Accounting Records; Reports. 4.1 Each of the Regulated Parties shall keep all its accounts and records in accordance with the relevant requirements promulgated by the Commission(s) with jurisdiction. Without limiting the foregoing, each of the Regulated Parties shall maintain adequate books and records with respect to all of its transactions under this Agreement and shall record the costs to be allocated to any Party hereunder in appropriate accounts in its general ledger system. The Regulated Parties shall each maintain internal controls to ensure that it allocates and bills the costs associated with all transactions under this Agreement properly and consistently in accordance with the terms and provisions of this Agreement.
4.2 Each year by May 1, each of the Regulated Parties shall submit to the person or department designated by its Commission or its Commission’s staff: (i) billing reports showing its charges, as a Providing Party, to any Receiving Party to which it provided Services hereunder during the preceding calendar year; and (ii) billing reports showing its payments, as a Receiving Party, for Services received from Providing Parties hereunder during the preceding calendar year.
4.3 Every year there shall be an internal audit of transactions under this Agreement for the purpose of testing compliance with the Agreement. Such audit may be either a discrete audit solely of Services under this Agreement or may be an audit of the Services under this Agreement and other affiliated interest service agreements. The internal audit shall include, but not be limited to, the following:
1) the accuracy of the derivations of costs billed by the Providing Parties; 2) the determination that the costs billed to the Regulated Parties are priced at the lesser of cost or fair market value, based on the studies and updates required by Section 4.4; 3) the determination that Services provided by the Regulated Parties to the Non-Regulated Parties, except WBS, are billed at the higher of cost or market, based on the studies and updates required by Section 4.4; and 4) the accuracy of invoices issued under the Agreement during the year. The Regulated Parties shall submit a copy of the audit report to the person or department designated by the Commissions or the Commissions’ staffs no later than July 1 of each audit year. The first such audit report shall pertain to the period ending December 31 of the year in which this Agreement is effective, and shall be due on or before July 1 of the following yea...
Accounting Records; Reports. 12.1 The Licensee will maintain at its principal place of business, or another place as may be most convenient, separate accounts and records of all Revenues, Sublicensing Fees, Sublicense Agreements and all business done in connection with the Patents, Improvement Patents, Technology or any Improvements. The accounts and records will be in sufficient detail to enable proper returns to be made under this Agreement and the Licensee will cause its Sublicensees to keep and deliver to the Licensee similar accounts and records.
12.2 The Licensee will complete and deliver to UBC:
(a) within 60 days of each and every Royalty Due Date, a completed Payment Report in the form attached as Schedule “D”, (or an amended form as required by UBC from time to time) together with the royalty payable under this Agreement. A separate Payment Report shall be prepared and delivered for each Sublicensee and Sublicense Agreement, including an accounting statement setting out in detail how the amount of Revenue received by such Sublicensee was determined and identifying each Sublicensee and the location of the business of each Sublicensee. The first Payment Report will be submitted within 60 days of the first Royalty Due Date after the receipt of the first Revenue, and thereafter a Payment Report shall be delivered every three months regardless of whether any Revenue was received in the preceding period; and,
(b) on or before December 1st of each year during the Term, starting on December 1, 2007 an Annual Report in the form attached as Schedule “D” (or an amended form as required by UBC from time to time).
12.3 The calculation of royalties will be carried out in accordance with generally accepted accounting principles in the United States, or the standards and principles adopted by the U.S. Financial Accounting Standards Board applied on a consistent basis.
12.4 The Licensee will retain the accounts and records referred to in Article 12.1 for at least 6 years from when they were made and will permit a certified public accountant from a nationally-recognized accounting firm selected by UBC, to inspect, at UBC’s expense, the accounts and records during the Licensee’s normal business hours. The Licensee will provide to accountant access to all such accounts and records as necessary to verify the accounts and records (including the accounts and records pertaining to Revenue received by any Sublicensee(s)) and will allow copies to be made of the accounts, records and agreements. If an...
Accounting Records; Reports. 12.1 The Licensee will maintain at its principal place of business separate accounts and records of all Revenues sublicenses and Sublicensing Revenues and all business done in connection with the Technology or any Improvements or Products. The accounts and records will be in sufficient detail to enable accurate and complete reports and returns to be made under this Agreement and the Licensee will cause all sublicensees to keep similar accounts and records.
12.2 The Licensee will complete and deliver to USC:
Accounting Records; Reports. 8.1 The Licensee will maintain at its principal place of business separate accounts and records of all Revenues, sublicenses and Sublicensing Revenues and all business done in connection with the Technology or any Improvements or Products. The accounts and records will be in sufficient detail to enable accurate and complete reports and returns to be made under this Agreement.
8.2 Upon written request of the LICENSOR, no more than twice per year, the Licensee will complete and deliver to LICENSOR, a payment report which verifies the Revenue and Sublicensing Revenue, together with a calculation of the royalty and other amounts payable under this Agreement. The calculation of royalties will be carried out in accordance with generally accepted Canadian accounting principles, including the International Financial Reporting Standards (IFRS) applied on a consistent basis.
8.3 The Licensee will retain the accounts and records referred to in this Article 8 throughout the Term and will permit a duly authorized representative of LICENSOR to inspect, at LICENSOR’s expense and during the Licensee’s normal business hours, such accounts and records, for the purpose of determining whether or not the Licensee is in compliance with this Agreement, provided that such audits shall take place no more than once a calendar year and with sufficient prior notice provided to the Licensee.
8.4 LICENSOR will ensure that all information provided to LICENSOR or its representatives under Article 8 is treated as confidential by LICENSOR.
Accounting Records; Reports. 1. Each Regulated Party will keep all its accounts and records in accordance with the relevant requirements promulgated by the Commission(s) or FERC with jurisdiction. Without limiting the foregoing, each Regulated Party will maintain adequate books and records with respect to all of its transactions under this Agreement and will record the costs to be allocated to the other Parties in appropriate accounts in its general ledger system. Each Regulated Party will maintain internal controls to ensure that it allocates and bills the costs associated with all transactions under this Agreement properly and consistently in accordance with this Agreement.
2. WBS will keep all its accounts and records in accordance with the relevant requirements promulgated by FERC, including 18 C.F.R. Parts 367 and 368 of FERC’s regulations or any successor regulations. Without limiting the foregoing, WBS will maintain adequate books and records with respect to all of its transactions under this Agreement and will record the costs to be allocated to the other Parties in appropriate accounts in its general ledger system. WBS will maintain internal controls to ensure that it allocates and bills the costs associated with all transactions under this Agreement properly and consistently in accordance with this Agreement.
3. Each Regulated Party that is regulated by a Commission(s) will provide the Commissions a copy of WBS’ FERC Form No. 60, or such other annual report required by FERC of centralized service companies, contemporaneous with its annual filing of such report with FERC. Each such Regulated Party will also file with the Commissions, contemporaneous with its annual filing of such report with FERC, the following schedules. These schedules will list all costs incurred by WBS and all costs allocated to all entities to which WBS provides or provided services. In Illinois, these schedules will be filed as supplemental schedules to the annual report to the ICC required by Section 5-109 of the Public Utilities Act (220 ILCS 5/5-109), known as Form 21.
(a) A schedule summarizing the direct and indirect charges for each functional area in Appendix C. The report will present the dollar amounts and percentages charged to each Party as listed in Appendix C, as well as to all other entities that receive direct or indirect charges from WBS for such functional areas.
(b) A schedule providing a breakdown by subaccount of Account 923, Outside Services Employed. The schedule will aggregate amo...
Accounting Records; Reports. Through Parent, provide to Lender the following in form satisfactory to Lender in its Discretion:
Accounting Records; Reports. AUDITS AND INSPECTIONS ----------------------------------------------------
Accounting Records; Reports. (a) The Company will maintain a standard and modern system for accounting in accordance with sound business practices to permit the preparation of financial statements in accordance with GAAP throughout all accounting periods and to comply with the requirements of this Debenture. The Company will furnish to IBP, on a quarterly basis, a certificate, in the form attached to this Debenture as Exhibit B, signed by an Officer of the Company attesting to the compliance by the Company with each covenant contained in this Agreement and attesting to the fact that no default exists, or with notice or lapse of time or both will exist, under this Debenture or under any other material agreement of the Company. Within fifteen days after filing any reports with the SEC, the Company will provide IBP with a copy of such reports.
(b) Within ten calendar days after becoming aware of the occurrence of any Event of Default under this Debenture or any default under any material agreement of the Company, the Company will notify IBP of such default or Event of Default.
Accounting Records; Reports. 16 3.1 Records........................................................................................16 3.2
Accounting Records; Reports. Borrower will provide to Lender the following in form satisfactory to Lender in its discretion:
