Common use of Books and Records; Right of Partners to Audit Clause in Contracts

Books and Records; Right of Partners to Audit. (a) Proper and complete records and books of account of the Partnership's business, including all such transactions and other matters as are usually entered into records and books of account maintained by businesses of like character or as are required by law, shall be kept by the Partnership at the Partnership's principal place of business. None of the Partnership's funds shall be commingled with the funds of any Partner. (b) Each Partner and its internal and independent auditors, at the expense of such Partner, shall have full and complete access to the internal and independent auditors of the Partnership and shall have the right to inspect such books and records and the physical properties of the Partnership during normal business hours and, at its own expense, to cause an independent audit thereof. The Partnership shall make all books and records of the Partnership available to such Partner and its internal and independent auditors in connection with such audit and shall cooperate with such Partner and auditors and to provide any assistance reasonably necessary in connection with such audit.

Appears in 9 contracts

Samples: Limited Partnership Agreement (Equistar Chemicals Lp), Limited Partnership Agreement (Lyondell Chemical Co), Limited Partnership Agreement (Equistar Chemicals Lp)

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Books and Records; Right of Partners to Audit. (a) Proper and complete records and books of account of the Partnership's ’s business, including all such transactions and other matters as are usually entered into records and books of account maintained by businesses of like character or as are required by law, shall be kept by the Partnership at the Partnership's ’s principal place of business. None of the Partnership's ’s funds shall be commingled with the funds of any Partner. (b) Each Partner and its internal and independent auditors, at the expense of such Partner, shall have full and complete access to the internal and independent auditors of the Partnership and shall have the right to inspect such books and records and the physical properties of the Partnership during normal business hours and, at its own expense, to cause an independent audit thereof. The Partnership shall make all books and records of the Partnership available to such Partner and its internal and independent auditors in connection with such audit and shall cooperate with such Partner and auditors and to provide any assistance reasonably necessary in connection with such audit.

Appears in 4 contracts

Samples: Limited Partnership Agreement (Millennium Chemicals Inc), Limited Partnership Agreement (Millennium Chemicals Inc), Limited Partnership Agreement (Equistar Chemicals Lp)

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