Common use of Annual Audit of Borrower Clause in Contracts

Annual Audit of Borrower. As soon as available, but no more than one hundred twenty (120) days after the end of each fiscal year: (i) copies of audited balance sheets, statements of income and retained earnings and statement of cash flows of Borrower, setting forth on a consolidated basis, in comparative form, figures for the previous calendar year, all in reasonable detail; (ii) an opinion by an independent certified public accountant selected by Borrower and acceptable to Lender, which opinion shall state that said financial statements have been prepared in accordance with GAAP and that such accountant’s audit of such financial statements has been made in accordance with generally accepted auditing standards and that said financial statements present fairly the financial condition of Borrower and the results of its operations; and (iii) any management letter submitted to Borrower by such independent certified public accountant.