Financial Reporting Matters Sample Clauses
The Financial Reporting Matters clause establishes the obligations of parties regarding the preparation, delivery, and accuracy of financial statements and related reports. Typically, this clause requires one or both parties to provide timely and accurate financial information, such as audited annual statements or interim financial reports, to the other party or relevant stakeholders. Its core practical function is to ensure transparency and accountability in financial dealings, enabling informed decision-making and compliance with regulatory or contractual requirements.
Financial Reporting Matters. (a) The Company agrees that it will (i) to the maximum extent permitted by GAAP, expense in 1997 all of the expenses related to the Merger and (ii) with respect to its 1997 financial results and all prior year financial results, use its reasonable best efforts to convert from the "full cost" to the "successful efforts" method of accounting.
(b) The Company agrees to use its reasonable best efforts to negotiate (i) the payment by the Company of a specific amount to be paid in 1998 for the buy-down of the premium on the Company's indebtedness under the First Amended and Restated Note Purchase Agreement dated October 30, 1996 between the Company and Joint Energy Development Investments Limited Partnership, (ii) the payment by the Company of a specific amount to be paid in 1998 for the right to transfer pursuant to the Merger the right to use the Company's seismic data and (iii) the payment by the Company of the minimum investment banking fee to be paid at the earlier of the Effective Time or the termination of this Agreement.
Financial Reporting Matters. 22 ARTICLE VI
Financial Reporting Matters. Mr. Rodnyansky agrees to negotiate in good faith with the Company to amend the terms of this Agreement if, as a result of existing or future rules and regulations governing the accounting for options and/or stock appreciation rights under U.S. generally accepted accounting principles, the manner in which the Company is required to account for the SAR has a material adverse effect on the Company's income statement and/or balance sheet for any financial year provided that this Agreement could be amended to avoid such a material adverse effect without putting Mr. Rodnyansky in a materially less favorable commercial position hereunder.
Financial Reporting Matters