Common use of No Default Certificates Clause in Contracts

No Default Certificates. Together with each report required by Subsection (a) and (b), shall submit a certificate of its president or chief financial officer that no Default or Event of Default then exists or if a Default or Event of Default exists, the nature and duration thereof and the Borrower's intention with respect thereto. In addition, in the event of a default, the Borrower's independent auditors (if applicable) shall include, within its audit report, a statement that, in the course of such audit, it discovered any circumstances which it believes constitutes a Default or Event of Default and if it discovered any such circumstances, the nature and duration thereof. If the Borrower has Subsidiaries, the financial statements required above shall be consolidated and, if required by the Bank, consolidating form for the Borrower and all Subsidiaries required by generally accepted accounting principles to be consolidated for financial reporting purposes, and/or,

No Default Certificates. Together with each report required by Subsection (a) and (bc), shall submit a certificate of its president or chief financial officer that no Default or Event of Default then exists or if a Default or Event of Default exists, the nature and duration thereof and the Borrower's intention with respect thereto. In addition, in the event of a default, the Borrower's independent auditors (if applicable) shall include, within its audit report, report a statement that, in the course of such audit, it discovered any circumstances which it believes constitutes a Default or Event of Default and if it discovered any such circumstances, the nature and duration thereof. If the Borrower has Subsidiaries, the financial statements required above shall be consolidated and, if required by the Bank, consolidating form for the Borrower and all Subsidiaries required by generally accepted accounting principles to be consolidated for financial reporting purposes, and/or,.

No Default Certificates. Together with each report required by Subsection Sub- section (a) and (bc), shall submit a certificate of its president or chief financial officer that no Default or Event of Default then exists or if a Default or Event of Default exists, the nature and duration thereof and the Borrower's intention with respect thereto. In addition, in the event of a default, the Borrower's independent auditors (if applicable) shall include, within its audit report, a statement that, in the course of such audit, it discovered any circumstances which it believes constitutes a Default or Event of Default and if it discovered any such circumstances, the nature and duration thereof. If the Borrower has Subsidiaries, the financial statements required above shall be consolidated and, if required by the Bank, consolidating form for the Borrower and all Subsidiaries required by generally accepted accounting principles to be consolidated for financial reporting purposes, and/or,