Common use of Annual Financial Statements and Tax Returns Clause in Contracts

Annual Financial Statements and Tax Returns. As soon as available, and in any event within 120 days after the close of each Fiscal Year (with respect to (i) through (iii)), (i) the complete audited financial statements of the Borrower including the balance sheet as of the end of such Fiscal Year and the related statements of revenues and expenses and changes in financial position for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year, all in reasonable detail, certified by an independent certified public accountant as having been prepared in accordance with generally accepted accounting principles, consistently applied; (ii) [reserved]; (iii) a statement by the accountants certifying the financial statements that such accountant has no knowledge insofar as it relates to accounting matters, except as specifically stated, of any Event of Default; and (iv) the Borrower’s federal tax returns for the Fiscal Year within 30 days of filing of the federal tax returns. The annual financial statements shall be prepared in accordance with generally accepted accounting principles applied on a basis consistent with prior years (except as otherwise specified in such report).