Financial Controls and Procedures. During the periods covered by the BWFG Financial Statements, BWFG has had in place internal controls over financial reporting which are designed and maintained to ensure that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. None of BWFG’s records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of BWFG or its accountants.
Financial Controls and Procedures. During the periods covered by the LSBG Financial Statements, each of LSBG and its Subsidiaries has had in place internal controls over financial reporting which are designed and maintained to ensure that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. None of LSBG’s or any of its Subsidiaries’ records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of LSBG or its accountants or agents.
Financial Controls and Procedures. During the periods covered by the CBNK Financial Statements, CBNK has had in place internal controls over financial reporting which are designed and maintained to ensure that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. None of CBNK’s records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of CBNK or its accountants or agents.
Financial Controls and Procedures. Waldoboro shall account for all financial transactions relating to this Agreement and shall ensure:
4.2.1. The payment for operations, services and capital purchases, including but not limited to tipping fees, transportation costs, landfill services, recycling services, auditing costs, insurance costs, and all incidental costs;
4.2.2. The preparation of financial reports for the Transfer Station Committee, which shall be generated as a part of Waldoboro’s budgeting process and on-going town operations;
4.2.3. The preparation of monthly billing statements for each Partner, which shall show budgeted costs, their method of determination and the amounts due and payable to Waldoboro. Waldoboro shall make the monthly billing statements available to the Partners no later than 5 days after the last day of each calendar month. Except as noted in Section 4.6 below, each Partner shall make 12 monthly payments in accordance with the Waldoboro’s bills. Payments are due no later than the 10th day of each calendar month.
4.2.4. The completion of an annual audit of transactions relating to this Agreement and the issuance of an auditor’s opinion concerning the fair an accurate presentation of the related transactions and the nature of the controls in place. The annual audit for purposes of this Agreement shall be included in the scope of work Waldoboro provides to its auditors each year for Waldoboro’s annual audit. Waldoboro will provide a copy of the audit to the Partners.
Financial Controls and Procedures. During the periods covered by the CBBC Financial Statements, each of CBBC and its Subsidiaries has had in place internal controls over financial reporting which are designed and maintained to ensure that (a) transactions are executed in accordance with management’s general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and 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. None of CBBC’s or any of its Subsidiaries’ records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of CBBC or its accountants except for any non-exclusive ownership and non-direct control that, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect on CBBC.
Financial Controls and Procedures. During the periods covered by the Optima Financial Statements, Optima has had in place internal controls over financial reporting which are designed and maintained to ensure that (a) transactions are executed in accordance with management’s general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and 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. Optima’s records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are under the exclusive ownership and direct control of Optima or its accountants.
Financial Controls and Procedures. The records, systems, controls, data and information of BNC and Bank are recorded, stored, maintained and operated under means (including any electronic, mechanical or photographic process, whether computerized or not) that are under the exclusive ownership and direct control of BNC, Bank or their accountants, as applicable, (including all means of access thereto and therefrom), except for any non-exclusive ownership and non-direct control that would not reasonably be expected to have a materially adverse effect on the system of internal accounting controls described in the following sentence. BNC and Bank have devised and maintain a system of internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP, and as of the date hereof, neither BNC nor Bank have identified any material weaknesses in the design or operation of internal controls over financial reporting.
Financial Controls and Procedures. During the periods covered by the Northmark Financial Statements, Northmark has had in place internal controls over financial reporting which are designed and maintained to ensure that (a) transactions are executed in accordance with management’s general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and 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. None of Northmark’s records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are under the exclusive ownership and direct control of Northmark or its accountants.
Financial Controls and Procedures. Waldoboro shall be responsible and account for all financial transactions relating to this Agreement and shall ensure:
4.2.1 The payment for operations, services and capital purchases, including but not limited to tipping fees, transportation costs, landfill services, recycling services, auditing costs, insurance costs, and all incidental costs;
4.2.2 The preparation of CFW Transfer Station financial reports, which shall be generated as a part of Waldoboro’s budgeting process and on-going Town of Waldoboro operations;
4.2.3 The preparation of annual billing statements for each Partner. The billing statements shall set forth budgeted costs, their method of determination and the amounts due and payable to the CFW Transfer Station Fund from each Partner. The billing statements shall require each Partner to pay 12 approximately equal monthly installments. Immediately after Waldoboro voters approve the annual CFW Transfer Station budget for Waldoboro’s then approaching fiscal year, Waldoboro shall submit the annual billing statement to each of the Partners. Each Partner shall promptly pay its respective monthly installment. Waldoboro will not issue a monthly invoice for such installments.
4.2.4 The completion of an annual audit of transactions relating to this Agreement and the Ordinance and the issuance of an auditor’s opinion concerning the fair and accurate presentation of the related transactions and the nature of the controls in place. The annual audit shall be included in the scope of work Waldoboro provides to its auditors each year for Waldoboro’s annual audit. Waldoboro shall provide a copy of the audit to the Partners. Waldoboro shall fairly allocate the costs of the CFW Transfer Station audit to the CFW Transfer Station operating and capital budgets; and
4.2.5 That Waldoboro fairly and transparently conducts all operating, financial, and financing transactions relating to the CFW Transfer Station and its budget.
Financial Controls and Procedures. During the periods covered by the EBNJ Financial Statements, each of EBNJ and its Subsidiaries has had in place internal controls over financial reporting which are designed and maintained to ensure that (a) transactions are executed in accordance with management’s general or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and 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. None of EBNJ’s or any of its Subsidiaries’ records, systems, controls, data or information are recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of EBNJ or its accountants, except for any non-exclusive ownership and non-direct control that would not reasonably be expected to have a materially adverse effect on the system of internal accounting controls described in the first sentence of this Section 3.10.
