Annual Financial Statements and Information; Opinion of Accountants Sample Clauses


Annual Financial Statements and Information; Opinion of Accountants. Within ninety (90) days after the end of each fiscal year of the Borrowers, the audited balance sheet of the Borrowers and their Subsidiaries as at the end of such fiscal year and the related audited statements of income and retained earnings and related audited statements of cash flows for such year, all of which shall be on a consolidated basis with the other Credit Parties, together with an unaudited consolidating balance sheet of the Borrowers and their Subsidiaries as of the end of such year and the related unaudited consolidating profit and loss statement of the Borrowers and their Subsidiaries, which in the case of consolidated financial statements shall set forth in comparative form (i) such figures as at the end of and for the previous year and (ii) as contained in the Borrowers’ and their Subsidiaries’ projections and forecast delivered to the Administrative Agent pursuant to Section 7.5(d) for such periods, and shall be accompanied by an opinion of independent certified public accountants of recognized standing satisfactory to the Administrative Agent, stating that such audited financial statements are unqualified and prepared in all material respects in accordance with GAAP, without any “going concern” or like qualification, exception or explanation and without any qualification or exception as to scope of such audit; provided that a conclusion by the Borrowers’ independent certified public accountants that any Borrower has a “material weakness” in the effectiveness of its internal controls over financial reporting shall not constitute a breach of this Section unless the purported weakness could reasonably be expected to result in a Materially Adverse Effect.