Common use of Initial Financial Statements Clause in Contracts

Initial Financial Statements. Borrower has heretofore delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements fairly present each of Inland Refining's and Parent's Consolidated financial position at the respective dates thereof, the results of Inland Refining's operations and Inland Refining's cash flows for the respective periods thereof, and the Consolidated results of Parent's operations and Parent's Consolidated cash flows for the respective periods thereof. Since the date of the annual Initial Financial Statements no Material Adverse Change has occurred, except as reflected in the Disclosure Schedule or a Disclosure Report. All Initial Financial Statements were prepared in accordance with GAAP.

Initial Financial Statements. Borrower has heretofore ---------------------------- delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements fairly present each of Inland Refining's and Parent's Consolidated financial position at the respective dates thereof, the results of Inland Refining's operations and Inland Refining's cash flows for the respective periods thereof, and the Consolidated results of Parent's operations and Parent's Consolidated cash flows for the respective periods thereof. Since the date of the annual Initial Financial Statements no Material Adverse Change has occurred, except as reflected in the Disclosure Schedule or a Disclosure Report. All Initial Financial Statements were prepared in accordance with GAAP.