Common use of Quarterly Consolidated Reports Clause in Contracts

Quarterly Consolidated Reports. The Borrower shall deliver to the Administrative Agent, with a copy for each Lender, as soon as available, but in any event within 45 days after the end of each of the Borrower's first three fiscal quarterly periods, a consolidated balance sheet of the Borrower as of the last day of such quarter and consolidated statement of income and retained earnings and changes in financial position, for such quarter, and on a comparative basis figures for the corresponding period of the immediately preceding fiscal year, all in reasonable detail, each such statement to be certified in a certificate of a Responsible Officer of the Borrower, as fairly presenting in all material respects the financial position and the results of operations of the Borrower as at such date and for such quarter and as having been prepared in accordance with GAAP (subject to customary year-end audit adjustments and the absence of footnotes). Such financial statement and the financial statement provided under clause (a) above shall (so long as the Borrower has not received a clean audit with respect to the Year 2000 Problem on or after the end of the first fiscal quarter of the Borrower in 2000): (i) include, or be accompanied by, a progress report as to the Year 2000 remediation efforts of the Borrower and its Subsidiaries; and (ii) indicate whether an auditor, regulator, or third party consultant has issued a management letter or other communication indicating the Borrower's and/or its Subsidiaries inability to remedy the Year 2000 Problem (to the extent not included in the Borrower's financial statements).