Common use of The Financial Statements Clause in Contracts

The Financial Statements. (a) The Financial Statements and Quarterly Statements: (i) have been prepared in accordance with Generally Accepted Accounting Principles, applied on a basis consistent with that of the preceding periods; and (ii) present fairly, in all material respects, the assets, Liabilities (whether accrued, absolute or contingent) and the financial position of the MDS Diagnostics Division and the results of the operations of the MDS Diagnostics Division as at the dates thereof and for the periods covered thereby in accordance with GAAP. (b) The Regional Financial Statements: (i) have been prepared in accordance with Generally Accepted Accounting Principles, applied on a basis consistent with that of the Financial Statements; and (ii) present fairly, in all material respects, the assets, Liabilities and the financial position of the MDS Diagnostics Division in Ontario and Quebec and the head office of the MDS Diagnostics Division and the results of the operations of the MDS Diagnostics Division in Ontario and Quebec and the head office of the MDS Diagnostics Division as at the dates thereof and for the period covered thereby in accordance with GAAP.