Common use of Target Financial Statements Clause in Contracts

Target Financial Statements. Prior to Closing, Target shall deliver to Buyer true and correct copies of Target’s Year End Financial Statements and Target’s Interim Financial Statements in form satisfactory in all material respects to meet the requirements of Item 310 of Regulation S-B promulgated by the U.S. Securities and Exchange Commission and suitable for filing with the SEC; provided, however, that Buyer may waive this requirement in order to hold the Closing by December 31, 2006, upon the reasonable assurance by Target and Seller that such financial statements can be delivered within 75 days following the Closing Date; and further provided, that if such financial statements cannot be prepared and are not delivered within such period, Buyer shall have the right to terminate this Agreement and rescind the transactions set forth herein.