Common use of Semiannual Financial Statements Clause in Contracts

Semiannual Financial Statements. As soon as delivered to any other creditor or regulatory body, but in no event later than ninety (90) days after the first six months of each fiscal year, its balance sheet as at the end of that six month period, and its statement of income and retained earnings for that period, all in reasonable detail, all prepared in accordance with generally accepted accounting principles consistently applied, and all reviewed without qualification by independent certified public accountants of recognized standing selected by Borrower and satisfactory to Lender.

Semiannual Financial Statements. As soon as delivered to any other creditor or regulatory body, but in no event later than ninety (90) days after the first six months of each fiscal year, its balance sheet as at the end of that six month period, and its statement of income and retained related earnings for that period, all in reasonable detail, all prepared in accordance with generally accepted accounting principles consistently applied, and all reviewed without qualification by independent certified public accountants of recognized standing selected by Borrower and satisfactory to Lender.