Common use of Annual Reports and Financial Statements Clause in Contracts

Annual Reports and Financial Statements. As soon as reasonably possible, and in any event within 120 days after the close of each fiscal year of the Borrower, (a) the audited balance sheets of the Borrower and its consolidated subsidiaries, as at the end of such fiscal year, setting forth in comparative form the corresponding figures as at the end of the preceding fiscal year, (b) the audited statements of consolidated income of the Borrower and its consolidated subsidiaries, for such fiscal year, setting forth in comparative form the corresponding figures for the previous fiscal year, and (c) the statement of cash flows of the Borrower and its consolidated subsidiaries for such fiscal year, setting forth in comparative form the corresponding figures for the previous fiscal year. The consolidated balance sheets and statements of the Borrower and its consolidated subsidiaries shall be prepared in reasonable detail in accordance with GAAP and shall be accompanied by a report and opinion of independent public accountants of recognized standing selected by the Borrower, which report and opinion shall be prepared in accordance with generally accepted auditing standards relating to reporting.