Common use of Annual Financial Reports Clause in Contracts

Annual Financial Reports. Furnish to the Lender in form satisfactory to the Lender not later than ninety (90) days after the close of each fiscal year of Borrower, beginning with the fiscal year ending December 31, 1996, on a consolidated and consolidating basis, a balance sheet as at the close of each such fiscal year, statements of income and statements of cash flow for each such fiscal year of Borrower and the Subsidiaries, and such other comments and financial details as are usually included in similar reports. Such consolidated reports shall be audited in accordance with GAAP by independent certified public accountants of recognized standing selected by Borrower and acceptable to the Lender and shall contain unqualified opinions as to the fairness of the statements therein contained.

Annual Financial Reports. Furnish to the Lender in form satisfactory to the Lender not later than ninety (90) days after the close of each fiscal year of Borrower, beginning with the fiscal year ending December 31, 19962002, on a consolidated and consolidating basis, a balance sheet as at the close of each such fiscal year, statements of income and statements of cash flow for each such fiscal year of Borrower and the Subsidiaries, and such other comments and financial details as are usually included in similar reports. Such consolidated reports shall be audited in accordance with GAAP by independent certified public accountants of recognized standing selected by Borrower and acceptable to the Lender and shall contain unqualified opinions as to the fairness of the statements therein contained.

Annual Financial Reports. Furnish to the Lender in form satisfactory to the Lender not later than ninety (90) days after the close of each fiscal year of Borrower, beginning with the fiscal year ending December 31, 19961998, on a consolidated and consolidating basis, a balance sheet as at the close of each such fiscal year, statements of income and statements of cash flow for each such fiscal year of Borrower and the Subsidiaries, and such other comments and financial details as are usually included in similar reports. Such consolidated reports shall be audited in accordance with GAAP by independent certified public accountants of recognized standing selected by Borrower and reasonably acceptable to the Lender and shall contain unqualified opinions as to the fairness of the statements therein contained.

Annual Financial Reports. Furnish to the Lender in form satisfactory to the Lender not later than ninety (90) days after the close of each fiscal year of BorrowerIndustries, beginning with the fiscal year ending December 31June 30, 1996, on a consolidated and consolidating basis, a balance sheet as at the close of each such fiscal year, statements of income and statements of cash flow flows for each such fiscal year of Borrower Industries and the Subsidiaries, and such other comments and financial details as are usually included in similar reports. Such consolidated reports shall be audited in accordance with GAAP by independent certified public accountants of recognized standing selected by Borrower Industries and acceptable to the Lender and shall contain unqualified opinions as to the fairness of the statements therein contained.

Annual Financial Reports. Furnish to the Lender in form satisfactory to the Lender not later than ninety (90) days after the close of each fiscal year of BorrowerBorrowers, beginning with the fiscal year ending December 31, 19961997, on a consolidated and consolidating basis, a balance sheet as at the close of each such fiscal year, statements of income and statements of cash flow for each such fiscal year of Borrower Borrowers and the their Subsidiaries, and such other comments and financial details as are usually included in similar reports. Such consolidated reports shall be audited in accordance with GAAP by independent certified public accountants of recognized standing selected by Borrower and reasonably acceptable to the Lender and shall contain unqualified opinions as to the fairness of the statements therein contained.

Annual Financial Reports. Furnish to the Lender in form satisfactory to the Lender not later than ninety (90) days after the close of each fiscal year of Borrower, beginning with the fiscal year ending December 31, 1996, on a consolidated and consolidating basis, a balance sheet as at the close of each such fiscal year, statements of income and statements of cash flow for each such fiscal year of Borrower and the Subsidiaries, and such other comments and financial details as are usually included in similar reports. Such consolidated reports shall be audited in accordance with GAAP by independent certified public accountants of recognized standing selected by Borrower and reasonably acceptable to the Lender and shall contain unqualified opinions as to the fairness of the statements therein contained.