Common use of Reports and Audit Clause in Contracts

Reports and Audit. ‌ (a) The Trustee shall appoint an auditor of the Trust. (b) The Trustee shall provide financial and other reports to the Contributor or Beneficiary containing such information regarding the Fund and the investment thereof as the Contributor or Beneficiary may from time to time reasonably require in order to fulfill their own recordkeeping and financial reporting functions, at such time or times as the Contributor or Beneficiary may reasonably request in a Contributor Direction or Beneficiary Direction. (c) Without limiting the generality of subsection 8.2(b), the Trustee shall furnish (or, as applicable, cause the Investment Manager to furnish) to the Contributor and the Beneficiary the financial information necessary to complete the annual reporting form that is required to be filed with the NEB by the Trust (as set forth in Appendix XV to the Reasons for Decision in MH-001-2013 released by the NEB in May 2014) within 15 days following the close of each Fiscal Year of the Trust, and within 15 days after the removal or resignation of the Trustee or termination of the Trust. (d) The Trustee shall furnish to the Contributor and the Beneficiary within [60] days following the close of each Fiscal Year of the Fund or such other period as may be agreed upon between the Trustee and the Contributor and the Beneficiary, and within [60] days after the removal or resignation of the Trustee or termination of the Trust, audited financial statements for the Trust together with a written statement of account setting forth all investments, receipts, disbursements and other transactions effected by it during such period, along with any other information as may be agreed between the Contributor and the Beneficiary and the Trustee from time to time. (e) Together with the audited financial statements, the Trustee (or, if an Investment Manager has been appointed in respect of the Fund, the Investment Manager) shall provide an annual report to the Contributor and the Beneficiary confirming that at no time during the relevant Fiscal Year of the Trust has any part of the Fund been held or invested otherwise than in Qualified Investments. (f) The Trustee (or, if applicable with respect to the annual report, the Investment Manager) shall provide drafts of the annual financial statements and annual report referred to in sections 8.2(c) and (d) to the Contributor and Beneficiary for comment at least 15 days before such statements and report are delivered pursuant to such sections. (g) The Trustee shall also provide (or cause the Investment Manager to provide) to the Contributor and the Beneficiary such other information or reports as may reasonably be requested by the Contributor or the Beneficiary from time to time.

Reports and Audit. ‌ (a) The Trustee shall appoint an auditor of the Trust. (b) The Trustee shall provide financial and other reports to the Contributor or Beneficiary Company containing such information regarding the Fund and the investment thereof as the Contributor or Beneficiary Company may from time to time reasonably require in order to fulfill their own recordkeeping and financial reporting functions, at such time or times as the Contributor or Beneficiary Company may reasonably request in a Contributor Direction or Beneficiary Directionrequest. (c) Without limiting the generality of subsection 8.2(b), the Trustee shall furnish (or, as applicable, cause the Investment Manager to furnish) to the Contributor and the Beneficiary Company the financial information necessary to complete the annual reporting form that is required to be filed with the NEB by the Trust (as set forth in Appendix XV to the Reasons for Decision in MH-001-2013 released by the NEB in May 2014) within 15 days following the close of each Fiscal Year of the Trust, and within 15 days after the removal or resignation of the Trustee or termination of the Trust. (d) The Trustee shall furnish to the Contributor and the Beneficiary Company within [60] 60 days following the close of each Fiscal Year of the Fund or such other period as may be maybe agreed upon between the Trustee and the Contributor and the BeneficiaryCompany, and within [60] 60 days after the removal or resignation of the Trustee or termination of the Trust, audited financial statements for the Trust together with a written statement of account setting forth all investments, receipts, disbursements and other transactions effected by it during such period, along with any other information as may be agreed between the Contributor and the Beneficiary Company and the Trustee from time to time. (e) Together with the audited financial statements, the Trustee (or, if an Investment Manager has been appointed in respect of the Fund, the Investment Manager) shall provide an annual report to the Contributor and the Beneficiary Company confirming that at no time during the relevant Fiscal Year of the Trust has any part of the Fund been held or invested otherwise than in Qualified Investments. (f) The Trustee (or, if applicable with respect to the annual report, the Investment Manager) shall provide drafts of the annual financial statements and annual report referred to in sections 8.2(c) and (d) to the Contributor and Beneficiary Company for comment at least 15 days before such statements and report are delivered pursuant to such sections. (g) The Trustee shall also provide (or cause the Investment Manager to provide) to the Contributor and the Beneficiary Company such other information or reports as may reasonably be requested by the Contributor or the Beneficiary Company from time to time.