Annual Reports and Financial Statements. Beginning with the calendar year in which the Partnership had its Offering Termination Date, the Partnership shall provide each Participant an annual report within 120 days after the close of that calendar year, and beginning with the following calendar year, a report within 75 days after the end of the first six months of its calendar year, containing except as otherwise indicated, at least the information set forth below:
Annual Reports and Financial Statements. As soon as reasonably possible, and in any event within 90 days after the close of each fiscal year of the Borrower, (1) the balance sheet of the Borrower and the Restricted Subsidiaries as of the end of such fiscal year, setting forth in comparative form the corresponding figures as of the end of the preceding fiscal year, and (2) the statements of income, stockholders’ equity and cash flows of the Borrower and the Restricted Subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year. Such balance sheet and statements shall be prepared in reasonable detail and in accordance with GAAP and shall be prepared on a consolidated basis under the circumstances set forth in the first paragraph following subsection (i) of this Section 5.01; and such balance sheets and statements shall be accompanied by an opinion of independent public accountants of recognized national standing acceptable to the Lenders, which opinion (i) shall state that such financial statements were prepared in accordance with GAAP and (ii) shall be issued without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit. The Borrower agrees to supply you promptly with a copy of any letter, certificate or other writing supplied by its independent public accountants to any other person pertaining to whether such accountants have cause to believe that there has been any default by the Borrower under any other agreement or evidence of Debt.
Annual Reports and Financial Statements. Beginning with the 2010 calendar year, the Partnership shall provide each Participant an annual report within 120 days after the close of the calendar year, and beginning with the 2011 calendar year, a report within 75 days after the end of the first six months of its calendar year, containing unaudited financial statements of the Partnership. The reports shall include a balance sheet and statements of income, cash flow, and Partners’ equity, which shall be prepared either in accordance with accounting principals followed for federal tax reporting purposes or generally accepted accounting principles as determined in the discretion of the Managing General Partner. Notwithstanding the above, if the Partnership sells Units to 500 or more Participants and receives and accepts cash subscription proceeds exceeding $10 million, which the Partnership may do in the Managing General Partner’s sole discretion, it must register the Units with the SEC under the Securities Exchange Act of 1934 (“Exchange Act”). This would require the Partnership to comply with the reporting requirements of the Exchange Act, including timely filing of quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K, and would subject the Partnership to other actions including, but not limited to, compliance with corporate governance and disclosure requirements under the Xxxxxxxx-Xxxxx Act of 2002. This would increase the Partnership’s Administrative Costs and Direct Costs, including legal and accounting fees, which would be paid by the Participants and the Managing General Partner as described in §5.01(a)(4). These additional expenses also would include the costs of required annual audited financial statements that would not otherwise be required under this Agreement.
Annual Reports and Financial Statements. As soon as reasonably possible, and in any event within 120 days after the close of each fiscal year of the Borrower, (a) the audited balance sheets of the Borrower and its consolidated subsidiaries, as at the end of such fiscal year, setting forth in comparative form the corresponding figures as at the end of the preceding fiscal year, (b) the audited statements of consolidated income of the Borrower and its consolidated subsidiaries, for such fiscal year, setting forth in comparative form the corresponding figures for the previous fiscal year, and (c) the statement of cash flows of the Borrower and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the previous fiscal year. The consolidated balance sheets and statements of the Borrower and its consolidated subsidiaries shall be prepared in reasonable detail in accordance with GAAP and shall be accompanied by a report and opinion of independent public accountants of recognized standing selected by the Borrower, which report and opinion shall be prepared in accordance with generally accepted auditing standards relating to reporting.
Annual Reports and Financial Statements. As soon as reasonably possible, and in any event within 90 days after the close of each fiscal year of the Borrower, (1) the balance sheet of the Borrower and the Restricted Subsidiaries as of the end of such fiscal year, setting forth in comparative form the corresponding figures as of the end of the preceding fiscal year, and (2) the statements of income, stockholders’ equity and cash flows of the Borrower and the Restricted Subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the preceding fiscal year. Such balance sheet and statements shall be prepared in reasonable detail and in accordance with GAAP and shall be prepared on a consolidated basis under the circumstances set forth in the first paragraph following subsection (i) of this Section 5.01; and such balance sheets and statements shall be accompanied by an opinion of independent public accountants of recognized national standing acceptable to the Lenders, which opinion (i) shall state that such financial statements were prepared in accordance with GAAP and (ii) shall be issued without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit. In addition, such accountants will furnish to you a letter stating that in making their examination of such financial statements nothing came to their attention which caused them to believe that there was any Event of Default by the Borrower in the performance or observance of any covenant of the Borrower contained herein insofar as such covenants pertain to accounting matters, provided that if in the course of their regular auditing procedure such accountants become aware of any other type of default, they shall disclose the same but such accountants shall have no responsibility for ascertaining the existence of any such Event of Default. The Borrower agrees to supply you promptly with a copy of any letter, certificate or other writing supplied by its independent public accountants to any other person pertaining to whether such accountants have cause to believe that there has been any default by the Borrower under any other agreement or evidence of Debt.
Annual Reports and Financial Statements. Beginning with the 2016 calendar year, the Partnership shall provide each Participant an annual report within 120 days after the close of the calendar year containing audited financial statements of the Partnership and, beginning with the 2016 calendar year, a report within 75 days after the end of the first six months of its calendar year containing unaudited financial statements of the Partnership. Audited financial statements of the Partnership, including a balance sheet and statements of income, cash flow, and Partners’ equity shall be prepared on an accrual basis in accordance with generally accepted accounting principles and accompanied by an auditor’s report containing an opinion of an independent public accountant selected by the General Partner stating that its audit was made in accordance with generally accepted auditing standards and that in its opinion the financial statements present fairly the financial position, results of operations, Partners’ equity, and cash flows in accordance with generally accepted accounting principles. Accompanying the annual report, the Partnership shall provide to each Participant the following:
Annual Reports and Financial Statements. Beginning with the 2004 calendar year, the Partnership shall provide each Participant an annual report within 120 days after the close of the calendar year, and beginning with the 2005 calendar year, a report within 75 days after the end of the first six months of its calendar year, containing unaudited financial statements of the Partnership. The reports shall include a balance sheet and statements of income, cash flow, and Partners' equity, which shall be prepared either in accordance with accounting principals followed for federal tax reporting purposes or generally accepted accounting principles which shall be determined in the discretion of the Managing General Partner.
Annual Reports and Financial Statements. Cardinal has delivered to SBI true and complete copies of (i) Cardinal's Annual Report on Form 10-K for Cardinal's fiscal year ended December 31, 1997, containing consolidated balance sheets of Cardinal at December 31, 1997 and December 31, 1996 and consolidated statements of earnings, changes in shareholders' equity and cash flows of Cardinal for the three years ended December 31, 1997, 1996 and 1995 and such financial statements have been certified by independent public accountants, and (ii) Cardinal's Quarterly Reports for the quarters ended March 31, 1997, June 30, 1997 and September 30, 1997 containing unaudited consolidated balance sheets of Cardinal as at such dates and unaudited consolidated statements of earnings and cash flows of Cardinal for the three, six and nine- month periods reflected therein. Cardinal has also delivered to SBI true and correct copies of its annual reports on Form 10-K for the years 1996, 1995 and 1994, together with its annual reports to shareholders for the same periods. All such reports (collectively, the "Cardinal Reports") (i) comply in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC, (ii) do not contain any untrue statement of a material fact and (iii) do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. No documents to be filed by Cardinal with the SEC or any regulatory agency in connection with this Agreement, or the transactions contemplated hereby will contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. All documents which Cardinal is responsible for filing with the SEC or any regulatory agency in connection with the Merger will comply as to form in all material respects with the requirements of applicable law.
Annual Reports and Financial Statements. As soon as practicable after the close of each fiscal year, but in no event later than one hundred twenty (120) days following the close of such fiscal year, the Managing Members shall deliver to the other Members:
Annual Reports and Financial Statements. Beginning with the 2013 calendar year, the Partnership shall provide each Participant an annual report within 120 days after the close of the calendar year containing audited financial statements of the Partnership, and beginning with the 2013 calendar year, a report within 75 days after the end of the first six months of its calendar year containing unaudited financial statements of the Partnership. Audited financial statements of the Partnership, including a balance sheet and statements of income, cash flow, and Partners’ equity shall be prepared on an accrual basis in accordance with generally accepted accounting principles with a reconciliation with respect to information furnished for income tax purposes and accompanied by an auditor’s report containing an opinion of an independent public accountant selected by the Managing General Partner stating that its audit was made in accordance with generally accepted auditing standards and that in its opinion the financial statements present fairly the financial position, results of operations, Partners’ equity, and cash flows in accordance with generally accepted accounting principles. Also, if the Partnership sells Units to 2,000 or more Participants and receives and accepts cash subscription proceeds exceeding $10 million, which the Partnership may do, in the Managing General Partner’s sole discretion, it must register the Units with the SEC under the Securities Exchange Act of 1934 (“Exchange Act”). This would require the Partnership to comply with the reporting requirements of the Exchange Act, including timely filing of quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K, and would subject the Partnership to other actions including, but not limited to, compliance with corporate governance and disclosure requirements under the Xxxxxxxx-Xxxxx Act of 2002. This would increase the Partnership’s Administrative Costs and Direct Costs, including legal and accounting fees, which would be paid by the Participants and the Managing General Partner as described in §5.01(a)(4).
