Common use of Books and Records; Accounting Method Clause in Contracts

Books and Records; Accounting Method. At Partnership expense, the General Partner shall cause to be kept (at the office of the Partnership referred to in Section 1.3.2) accurate, just and true books of account, in which shall be entered fully and accurately each and every transaction of the Partnership. Such records shall be maintained for the period, in the manner, and at the locations required by applicable law. The books shall be kept in accordance with the Partnership's method of reporting for federal income tax purposes (which shall be the accrual method of accounting). Tax accounting elections, including methods of depreciation and deduction or capitalization of interest, taxes and insurance premiums during any construction period, shall be made as the General Partner shall reasonably Approve. The Partnership's financial statements shall be prepared in accordance with generally accepted accounting principles, consistently applied.

Books and Records; Accounting Method. At Partnership expense, the General Partner shall cause to be kept (at the office of the Partnership referred to in Section Section. 1.3.2) accurate, just and true books of account, in which shall be entered fully and accurately each and every transaction of the Partnership. Such records shall be maintained for the period, in the manner, and at the locations required by applicable law. The books shall be kept in accordance with the Partnership's method of reporting for federal income tax purposes (which shall be the accrual method of accounting). Tax accounting elections, including methods of depreciation and deduction or capitalization of interest, taxes and insurance premiums during any construction period, shall be made as the General Partner shall reasonably Approve. The Partnership's financial statements shall be prepared in accordance with generally accepted accounting principles, consistently applied.