Common use of Accounting, Reports and Financial Statements Clause in Contracts

Accounting, Reports and Financial Statements. Manager shall perform such accounting and financial reporting services regarding the Project which is normally provided with respect to first-class office buildings in the area and any additional accounting and financial reporting services which are required pursuant to the documents and agreements governing Owner's lending relationships ("Loan Compliance Requirements"). Without limiting the generality of the foregoing, Manager shall, by the twentieth (20th) day of each month, prepare and provide to Owner monthly operating reports for the immediately preceding month (each, a "Monthly Report"), including, (i) an unaudited year-to-date financial statement; (ii) statement of net operating income, (iii) summary of all lease activity, (iv) a balance sheet, (v) a calculation of the Management Fee (as defined below), (vi) a comparison of monthly and year-to-date actual income and expense with the operating budget in the Annual Plan and, (vii) on a quarterly basis only, an analysis of any significant variances between budgeted and actual amounts. If requested by Owner, Manager shall also, within ninety (90) days after the end of any Fiscal Year, prepare and provide to Owner annual financial statements and, at Owner's cost and expense, cause such statements to be audited. Upon request by Owner, Manager shall prepare and supply to Owner periodic cash flow forecasts. Manager shall also provide to Owner coordination for external and internal audits, tax planning and compliance in a manner and form mutually agreeable by Owner and Manager, and Manager shall provide additional information reasonably required by individual partners of Owner for their financial statement purposes for an amount equal to the cost of obtaining such work.

Accounting, Reports and Financial Statements. Manager shall perform such accounting and financial reporting services regarding the Project which is normally provided with respect to first-class office buildings in the area and any additional accounting and financial reporting services which are required pursuant to the documents and agreements governing Owner's lending relationships ("Loan Compliance Requirements"). Without limiting the generality of the foregoing, Manager shall, by the twentieth (20th) final day of each month, prepare and provide to Owner monthly operating reports for the immediately preceding month (each, a "Monthly Report"), including, (i) an unaudited year-to-date financial statement; (ii) statement of net operating income, (iii) summary of all lease activity, (iv) a balance sheet, (v) a calculation of the Management Fee (as defined below), (vi) a comparison of monthly and year-to-date actual income and expense with the operating budget in the Annual Plan and, (vii) on a quarterly basis only, an analysis of any significant variances between budgeted and actual amounts. If requested by Owner, Manager shall also, within ninety (90) days after the end of any Fiscal Year, prepare and provide to Owner annual financial statements and, at Owner's cost and expense, cause such statements to be audited. Upon request by Owner, Manager shall prepare and supply to Owner periodic cash flow forecasts. Manager shall also provide to Owner coordination for external and internal audits, tax planning and compliance in a manner and form mutually agreeable by Owner and Manager, and Manager shall provide additional information reasonably required by individual partners of Owner for their financial statement purposes for an amount equal to the cost of obtaining such work.