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� � ■ ■ a i �� <br /> �,�� � <br /> SECTION 7. SUSPENSION OR TERMINATION OF PAYMENT <br /> � State may at any time during the term of this Agreement, suspend or terminate payment to Grantee, in <br /> ' whole or in part, in the event of any of the following occurrences <br /> A. If Grantee has made or makes any material misrepresentation with respect to information or <br /> statements furnished to the State required by this Agreement. <br /> B. If there is any litigation with respect to the perfortnance by Grantee of any of its obligations <br /> under this Agreement, which may materially jeopardize or adversely affect the undertaking of, or <br /> carrying out of, the purposes of this Agreement. <br /> C. If Grantee fails to comply with any of the terms of this Agreement. <br /> D. If Grantee applies for, or consents to, or acquiesces in the appointment of a receiver, trustee, <br /> liquidator or custodian for all or part of its property; or if Grantee files a voluntary petition in <br /> bankruptcy or petition or an answer seeking liquidation or reorganization under the .United <br /> States Bankruptcy Code or any other law related to bankruptcy or insolvency or relief of debtors. <br /> SECTION 8 STATE'S RIGHT TO AUDIT <br /> � <br /> A. Grantee shall maintain, by generally accepted accounting principles applicable for local <br /> government, a complete record of all financial transactions related to this Agreement. The <br /> accounting standards used shall be those promulgated by the Government Accounting <br /> Standards Board and the Financial Accounting Standards Board in effect during the term of this <br /> Agreement. <br /> B. In determining whether Grant funds are expended for intended purposes as prescribed under <br /> this Agreement, the entire Project, including the progress of the Project and Grant fund <br /> expenditures, are subject to audit and examination by the California Department of Finance <br /> (DOF) during the Project and for a period of five years after the final payment has been made, <br /> or for such longer period, if any, as is required by DOF. <br /> C. Grantee agrees that the California State Library and DOF auditors or representatives, upon <br /> reasonable advance notice to Grantee, shall have access and the right to audit, examine, and <br /> make excerpts or transcripts of or from records. Records include contracts, subcontracts, <br /> invoices, receipts, payrolis and personnel information, conditions of employment, documents of <br /> change orders, budget change requests, indirect costs allocation plan, and all other data or <br /> financial records relating to matters covered under this Agreement. <br /> � <br />