Common use of Audit and Report Clause in Contracts

Audit and Report. (a) The financial statements of the Partnership must be audited and certified as of the end of each fiscal year by a firm of independent certified public accountants selected by the Partnership. (b) Within ( ) days of the end of each fiscal year, the Partnership must prepare and mail to each Partner a report prepared in accordance with the provisions of the SBIC Act regarding financial reporting, setting forth as at the end of the fiscal year:65 (i) a balance sheet of the Partnership; (ii) a statement of operations for the year; 62See 13 C.F.R. § 107.600 with respect to recordkeeping requirements for an SBIC. 63RULPA discusses partners' access to a partnership's books and records; see Delaware RULPA § 17-305. 64RULPA specifically addresses partners' access to confidential information held by the partnership; see Delaware RULPA § 17- 305(b). 65Specify any additional financial reports. (iii) a statement of cash flows; (iv) a statement of changes in partners’ capital, and such Partner's Closing Capital Account; (v) a statement of the Assets, valued as provided under this Agreement; (vi) the amount of such Partner's share in the Partnership's taxable income or loss for the year, in sufficient detail to enable it to prepare its Federal, state and other tax returns; (vii) any other information the General Partner, after consultation with any Limited Partner requesting the same, deems necessary or appropriate; (viii) upon request by any Partner, such other information as is needed by such Partner in order to enable it to file any of its tax returns; and (ix) such other information as any Partner may reasonably request for the purpose of enabling it to comply with any reporting or filing requirements imposed by any statute, rule, regulation or otherwise by any governmental agency or authority. The items set forth in clauses (i), (ii), (iii), (iv) and (v) [add any other financial information which will be certified] will be certified by the firm of independent certified public accountants selected by the Partnership (c) Within ( ) days of the end of each of the [e.g., first three] fiscal [specify fiscal quarters or other fiscal period], the Partnership will prepare and mail to each Partner a report of the General Partner prepared in accordance with the provisions of the SBIC Act regarding financial reporting setting forth the information described in Section 9.02

Audit and Report. (a) The financial statements of the Partnership must be audited and certified as of the end of each fiscal year by a firm of independent certified public accountants selected by the Partnership. (b) Within ( one hundred twenty (120) days of the end of each fiscal year, the Partnership must prepare and mail to each Partner a report prepared in accordance with the provisions of the SBIC Act regarding financial reporting, setting forth as at the end of the fiscal year:65year: (i) a balance sheet of the Partnership; (ii) a statement of operations for the year; 62See 13 C.F.R. § 107.600 with respect to recordkeeping requirements for an SBIC. 63RULPA discusses partners' access to a partnership's books and records; see Delaware RULPA § 17-305. 64RULPA specifically addresses partners' access to confidential information held by the partnership; see Delaware RULPA § 17- 305(b). 65Specify any additional financial reports.; (iii) a statement of cash flows; (iv) a statement of changes in partners’ capital, and such Partner's ’s Closing Capital Account; (v) a statement of the Assets, valued as provided under this Agreement; (vi) the amount of such Partner's ’s share in the Partnership's ’s taxable income or loss for the year, in sufficient detail to enable it to prepare its Federal, state and other tax returns; (vii) any other information the General Partner, after consultation with any Private Limited Partner requesting the same, deems necessary or appropriate; (viii) upon request by any Partner, such other information as is needed by such Partner in order to enable it to file any of its tax returns; and (ix) such other information as any Partner may reasonably request for the purpose of enabling it to comply with any reporting or filing requirements imposed by any statute, rule, regulation or otherwise by any governmental agency or authority. The items set forth in clauses (i), (ii), (iii), (iv) and (v) [add any other financial information which will be certified] will be certified by the firm of independent certified public accountants selected by the Partnership (c) Within ( sixty (60) days of the end of each of the [e.g., first three] three fiscal [specify fiscal quarters or other fiscal period]quarters, the Partnership will prepare and mail to each Partner a report of the General Partner prepared in accordance with the provisions of the SBIC Act regarding financial reporting setting forth the information described in Section 9.02(b), identifying the securities held by the Partnership and stating the amount of each security held and the cost and value thereof as determined under Section 3.08. (d) The financial reports and information provided to the Partners pursuant to this Section 9.02 are dependant upon information being provided to the General Partner by portfolio companies and other third parties. Therefore, notwithstanding the time periods set forth in this Section 9.02, such reports and information may be provided to the Partners after the expiration of such time periods, but as soon as reasonably practical, following receipt of all financial and other information from each portfolio company and other third parties as is necessary or desirable to prepare such documents.

Audit and Report. (a) The financial statements of the Partnership must be audited and certified as of the end of each fiscal year by a firm of independent certified public accountants selected by the Partnership. (b) Within ( ninety (90) days of from and after the end of each fiscal year, the Partnership must prepare and mail to each Partner a report prepared in accordance with the provisions of the SBIC Act regarding financial reporting, setting forth as at the end of the fiscal year:65year: (i) a balance sheet of the Partnership; (ii) a statement of operations for the year; 62See 13 C.F.R. § 107.600 with respect to recordkeeping requirements for an SBIC. 63RULPA discusses partners' access to a partnership's books and records; see Delaware RULPA § 17-305. 64RULPA specifically addresses partners' access to confidential information held by the partnership; see Delaware RULPA § 17- 305(b). 65Specify any additional financial reports.; (iii) a statement of cash flows; (iv) a statement of changes in partners’ capital, and such Partner's ’s Closing Capital Account; (v) a statement of the Assets, valued as provided under this Agreement;; Confidential treatment requested by WQN, Inc. (vi) the amount of such Partner's ’s share in the Partnership's ’s taxable income or loss for the year, in sufficient detail to enable it to prepare its Federal, state and other tax returns; (vii) any other information the General Partner, after consultation with any Private Limited Partner requesting the same, deems necessary or appropriate; (viii) upon request by any Partner, such other information as is needed by such Partner in order to enable it to file any of its tax returns; and (ix) such other information as any Partner may reasonably request for the purpose of enabling it to comply with any reporting or filing requirements imposed by any statute, rule, regulation or otherwise by any governmental agency or authority. The items set forth in clauses (i), (ii), (iii), (iv) and (v) [add any other financial information which will be certified] will be certified by the firm of independent certified public accountants selected by the Partnership. (c) Within ( forty-five (45) days of from and after the end of each of the [e.g., first three] fiscal [specify three fiscal quarters or other fiscal period]of the Partnership, the Partnership will prepare and mail to each Partner a report of the General Partner prepared in accordance with the provisions of the SBIC Act regarding financial reporting setting forth the information described in Section 9.029.02(b) (i), (ii), (iii) and (v), identifying the securities held by the Partnership and stating the amount of each security held and the cost and value thereof as determined under Section 3.08.

Audit and Report. (a) The financial statements of the Partnership must be audited and certified as of the end of each fiscal year by a firm of independent certified public accountants selected by the Partnership. [Applicant may provide that in addition to the audit performed in accordance with the accounting practices prescribed or permitted by SBA, it may also provide an audit in accordance with generally accepted accounting principles. ] The General Partner must provide notice to each Partner within five (b5) business days of a transfer of the Partnership to SBA’s Office of Liquidation. [Applicant may include additional events for which notice is required.] Within ( ____ (__) days of the end of each fiscal year, the Partnership must prepare and mail provide to each Partner a report prepared in accordance with the provisions of the SBIC Act regarding financial reporting, setting forth as at the end of the fiscal year:65 (i) year: a balance sheet of the Partnership; (ii) ; a statement of operations for the year; 62See 13 C.F.R. § 107.600 with respect to recordkeeping requirements for an SBIC. 63RULPA discusses partners' access to a partnership's books and records; see Delaware RULPA § 17-305. 64RULPA specifically addresses partners' access to confidential information held by the partnership; see Delaware RULPA § 17- 305(b). 65Specify any additional financial reports. (iii) a statement of cash flows; (iv) ; a statement of changes in partners’ capital, and such Partner's Closing Capital Account; (v) ; a statement of the Assets, valued as provided under this Agreement; (vi) ; the amount of such Partner's share in the Partnership's taxable income or loss for the year, in sufficient detail to enable it to prepare its Federal, state and other tax returns; (vii) ; any other information the General Partner, after consultation with any Limited Partner requesting the same, deems necessary or appropriate; (viii) ; upon request by any Partner, such other information as is needed by such Partner in order to enable it to file any of its tax returns; and (ix) and such other information as any Partner may reasonably request for the purpose of enabling it to comply with any reporting or filing requirements imposed by any statute, rule, regulation or otherwise by any governmental agency or authority. The items set forth in clauses (i), (ii), (iii), (iv) and (v) [add any other financial information which will be certified] will be certified by the firm of independent certified public accountants selected by the Partnership (c) Within ( ) days of the end of each of the [e.g., first three] fiscal [specify fiscal quarters or other fiscal period], the Partnership will prepare and mail to each Partner a report of the General Partner prepared in accordance with the provisions of the SBIC Act regarding financial reporting setting forth the information described in Section 9.02.