Annual Financial Statements and Projections. Annual audited Financial Statements of the Borrower, as soon as available, but in any event within ninety (90) days after the end of Borrower’s Fiscal Year during the Term. Such financial statements will (x) fairly present the financial position of the Borrower as of the dates thereof and the results of its operations, cash flows and stockholders’ equity for each of the periods then ended in all material aspects; and (y) be prepared in accordance with GAAP.
Appears in 2 contracts
Sources: Loan and Security Agreement (InterMetro Communications, Inc.), Loan and Security Agreement (Jagged Peak, Inc.)