Common use of Books and Records; Financial Reports Clause in Contracts

Books and Records; Financial Reports. (a) At all times during the existence of the Trust, the Treasurer shall maintain, or cause to be maintained, full and true books of account, which shall reflect all Trust transactions and be appropriate and adequate for the Trust’s business. Such books of account shall be maintained at the principal place of business of the Treasurer. (b) The Treasurer shall be entitled to full reimbursement for all reasonable costs and expenses, including, but not limited to, out-of-pocket expenses associated with maintenance of the books of account of the Trust. The amount of costs and expenses to be reimbursed pursuant to the preceding sentence shall be estimated each year by the Treasurer and communicated by the Treasurer to the Board of Managers prior to the incurrence of such costs and expenses. So long as the Treasurer is not grossly negligent or does not act in bad faith, or if the Treasurer acts pursuant to instructions of the Board of Managers, the Trust shall indemnify and hold harmless the Treasurer from and against any and all liabilities incurred by the Treasurer in connection with any activities or undertakings taken by it in its capacity as Treasurer. (c) The Treasurer shall deliver to Board of Managers, by the fifteenth day of the month immediately succeeding the month being reported upon, a balance sheet as of the end of each month and related financial statements for the month then ended, all of which shall be prepared in accordance with such accounting principles as the Treasurer shall determine are appropriately reflective of the transactions contemplated by this Agreement. If the Board of Managers so determines, the balance sheet as of the end of the Fiscal Year and related financial statements for the year then ended, shall be examined and reported upon, with an opinion expressed by, an independent public accountant engaged by the Trust and approved by the Board of Managers. The Treasurer shall not have any liability for acts of the independent public accountant appointed in accordance herewith in connection with such examination and report.

Books and Records; Financial Reports. (a) At all times during the existence of the Trust, the Treasurer shall maintain, or cause to be maintained, full and true books of account, which shall reflect all Trust transactions and be appropriate and adequate for the Trust’s 's business. Such books of account shall be maintained at the principal place of business of the Treasurer. (b) The Treasurer shall be entitled to full reimbursement for all reasonable costs and expenses, including, but not limited to, out-of-pocket expenses associated with maintenance of the books of account of the Trust. The amount of costs and expenses to be reimbursed pursuant to the preceding sentence shall be estimated each year by the Treasurer and communicated by the Treasurer to the Board of Managers prior to the incurrence of such costs and expenses. So long as the Treasurer is not grossly negligent or does not act in bad faith, or if the Treasurer acts pursuant to instructions of the Board of Managers, the Trust shall indemnify and hold harmless the Treasurer from and against any and all liabilities incurred by the Treasurer in connection with any activities or undertakings taken by it in its capacity as Treasurer. (c) The Treasurer shall deliver to Board of Managers, by the fifteenth day of the month immediately succeeding the month being reported upon, a balance sheet as of the end of each month and related financial statements for the month then ended, all of which shall be prepared in accordance with such accounting principles as the Treasurer shall determine are appropriately reflective of the transactions contemplated by this Agreement. If the Board of Managers so determines, the balance sheet as of the end of the Fiscal Year and related financial statements for the year then ended, shall be examined and reported upon, with an opinion expressed by, an independent public accountant engaged by the Trust and approved by the Board of Managers. The Treasurer shall not have any liability for acts of the independent public accountant appointed in accordance herewith in connection with such examination and report.