expense, Contractor’s books and records for any and all past years (since the commencement of this Agreement). (iii) In the event Contractor determines that it has any inquiries, problems or believes there are errors or discrepancies with respect to any amounts due pursuant to this Agreement, Contractor agrees to give Company written notice thereof within ninety (90) days from the date that the work which gave rise to the inquiry, problem and/or discrepancy, etc. was performed. Contractor’s failure to give Company such notice shall constitute a waiver of any and all rights which Contractor may have to any adjustment, charge or reimbursement by reason thereof.

  • Inspection of Property; Books and Records; Discussions (a) Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) unless a Default or Event of Default has occurred and is continuing, not more than once a year and after at least five Business Days’ notice, (i) permit representatives of any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time to discuss the business, operations, properties and financial and other condition of the Borrower and its Significant Subsidiaries with officers and employees of the Borrower and its Significant Subsidiaries and (ii) use commercially reasonable efforts to provide for the Lenders (in the presence of representatives of the Borrower) to meet with the independent certified public accountants of the Borrower and its Subsidiaries; provided, that any such visits or inspections shall be subject to such conditions as the Borrower and each of its Significant Subsidiaries shall deem necessary based on reasonable considerations of safety and security; and provided, further, that neither the Borrower nor any Significant Subsidiary shall be required to disclose to any Lender or its agents or representatives any information which is subject to the attorney-client privilege or attorney work-product privilege properly asserted by the applicable Person to prevent the loss of such privilege in connection with such information or which is prevented from disclosure pursuant to a confidentiality agreement with third parties.

  • Books and Records; Inspections Each Credit Party will, and will cause each of its Subsidiaries to, keep proper books of record and accounts in which full, true and correct entries in conformity in all material respects with GAAP shall be made of all dealings and transactions in relation to its business and activities. Each Credit Party will, and will cause each of its Subsidiaries to, permit any authorized representatives designated by the Administrative Agent at the request of the Requisite Lenders (including the right to appoint third party agents), at the Borrower’s expense (subject to the proviso below), to visit and inspect any of the properties of any Credit Party and any of its respective Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances and accounts with its and their officers and independent public accountants (and an authorized representative of the Borrower shall be allowed to be present during such discussions), all upon reasonable notice and at such reasonable times during normal business hours and as often as may reasonably be requested, in each case, in a manner that does not unduly interfere with the business and operations of the Credit Parties and their Subsidiaries; provided that (i) the Borrower shall only be obligated to reimburse the Administrative Agent and the Requisite Lenders for the expenses of one such inspection per calendar year prior to the occurrence of an Event of Default; and (ii) any authorized representatives designated by any Lender (including the right to appoint third party agents) may accompany the Administrative Agent or its representative in connection with any inspection, in each case at such Lender’s sole expense; provided, further, that, notwithstanding anything to the contrary in this Section 5.6, none of Holdings or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (a) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any binding confidentiality obligation pursuant to any Contractual Obligation with any Third Party in effect prior to (and not entered into in contemplation of) such Credit Party’s or Subsidiary’s obligations under this Section 5.6 (it being understood and agreed that the Credit Parties shall use their commercially reasonable efforts to provide such information in a manner which would comply with such confidentiality obligation) or (b) that is subject to attorney-client or similar privilege or constitutes attorney work product.