Common use of Financial Statements; Minutes Clause in Contracts

Financial Statements; Minutes. The Company will maintain a comparative system of accounts in accordance with generally accepted accounting principles, keep full and complete financial records and furnish to the Investors the following reports: (a) within 90 days after the end of each fiscal year, a copy of the consolidated balance sheet of the Company as at the end of such year, together with a consolidated statement of income and retained earnings of the Company for such year, audited and certified by independent public accountants of recognized national standing reasonably satisfactory to the Investors, prepared in accordance with generally accepted accounting principles and practices consistently applied; (b) within 45 days after the end of each quarter, commencing with the quarter ending March 31, 1997, a consolidated unaudited balance sheet of the Company as at the end of such quarter and a consolidated unaudited statement of income and retained earnings for the Company for such quarter and for the year to date; (c) within 30 days after the end of each month, commencing with the month ended January 31, 1997, a consolidated unaudited balance sheet of the Company as at the end of such month and an unaudited statement of income and retained earnings for the Company for such month and for the year to date, each of the foregoing balance sheets and statements of earnings and retained earnings to set forth in comparative form the corresponding figures for the prior fiscal period; and (d) such other financial information as the holders of three-fourths in interest of the Series A Preferred Shares may reasonably request, including without limitation, certificates of the principal financial officer of the Company concerning compliance with the covenants of the Company under this Section 4.

Financial Statements; Minutes. The Company will maintain a comparative system of accounts in accordance with generally accepted accounting principlesprinciples consistently applied, keep full and complete financial records and, until such time as the Company has consummated an underwritten public offering pursuant to an effective registration statement under the Securities Act covering the offering and sale of Common Stock of the Corporation to the public (an "IPO"), furnish to the Investors the following reports: (a) within 90 ninety (90) days after the end of each fiscal year, a copy of the consolidated balance sheet of the Company as at the end of such year, together with a consolidated statement of income and retained earnings of the Company for such year, audited and certified by independent public accountants of recognized national standing reasonably satisfactory to the Investors, prepared in accordance with generally accepted accounting principles and practices consistently applied; (b) within 45 thirty (30) days after the end of each quarter, commencing with the quarter ending March 31, 1997, a consolidated unaudited balance sheet of the Company as at the end of such quarter and a consolidated unaudited statement of income and retained earnings for the Company for such quarter and for the year to date; (c) within 30 days after the end of each month, month commencing with the month ended January 31ending November 30, 19971996, a consolidated unaudited balance sheet of the Company as at the end of such month and an unaudited statement of income and retained earnings for the Company for such month and for the year to date, each of the foregoing balance sheets and statements of earnings income and retained earnings to set forth in comparative form the corresponding figures for the prior fiscal periodperiod and to include a brief written discussion and analysis by management of such annual financial statements; and (dc) such other financial information as the holders of three-fourths in interest at least a majority of the Series A issued and outstanding shares of Preferred Shares Stock may reasonably request, including without limitation, limitation certificates of the principal financial officer of the Company concerning compliance with the covenants of the Company under this Section 4.

Financial Statements; Minutes. The Company will maintain a comparative system of accounts in accordance with generally accepted accounting principles, keep full and complete financial records and furnish to the Investors the following reports: (a) within 90 days after the end of each fiscal year, a copy of the consolidated balance sheet of the Company as at the end of such year, together with a consolidated statement of income and retained earnings of the Company for such year, audited and certified by independent public accountants of recognized national standing reasonably satisfactory to the Investors, prepared in accordance with generally accepted accounting principles and practices consistently applied; (b) within 45 days after the end of each quarter, commencing with the quarter ending March December 31, 1997, a consolidated unaudited balance sheet of the Company as at the end of such quarter and a consolidated unaudited statement of income and retained earnings for the Company for such quarter and for the year to date; (c) within 30 days after the end of each month, commencing with the month ended January October 31, 1997, a consolidated unaudited balance sheet of the Company as at the end of such month and an a consolidated unaudited statement of income and retained earnings for the Company for such month and for the year to date, each of the foregoing balance sheets and statements of earnings and retained earnings to set forth in comparative form the corresponding figures for the prior fiscal period; and (d) such other financial information as the holders of threefifty-fourths eight percent in interest of the Series A Preferred Shares and the holders of fifty-eight percent in interest of the Series B Convertible Preferred Shares may reasonably request, including without limitation, certificates of the principal financial officer of the Company concerning compliance with the covenants of the Company under this Section 4.

Financial Statements; Minutes. The Company will maintain a ----------------------------- comparative system of accounts in accordance with generally accepted accounting principles, keep full and complete financial records and furnish to the Investors the following reports: (a) within 90 days after the end of each fiscal year, a copy of the consolidated balance sheet of the Company as at the end of such year, together with a consolidated statement of income and retained earnings of the Company for such year, audited and certified by independent public accountants of recognized national standing reasonably satisfactory to the Investors, prepared in accordance with generally accepted accounting principles and practices consistently applied; (b) within 45 days after the end of each quarter, quarter commencing with the quarter ending March 31, 19971996, a consolidated unaudited balance sheet of the Company as at the end of such quarter and a consolidated unaudited statement of income and retained earnings for the Company for such quarter and for the year to date; (c) within 30 days after the end of each month, month commencing with the month ended January ending March 31, 19971996, a consolidated unaudited balance sheet of the Company as at the end of such month and an unaudited statement of income and retained earnings for the Company for such month and for the year to date, each of the foregoing balance sheets and statements of earnings income and retained earnings to set forth in comparative form the corresponding figures for the prior fiscal periodperiod and to include a brief written discussion and analysis by management of such annual, quarterly and monthly financial statements; and (d) such other financial information as the holders of threea majority-fourths in in-interest of the Series A Preferred Shares Investors may reasonably request, including without limitation, limitation certificates of the principal financial officer of the Company concerning compliance with the covenants of the Company under this Section 4.

Financial Statements; Minutes. The Company will maintain a comparative system of accounts in accordance with generally accepted accounting principlesGAAP, keep full and complete financial records and furnish to the all Investors the following reports: (a) within 90 120 days after the end of each fiscal year, a copy of the consolidated balance sheet of the Company as at the end of such year, together with a consolidated statement of income and retained earnings and of cash flows of the Company for such year, audited and certified by independent public accountants of recognized national standing reasonably satisfactory to the Investorsstanding, prepared in accordance with generally accepted accounting principles and practices GAAP consistently applied; (b) within 45 days after the end of each quarter, of month commencing with the quarter ending March 31, 1997November 1995, a consolidated unaudited balance sheet of the Company as at the end of such month and, if such month end is also the end of a fiscal quarter and but not the end of a fiscal year, within 45 days after the end of such month a consolidated unaudited statement of income and retained earnings and of cash flow for the Company for such quarter and for the year to date; (c) within 30 promptly, and in no event more than ten days after the end Company's receipt thereof, copies of all audit reports, so-called "management letters" and other communications and reports submitted to the Company or any of its Subsidiaries by independent certified public accountants in connection with each month, commencing with the month ended January 31, 1997, a consolidated unaudited balance sheet interim or special audit of the Company as at the end or any of its Subsidiaries made by such month and an unaudited statement of income and retained earnings for the Company for such month and for the year to date, each of the foregoing balance sheets and statements of earnings and retained earnings to set forth in comparative form the corresponding figures for the prior fiscal periodaccountants; and (d) such other simultaneously with delivery to the lenders under the Senior Loan Agreement, copies of all financial statements, information as the holders of three-fourths in interest and notices delivered under Section 5.2 of the Series A Preferred Shares may reasonably request, including without limitation, certificates of Senior Loan Agreement which are not otherwise delivered to the principal financial officer of the Company concerning compliance with the covenants of the Company under Investors pursuant to this Section 44.1.