Common use of Reports to the Members Clause in Contracts

Reports to the Members. (a) On a quarterly basis (or on a monthly basis if the Governors so determine), the Governors shall cause to be prepared and shall send to each Member: (i)(A) a statement of operations of the Company and (B) a statement of cash flows of the Company for the preceding period (and year-to-date through and including such period); and (ii) a balance sheet of the Company as of the close of such period. The annual financial statements of the Company will be audited by the outside auditing firm of the Tax Matters Member, or such other independent accounting firm as may be selected by the Governors, unless all Members agree that no audit is necessary. (b) The Governors shall cause to be prepared and distributed to each Member, in a timely manner copies of all Single Business Tax and other state and local tax returns prior to filing the same with the respective tax authorities, as well as the Member's Schedule K-1 (Form 1065) and all other information reasonably necessary for the preparation of such Member's federal, state and local tax returns. (c) No cause of action shall accrue to any Member under this Section 8.3 if the Governors shall have acted in good faith in attempting to meet its obligations under this Section yet failed to deliver any required statements, reports, returns or information within the specified time period. (d) In the event of any dispute among the Members relating to the financial statements or accounting for the Company, the dispute shall be submitted, at the request of any Member involved, to the public accounting firm which has been engaged to audit the books of the Company, or if no accounting firm has been so engaged, then to a public accounting firm to be selected as provided in Section 8.3(a). In the case of any such disputes, the determination of the accounting firm shall be final and binding on the Members.