Common use of Consolidation of Financial Information Clause in Contracts

Consolidation of Financial Information. The Parties agree that generally accepted accounting principles and U.S. Securities and Exchange Commission rules require Buyer to evaluate whether Buyer must consolidate Seller’s financial information on Buyer’s financial statements. Buyer shall require access to financial records and personnel to determine if consolidated financial reporting is required. If Buyer determines at any time that such consolidation is required, Buyer shall require the following from Seller within fifteen (15) days after the end of every calendar quarter for the Term of this Agreement: complete financial statements and notes to financial statements for such quarter; financial schedules underlying such financial statements; and access to records and personnel to enable Buyer’s independent auditor to conduct financial audits (in accordance with generally accepted auditing standards) and internal control audits (in accordance with Section 404 of the Xxxxxxxx-Xxxxx Act of 2002). Any information provided to Buyer under this Section 16.2 shall be treated as confidential except that such information may be disclosed for financial statement purposes.

Consolidation of Financial Information. The Parties agree that generally accepted accounting principles and U.S. Securities and Exchange Commission rules require Buyer to evaluate whether Buyer must consolidate Seller’s financial information on Buyer’s financial statements. Buyer shall require access to financial records and personnel to determine if consolidated financial reporting is required. If Buyer determines at any time that such consolidation is required, Buyer shall require the following from Seller within fifteen (15) days after the end of every calendar quarter for the Term of this Agreement: complete financial statements and notes to financial statements for such quarter; financial schedules underlying such financial statements; and access to records and personnel to enable BuyerXxxxx’s independent auditor to conduct financial audits (in accordance with generally accepted auditing standards) and internal control audits (in accordance with Section 404 of the Xxxxxxxx-Xxxxx Act of 2002). Any information provided to Buyer under this Section 16.2 shall be treated as confidential except that such information may be disclosed for financial statement purposes.