Qualified Auditor Report Clause Samples

Qualified Auditor Report. If the audited financial statements of the Trust that are required to be delivered by the Borrower pursuant to Section 14.1(h) contain a qualification that is not acceptable to the Majority Lenders, acting reasonably, and within a period of 30 days after the delivery of such financial statements by the Borrower hereunder either (i) such qualification is not rectified or otherwise dealt with to the satisfaction of the Majority Lenders; or (ii) the Borrower has not delivered a plan to the Agent as to how the Borrower plans to rectify or otherwise deal with such qualification (such plan to include the time frame within which the Borrower proposes to rectify or otherwise deal with such qualification) and such plan is not satisfactory to the Majority Lenders, acting reasonably, and following delivery and acceptance of such plan, the Borrower fails to diligently pursue the same and rectify or otherwise deal with the qualification in accordance with the plan and within the proposed time frame.

Qualified Auditor Report. If the audited financial statements that are required to be delivered to the Agent pursuant to Section 12.2(a) contain a qualification or going concern note that is not acceptable to the Majority Lenders, acting reasonably, and, if unacceptable, such qualification or going concern note is not rectified or otherwise dealt with to the satisfaction of the Majority Lenders within a period of 30 days after the delivery of such financial statements.

Qualified Auditor Report. If the audited financial statements that are required to be delivered to the Agent pursuant to Section 10.1(j) are not unqualified by the auditor of the Borrower, unless such qualifications could not, in the opinion of the Lenders, reasonably be expected to have a Material Adverse Effect.

Qualified Auditor Report if the auditors' opinion required to be delivered with the annual audited financial statements that are required to be delivered by the Borrower pursuant to Section 10.1(e)(iii) contains a qualification which, or which evidences or relates to an event, matter or circumstance which, would reasonably be expected to have a Material Adverse Effect and (i) such qualification, event, matter or circumstance is not rectified or otherwise dealt with to the satisfaction of the Majority of the Lenders, acting reasonably, within a period of 30 days after written notice thereof by the Agent to the Borrower; or (ii) within such 30 day period, the Borrower has not delivered a plan to the Agent as to how it plans to rectify or otherwise deal with such qualification, event matter or circumstance (such plan to include the time frame within which the Borrower proposes to rectify or otherwise deal with such qualification, event, matter or circumstance) and such plan is not satisfactory to the Majority of the Lenders, acting reasonably, and following delivery and acceptance of such plan, the Borrower fails to diligently pursue the same and rectify or otherwise deal with such qualification, event, matter or circumstance in accordance with the plan and within the proposed time frame;

Qualified Auditor Report. If the audited financial statements that are required to be delivered to the Agent pursuant to Section 10.2(f) contain a qualification that is not acceptable to the Majority Lenders, acting reasonably, and, if unacceptable, such qualification is not rectified or otherwise dealt with to the satisfaction of the Majority Lenders within a period of 30 days after the delivery of such financial statements.

Qualified Auditor Report if the auditors’ opinion required to be delivered with the annual audited financial statements that are required to be delivered by the Borrower pursuant to Section 9.1(e)(ii) contains a “going concern” qualification that is not acceptable to the Majority of the Lenders, acting reasonably, and, if unacceptable, (i) such qualification is not rectified or otherwise dealt with to the satisfaction of the Majority of the Lenders, acting reasonably, within a period of 30 days after written notice thereof by the Agent to the Borrower; or (ii) within such 30 day period, the Borrower has not delivered a plan to the Agent as to how it plans to rectify or otherwise deal with such qualification (such plan to include the time frame within which the Borrower proposes to rectify or otherwise deal with such qualification) and such plan is not satisfactory to the Majority of the Lenders, acting reasonably, and following delivery and acceptance of such plan, the Borrower fails to diligently pursue the same and rectify or otherwise deal with such qualification in accordance with the plan and within the proposed time frame;

Qualified Auditor Report. If the audited financial statements of the Borrower that are required to be delivered by the Borrower pursuant to Section 14.1(a), or if the audited financial statements of KNOC that are required to be delivered by KNOC pursuant to the KNOC Guarantee, contain a qualification or “going concern” note that is not acceptable to the Majority Lenders, acting reasonably, and such qualification or note is not rectified or otherwise dealt with to the satisfaction of the Majority Lenders, acting reasonably, within a period of 30 days after the delivery of such financial statements by the Borrower hereunder or by KNOC under the KNOC Guarantee; provided that a “going concern” note resulting from the impending maturity of any Indebtedness within the four full fiscal quarter period following the relevant date of such financial statements shall not trigger this Event of Default.

Qualified Auditor Report. If the audited financial statements of the Borrower that are required to be delivered by the Borrower pursuant to Section 14.1(a), or if the audited financial statements of KNOC that are required to be delivered by KNOC pursuant to the KNOC Guarantee, contain a qualification that is not acceptable to the Majority Lenders, acting reasonably, and such qualification is not rectified or otherwise dealt with to the satisfaction of the Majority Lenders, acting reasonably, within a period of 30 days after the delivery of such financial statements by the Borrower hereunder or by KNOC under the KNOC Guarantee.