Common use of Financial Accounting Practices Clause in Contracts

Financial Accounting Practices. Borrower shall make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 5 contracts

Samples: Equipment Loan and Security Agreement (Econophone Inc), Loan and Security Agreement (Focal Communications Corp), Equipment Loan and Security Agreement (GST Telecommunications Inc)

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Financial Accounting Practices. Borrower shall make has made and keep kept books, records and accounts which, in reasonable detail, accurately and fairly reflect its respective transactions and dispositions of its assets assets, and Borrower shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 5 contracts

Samples: Equipment Loan and Security Agreement (GST Telecommunications Inc), Equipment Loan and Security Agreement (Econophone Inc), Loan and Security Agreement (Focal Communications Corp)

Financial Accounting Practices. Each Borrower shall make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 3 contracts

Samples: Credit Agreement (Nco Group Inc), Credit Agreement (Nco Group Inc), Credit Agreement (Nco Group Inc)

Financial Accounting Practices. Each Borrower shall make and keep its Subsidiaries makes and keeps books, records and accounts which, in reasonable detail, accurately and fairly reflect its their respective transactions and dispositions of its their respective assets and maintain each maintains a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 2 contracts

Samples: Revolving Credit Loan Agreement (Sundance Homes Inc), Revolving Credit Loan Agreement (Sundance Homes Inc)

Financial Accounting Practices. Borrower shall make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and the dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in it accordance with management's ’s general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's ’s general or specific authorization authorization, and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Line of Credit Agreement (84 Financial, L.P.)

Financial Accounting Practices. Each Borrower shall make and keep ------------------------------ books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Loan and Security Agreement (Broadview Networks Holdings Inc)

Financial Accounting Practices. Each Borrower shall will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) to ensure access to assets is permitted only in accordance with management's general or specific authorization and (d) to ensure the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Loan Agreement (PDG Environmental Inc)

Financial Accounting Practices. Each Borrower shall will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's ’s general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) to ensure access to assets is permitted only in accordance with management's ’s general or specific authorization and (d) to ensure the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Loan Agreement (PDG Environmental Inc)

Financial Accounting Practices. The Borrower shall make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (ai) transactions are executed in accordance with management's general or specific authorization, (bii) transactions are recorded as necessary (ia) to permit preparation of financial statements in conformity with GAAP and (iib) to maintain accountability for assets, (ciii) access to assets is permitted only in accordance with management's general or specific authorization and (div) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Revolving Credit Agreement (Tele Communications Inc /Co/)

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Financial Accounting Practices. Each Borrower shall make and keep Other Subsidiary makes and keeps books, records and accounts which, in reasonable detail, accurately and fairly reflect its their respective transactions and dispositions of its their respective assets and maintain each maintains a system of internal accounting controls sufficient to provide reasonable assurances that (ai) transactions are executed in accordance with management's general or specific authorization, (bii) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (ciii) access to assets is permitted only in accordance with management's general or specific authorization authorization, and (div) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Revolving Credit Loan Agreement (Sundance Homes Inc)

Financial Accounting Practices. Borrower shall make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and the dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, . (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP (MAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization authorization, and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Line of Credit and Letter of Credit Agreement (84 Financial, L.P.)

Financial Accounting Practices. Borrower shall make makes and keep keeps books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain maintains a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Construction Loan Facility Agreement (Centerpoint Properties Trust)

Financial Accounting Practices. The Borrower shall will make and keep books, records and accounts which, in reasonable detail, accurately and fairly fairly-reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Credit Agreement (Sylvan Inc)

Financial Accounting Practices. Each of the Borrower shall and its Subsidiaries will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets and maintain a system of internal accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with management's ’s general or specific authorization, (b) transactions are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP and (ii) to maintain accountability for assets, (c) access to assets is permitted only in accordance with management's ’s general or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

Appears in 1 contract

Samples: Loan Agreement (Ansoft Corp)

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