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Incomplete Audits Sample Clauses

Incomplete Audits. Furthermore, if the audit reveals that the records of the Contractor are in such a state that the revenue or the operating expenses cannot be audited, the entire expense of the Authority’s efforts to conduct the audit shall be borne by the Contractor. The Authority will invoice the Contractor for these expenses. Payment shall be made within thirty (30) days from the date of the invoice. If the Contractor fails to pay the invoice from its own funds, the Authority may, in its sole discretion, deduct the amount due from payments owed by the Authority to the Contractor. Additionally, the Authority may find that the Contractor is in default under Article 11 of the Contract.
Incomplete Audits. Furthermore, if the audit reveals that the books, accounts, or records of the Contractor are in such a state that the revenue or the operating expenses cannot be audited, the entire expense of the Airports Authority’s efforts to conduct the audit shall be borne by the Contractor and the Contractor may be subject to default as provided in Article 11, Defaults, of this Contract.
Incomplete Audits. Furthermore, if the audit reveals that the records of the Contractor are in such a state that the revenue or the operating expenses cannot be audited, the entire expense of the Authority’s efforts to conduct the audit shall be borne by the Contractor and the Contractor may be subject to default as provided in Standard Provisions for Concession Contracts, Exhibit G of this Contract entitled Defaults.
Incomplete Audits. If upon examination or audit the Airports Authority's auditor or representative reasonably determines that sufficient documentation is not maintained, retained, recorded, or available to verify Contractor's actual Gross Receipts, Contractor shall pay for the cost of such audit and, in addition, should the Airports Authority deem it necessary, Contractor shall reconstruct, at its sole cost and expense, all records for the determination of Gross Receipts for any period being audited. If such audit shall disclose that the Records, in the Airports Authority's determination, are inadequate to disclose such Gross Receipts, Airports Authority shall be entitled to collect as Additional Rent an amount equal to ten percent (10%) of the Guaranteed Rent payable by Contractor during the period in question.

Related to Incomplete Audits

  • Incomplete Works In the event the Contractor fails to complete the Works in accordance with the Project Completion Schedule, including any Time Extension granted under this Agreement, the Contractor shall endeavour to complete the balance work expeditiously and shall pay Damages to the Authority in accordance with the provisions of Clause 10.3 (ii) for delay of each day until the Works are completed in accordance with the provisions of this Agreement. Recovery of Damages under this Clause shall be without prejudice to the rights of the Authority under this Agreement including the right to termination under Clause 23.1.

  • Incomplete IPO If the Issuer does not complete its IPO and has become a reporting issuer in one or more jurisdictions because it has obtained a receipt for its IPO prospectus, this Agreement will remain in effect until the securities regulators in those jurisdictions order that the Issuer has ceased to be a reporting issuer.

  • State Audits Under Minnesota Statute § 16C.05, subdivision 5, the Contractor’s books, records, documents, and accounting procedures and practices relevant to any Work Authorization are subject to examination by the State and/or the State Auditor or Legislative Auditor, as appropriate, for a minimum of six years from the end of this Professional and Technical Services Master Contract.

  • Tax Returns and Audits The Acquired Companies have timely filed all federal, state, local and foreign tax returns required to be filed by it or has paid or made provision for the payment of any penalty or interests arising from the late filing of any such return, have correctly reflected all taxes required to be shown thereon, and have fully paid or made adequate provision for the payment of all taxes that have been incurred or are due and payable pursuant to such returns or pursuant to any assessment with respect to taxes in such jurisdictions, whether or not in connection with such returns. There are no circumstances or pending questions relating to potential tax liabilities nor claims asserted for taxes or assessments of any Acquired Company that, if adversely determined, could result in a tax liability for any period prior to, including, or beginning after the Closing Date or on such Acquired Company's practices in computing or reporting taxes. No federal income tax or information return for any Acquired Company is currently the subject of an audit by the Internal Revenue Service. No Acquired Company has executed an extension or waiver of any statute of limitations on the assessment or collection of any tax due that is currently in effect. (a) Schedule 3.14 lists all current material agreements, contracts, obligations, promises, or undertakings (whether written or oral and whether express or implied) that are legally binding (collectively, "Contracts") to which any Acquired Company is a party, including, without limitation, the following: (i) any Contract (or group of Contracts) for the furnishing or receipt of services that calls for performance over a period of more than one (1) year; (ii) any Contract concerning a partnership or joint venture; (iii) any Contract (or group of Contracts) under which any Acquired Company has created, incurred or assumed or may create, incur or assume indebtedness (including capitalized lease obligations) involving more than $10,000 or under which it has imposed (or may impose) a security interest on any of its assets, tangible or intangible; (iv) any employment agreement; (v) any Contract concerning confidentiality or non-competition; (vi) any Contract involving any Acquired Company and its present or former affiliates, officers, directors or shareholders; (vii) any Contract under which the consequences of a default or termination could have a material adverse effect on the assets, liabilities, business, financial condition, operations or future prospects of any Acquired Company; or (viii) any other Contract (or group of Contracts) either involving more than $10,000 or not entered into in the ordinary course of business. (b) No Acquired Company is a party to any verbal Contract which, if reduced to written form, would be required to be listed in Schedule 3.14. The Shareholders have delivered to Buyer a correct and complete copy of each written Contract, as amended to date, listed in Schedule 3.14. Each such Contract is valid and enforceable in accordance with its terms, and no party is in default under any provision thereof.

  • Environmental Reports and Audits As soon as practicable following receipt thereof, copies of all environmental audits and reports with respect to environmental matters at any Facility or which relate to any environmental liabilities of Holdings or its Subsidiaries which, in any such case, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;

  • ERISA Events promptly upon becoming aware of the occurrence of or forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof, what action Company, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto;

  • Environmental Audits and Reports as soon as practicable following receipt thereof, copies of all environmental audits and reports, whether prepared by personnel of Lessee or any of its Subsidiaries or by independent consultants, with respect to significant environmental matters at any facility or which relate to an Environmental Claim which could result in a Material Adverse Effect; and

  • ERISA Events and ERISA Reports (A) Promptly and in any event within 10 days after any Loan Party or any ERISA Affiliate knows or has reason to know that any ERISA Event has occurred, a statement of the Chief Financial Officer of the Borrower describing such ERISA Event and the action, if any, that such Loan Party or such ERISA Affiliate has taken and proposes to take with respect thereto and (B) on the date any records, documents or other information must be furnished to the PBGC with respect to any Plan pursuant to Section 4010 of ERISA, a copy of such records, documents and information.

  • No Material Undisclosed Liabilities The Borrower does not have on the Effective Date any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments in each case that are material, except as referred to or reflected or provided for in the audited financial statements as at March 31, 2016 referred to above and the footnotes thereto and unaudited financial statements for the six-month period ended September 30, 2016.

  • Environmental Reports Lender shall have received an environmental report in respect of the Property, in each case reasonably satisfactory to Lender.