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 shall maintain a comparative system of accounts from which financial statements prepared in accordance with generally accepted accounting principlesprinciples consistently applied can be derived, keep full and complete financial records and furnish to each of the Investors Lenders 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 statements of income operations and retained earnings cash flow of the Company for such year, audited and certified by independent public accountants of recognized national standing reasonably satisfactory to the InvestorsLenders, prepared in accordance with generally accepted accounting principles and practices consistently applied, and including in comparative form the corresponding figures for the prior fiscal period; (b) within 45 days after the end of each calendar quarter, commencing with the quarter ending March 31, 1997, a an unaudited consolidated unaudited balance sheet of the Company as at the end of such quarter quarter, and a consolidated unaudited statement statements of income operations and retained earnings cash flow for the Company for such quarter and for the year to date, and including in comparative form the corresponding figures for the prior fiscal period; (c) commencing January 1, 1996, within 30 days after the end of each month, commencing with the month ended January 31, 1997, a an unaudited consolidated unaudited balance sheet of the Company as at the end of such month and an unaudited statement statements of income and retained earnings operations for the Company for such month and for the year to date; (d) promptly after the same are available, each copies of any proxy statements, financial statements and reports that the Company shall send or make available generally to any of its securityholders or file with the Security and Exchange Commission or other regulatory authority; (e) as soon as reasonably practicable after any meetings of the foregoing balance sheets Board of Directors of the Company, copies of the minutes of such meeting; (f) in connection with the annual and quarterly financial statements delivered pursuant to clauses (a) and (b) above, a certification from the Chief Financial Officer of earnings the Company if there exists any default or Event of Default under this Agreement, or any set of facts or circumstances which, with the giving of notice and/or the passage of time, could constitute such a default or Event of Default and retained earnings stating the relevant facts and the related consequences and what actions the Company proposes to set forth in comparative form the corresponding figures for the prior fiscal periodremedy them; and (dg) such other financial information as the holders of three-fourths in interest of the Series A Preferred Shares Lenders may reasonably request, including without limitation, certificates . The Lenders or their authorized representatives shall have the right to meet with the Company's independent auditors not less than once each year to discuss the financial condition and results of operation of the principal Company, its financial officer controls and the accounting principles applied in the preparation of the Company concerning compliance with the covenants of the Company under this Section 4its financial statements.

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 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, 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.