Common use of Updated Financial Statements Clause in Contracts

Updated Financial Statements. Touch 1 shall have provided Z-Tel ---------------------------- with audited financial statements of Touch 1 as of, and for the one year periods ended, December 31, 1997, 1998 and 1999 (including related notes and schedules, if any), which shall (1) have been prepared in accordance with GAAP, (2) be accompanied by the unqualified audit opinion of Touch 1's firm of independent certified public accountants and all related management letters, (3) be true, complete, and correct in all material respects as of the date thereof, (4) be in accordance with and supported by and consistent with the books and records of Touch 1, including a general ledger and detailed trial balances made available to Z-Tel and maintained in accordance with good business practices, (5) present fairly the financial position and the results of operations, changes in stockholders' equity, and statements of cash flows of Touch 1 as of the dates and for the periods indicated, (6) not be materially different from the Touch 1 Financial Statements (as defined in Section 6.7), except to reflect transactions occurring in the ordinary course of business, and (7) be accompanied by representations and warranties as to the foregoing.