Common use of Financial Statements; Solvency Clause in Contracts

Financial Statements; Solvency. (a) There has been furnished to the Banks (i) audited consolidated financial statements of the Borrowers dated the Balance Sheet Date, certified by an independent accounting firm of national standing acceptable to the Banks (the "Accountants") and (ii) unaudited consolidated financial statements of the Borrowers dated the Company Balance Sheet Date. Said financial statements have been prepared in accordance with GAAP (but, in the case of any such financial statements which are unaudited, only to the extent that GAAP is applicable to interim unaudited reports), fairly present in all material respects the financial condition of the Borrowers, on a consolidated basis, as at the close of business on the date thereof and the results of operations for the period then ended. There are no contingent liabilities of the Borrowers as of such date involving material amounts known to the officers of the Borrowers which have not been disclosed in said balance sheets and the related notes thereto, as the case may be.

Financial Statements; Solvency. (a) There has been furnished to the Banks (i) audited consolidated financial statements balance sheets of the Borrowers dated the Balance Sheet DateDate and consolidated statements of operations for the fiscal year then ended, certified by Xxxxxx Xxxxxxxx & Co. or an independent accounting firm of national standing acceptable to the Banks (the "Accountants") and (ii) unaudited consolidated financial statements balance sheets of the Borrowers dated October 31, 1997 and unaudited consolidated statements of operations for the Company Balance Sheet Datesix (6) month period then ended. Said financial balance sheets and statements of operations have been prepared in accordance with GAAP (but, in the case of any such financial statements which are unaudited, only to the extent that GAAP is applicable to interim unaudited reports)GAAP, fairly present in all material respects the financial condition of the Borrowers, on a consolidated basis, as at the close of business on the date thereof and the results of operations for the period then ended. There are no contingent liabilities of the Borrowers as of such date involving material amounts amounts, known to the officers of the Borrowers which have not been disclosed in said balance sheets and the related notes thereto, as the case may be.

Financial Statements; Solvency. (a) There has been furnished to the Banks (i) audited consolidated financial statements balance sheets of the Borrowers dated the Balance Sheet DateDate and consolidated statements of operations for the fiscal year then ended, certified Certified by Xxxxxx Xxxxxxxx & Co. or an independent accounting firm of national standing acceptable to the Banks (the "Accountants") and (ii) unaudited consolidated financial statements balance sheets of the Borrowers dated January 31, 1997 and unaudited consolidated statements of operations for the Company Balance Sheet Datenine (9) month period then ended. Said financial balance sheets and statements of operations have been prepared in accordance with GAAP (but, in the case of any such financial statements which are unaudited, only to the extent that GAAP is applicable to interim unaudited reports)GAAP, fairly present in all material respects the financial condition of the Borrowers, on a consolidated basis, as at the close of business on the date thereof and the results of operations for the period then ended. There are no contingent liabilities of the Borrowers as of such date involving material amounts amounts, known to the officers of the Borrowers which have not been disclosed in said balance sheets and the related notes thereto, as the case may be.