Common use of Annual Reports and Financial Statements Clause in Contracts

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. Beginning with the 2010 2006 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 2007 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, 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 XxxxxxxxSxxxxxxx-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. Beginning with the 2010 2005 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 2006 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 which shall be 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 '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, 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 '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)(4ss.5.01(a)(4). These additional expenses also would include the costs of required annual audited financial statements that which would not otherwise be required under this Agreement.

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, 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.