Common use of Annual Statements of Borrower Clause in Contracts

Annual Statements of Borrower. Within one hundred twenty (120) days after the end of each fiscal year (or more frequently if required by Bank), commencing with fiscal year end 12/31/13, a detailed audited financial report of Borrower containing balance sheet at the end of that period and a consolidated income statement for that period, setting forth in comparative form the figures for the preceding fiscal year, together with all supporting schedules and footnotes, and containing a review of independent certified public accountants acceptable to Bank that the financial statements were prepared in accordance with GAAP. Borrower and its Affiliates shall obtain such written acknowledgments from Borrower’s and its Affiliates’ independent certified public accountants as Bank may require permitting Bank to rely on such annual financial statements. Any management letter, supplemental letter, or other document accompanying the report will also be provided to Bank. In addition, promptly upon receipt, one copy of each written report submitted to Borrower or its Affiliates independent accountants for any other annual, quarterly or special audit will be provided to Bank.