Common use of Accounting Basis and Fiscal Year Clause in Contracts

Accounting Basis and Fiscal Year. The books of the Partnership (a) shall be kept on an accrual basis in accordance with GAAP, (b) shall reflect all Partnership transactions, (c) shall be appropriate and adequate for the Partnership's business and for the carrying out of all provisions of this Agreement, and (d) shall be closed and balanced as of the end of each fiscal year, as soon as practicable after the end of such fiscal year. The fiscal year of the Partnership shall be January 1 through December 31 of each year or such other fiscal year that may be selected with the unanimous approval of the Management Committee.