Financial Statements and Reports; Solvency Sample Clauses
The 'Financial Statements and Reports; Solvency' clause requires a party, typically a company, to provide accurate and timely financial statements and reports that demonstrate its ongoing financial health and solvency. In practice, this means the company must regularly deliver balance sheets, income statements, and other relevant financial documents to the other party, often on a quarterly or annual basis, and confirm that it is not insolvent. This clause ensures transparency regarding the company's financial status, allowing the other party to monitor financial risks and make informed decisions based on the company's ability to meet its obligations.
Financial Statements and Reports; Solvency. (a) All financial statements delivered to Agent and Lenders by or on behalf of any Loan Party have been, and at all times will be, prepared in conformity with GAAP in all material respects (except to the extent that equity expenses are not reflected in interim financial statements) and completely and fairly reflect the financial condition of each Loan Party covered thereby, at the times and for the periods therein stated, in all material respects.
(b) As of the date hereof (after giving effect to the Loans to be made on the date hereof, and the consummation of the transactions contemplated hereby), and as of each other day that any Loan is made (after giving effect thereof), (i) the fair saleable value of all of the assets and properties of each Loan Party, individually, exceeds the aggregate liabilities and Indebtedness of each such Loan Party (including contingent liabilities), (ii) each Loan Party, individually, is solvent and able to pay its debts as they come due, (iii) each Loan Party, individually, has sufficient capital to carry on its business as now conducted and as proposed to be conducted, (iv) no Loan Party is contemplating either the liquidation of all or any substantial portion of its assets or property, or the filing of any petition under any state, federal, or other bankruptcy or insolvency law and (v) no Loan Party has knowledge of any Person contemplating the filing of any such petition against any Loan Party.
Financial Statements and Reports; Solvency. (a) The consolidated financial statements of Holdings and its Subsidiaries delivered to Lender by or on behalf of any Loan Party pursuant to Section 5.15(a) and (b) were prepared in conformity with GAAP in all material respects and fairly reflect in all material respects the financial condition of each Loan Party and its Subsidiaries covered thereby, at the times and for the periods therein stated.
(b) As of the date hereof (after giving effect to the Loans and Letters of Credit to be made or issued on the date hereof and the consummation of the transactions contemplated hereby), and as of each other day that any Loan or Letter of Credit is made or issued (after giving effect thereof), (i) the fair saleable value of all of the assets and properties of the Loan Parties, on a consolidated basis, exceeds the aggregate Indebtedness of (including contingent liabilities) the Loan Parties, on a consolidated basis, (ii) the Loan Parties, on a consolidated basis, are able to pay their debts as they come due, (iii) the Loan Parties, on a consolidated basis, do not have unreasonably small capital to carry on their business as now conducted and as proposed to be conducted, and (iv) no Loan Party has undisclosed knowledge of any Person contemplating the filing of any petition under any state, federal, or other bankruptcy or insolvency law against any Loan Party.
Financial Statements and Reports; Solvency. (a) All financial statements delivered to Agent and Lenders by or on behalf of any Loan Party have been, and at all times will be, prepared in conformity with GAAP and fairly reflect in all material respects the financial condition of each Loan Party covered thereby, at the times and for the periods therein stated.
(b) As of the date hereof (after giving effect to the Loans to be made or issued on the date hereof, and the consummation of the transactions contemplated hereby), and as of each other day that any Loan is made (after giving effect thereof), (i) the fair saleable value of all of the assets and properties of each Loan Party, taken as a whole, exceeds the aggregate liabilities and Indebtedness of each such Loan Party (including contingent liabilities), (ii) each Loan Party, taken as a whole, is solvent and able to pay its debts as they come due, (iii) each Loan Party, taken as a whole, has sufficient capital to carry on its business as now conducted and as proposed to be conducted, (iv) no Loan Party is contemplating either the liquidation of all or any substantial portion of its assets or property, or the filing of any petition under any state, federal, provincial or other bankruptcy or insolvency law or other Debtor Relief Laws and (v) no Loan Party has knowledge of any Person contemplating the filing of any such petition against any Loan Party. For purposes of this Section 7.9(b), the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).
Financial Statements and Reports; Solvency. (a) All financial statements delivered to Agent and Lenders by or on behalf of any Loan Party have been, and at all times will be, prepared in conformity with GAAP and fairly reflect in all material respects the financial condition of each Loan Party covered thereby, at the times and for the periods therein stated.
(b) As of the date hereof (after giving effect to the Loans to be made on the date hereof, and the consummation of the transactions contemplated hereby), and as of each other day that any Loan is made or Letter of Credit is issued (after giving effect thereof), (i) the fair saleable value of all of the assets and properties of the Loan Parties, taken as a whole, exceeds the aggregate liabilities and Indebtedness of each such Loan Party (including contingent liabilities),
Financial Statements and Reports; Solvency. (a) All financial statements delivered to Agent and Lenders by or on behalf of any Loan Party have been, and at all times will be, prepared in conformity with GAAP and fairly reflect in all material respects the financial condition of each Loan Party covered thereby, at the times and for the periods therein stated. -41-
Financial Statements and Reports; Solvency. (a) All financial statements delivered to Lender by or on behalf of any Loan Party have been, and at all times will be, prepared in conformity with GAAP and completely and fairly in all material respects reflect the financial condition of each Loan Party and its Subsidiaries covered thereby, at the times and for the periods therein stated.
(b) As of the date hereof (after giving effect to the Loans and Letters of Credit to be made or issued on the date hereof, and the consummation of the transactions contemplated hereby), and as of each other day that any Loan or Letter of Credit is made or issued (after giving effect thereof), the Loan Parties, on a consolidated basis, are Solvent.