Audits; Recordkeeping. (i) The Borrower shall allow Ambac to conduct physical audits at the Borrower's expense, using Ambac's own personnel and/or agents employed on Ambac's behalf, of the assets of the Borrower as often as Ambac may reasonably deem necessary or desirable; provided, that, at any time prior to the occurrence of a Default, Ambac shall conduct not more than one physical audit in any one fiscal year of the Borrower; and provided, further, that upon the occurrence and during the continuance of a Default, Ambac may engage in any number of physical audits which Ambac deems necessary or desirable. (ii) The Borrower shall keep proper books and records reflecting all of its business affairs and transactions in accordance with GAAP and permit Ambac, on reasonable notice and at reasonable times and intervals during ordinary business hours, to visit all of its offices and to discuss its financial matters with officers of the Borrower and its independent public accountants. The Borrower shall permit Ambac on reasonable notice and at reasonable times and intervals during ordinary business hours, to examine and make copies of any of the books or other records of the Borrower. In addition to the foregoing, the Borrower shall pay any reasonable fees of any independent public accountants or otherwise incurred in connection with the exercise by Ambac of its rights pursuant to this Section 2.2(i).

Audits; Recordkeeping. GCTD shall provide VCTC with any data, records, or documentation necessary for compliance with audit procedures required by the Grant Requirements and shall cooperate with VCTC in the preparation of any audit to the extent necessary. GCTD shall retain all Project cost records for a minimum of three (3) years after completion of the Project or such other period of time as may be required by law. To the extent that any inappropriate or unallowable expenditures by GCTD are identified and Caltrans requests repayment, GCTD shall refund such funds to VCTC for transmission back to Caltrans in accordance with Section I.6.

Audits; Recordkeeping. AGENCY shall provide VCTC with any data, records, or documentation necessary for compliance with audit procedures required by the Grant Requirements and shall cooperate with VCTC in the preparation of any audit to the extent necessary. Audits shall be performed on an annual basis. AGENCY shall retain all Project cost records for a minimum of three

Related to Audits; Recordkeeping

Recordkeeping A. To maintain its accounting records in accordance with generally accepted accounting principles (“GAAP”). GAAP are established by the Financial Accounting Standards Board (“FASB”). B. To retain in the form in which it was created: 1. A record developed and maintained in accordance with 40 TAC §49.305, or its successor, until the latest of the following: a. seven years after the Contractor submits a claim for the service about which the record relates; b. seven years after all issues that arise from any litigation, claim, negotiation, audit, open records request, administrative review, or other action involving the record are resolved; or c. the person about whom the record relates becomes 21 years of age; and
Recordkeeping Requirements COLLEGE and SCHOOL DISTRICT shall comply with the requirements governing maintenance of records of each request for access to and each disclosure of, student education records set forth under Title 34, Code of Federal Regulations § 99.32 and under Education Code § 49064 as applicable.
Record Keeping The Grantee agrees to maintain records of the expenditure of the Grant.

Audits; Recordkeeping Sample Clauses