{"component": "clause", "props": {"groups": [{"samples": [{"hash": "bBGINXRYlD9", "uri": "/contracts/bBGINXRYlD9#initial-financial-statements", "label": "Credit Agreement (Forbes Energy Services Ltd.)", "score": 21.8815879822, "published": true}, {"hash": "fsWmSn2J550", "uri": "/contracts/fsWmSn2J550#initial-financial-statements", "label": "Credit Agreement (Forbes Energy Services LLC)", "score": 21.0, "published": true}, {"hash": "3xX2sKEMcg4", "uri": "/contracts/3xX2sKEMcg4#initial-financial-statements", "label": "Credit Agreement (Forbes Energy Services Ltd.)", "score": 21.0, "published": true}], "snippet_links": [{"key": "to-lender", "type": "definition", "offset": [34, 43]}, {"key": "copies-of-the", "type": "clause", "offset": [44, 57]}, {"key": "complete-and-correct", "type": "clause", "offset": [97, 117]}, {"key": "in-all-material-respects", "type": "definition", "offset": [118, 142]}, {"key": "financial-position", "type": "clause", "offset": [212, 230]}, {"key": "results-of-operations", "type": "definition", "offset": [280, 301]}, {"key": "cash-flows", "type": "definition", "offset": [315, 325]}, {"key": "date-of", "type": "clause", "offset": [364, 371]}, {"key": "no-material-adverse-change-has-occurred", "type": "clause", "offset": [405, 444]}, {"key": "section-56", "type": "clause", "offset": [469, 480]}, {"key": "disclosure-schedule", "type": "definition", "offset": [488, 507]}, {"key": "in-accordance-with", "type": "definition", "offset": [556, 574]}], "snippet": "Borrower has heretofore delivered to Lender copies of the Initial Financial Statements which are complete and correct in all material respects. 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Each of the Initial Financial Statements fairly present Parent\u2019s and Borrower\u2019s Consolidated financial position at the date thereof and the Consolidated results of Parent\u2019s and Borrower\u2019s operations and Parent\u2019s and Borrower\u2019s Consolidated cash flows for the period thereof. Since the date of the annual Initial Financial Statements no Material Adverse Change has occurred, except as reflected in Section 5.6 of the Disclosure Schedule. All Initial Financial Statements other than pro forma financial statements were prepared in accordance with IFRS. All Initial Financial Statements that are pro forma financial statements were prepared in good faith based upon assumptions specified therein with such pro forma adjustments as have been accepted by Administrative Agent.", "size": 6, "hash": "60688c9e2fe0d345c6e11b9ae229fd48", "id": 4}, {"samples": [{"hash": "k4XKAN7ib9X", "uri": "/contracts/k4XKAN7ib9X#initial-financial-statements", "label": "Credit Agreement (Plains All American Pipeline Lp)", "score": 18.0, "published": true}, {"hash": "7uVCeWiqiun", "uri": "/contracts/7uVCeWiqiun#initial-financial-statements", "label": "Credit Agreement (Plains All American Pipeline Lp)", "score": 18.0, "published": true}, {"hash": "4V5nCgkTQrp", "uri": "/contracts/4V5nCgkTQrp#initial-financial-statements", "label": "Credit Agreement (Plains All American Pipeline Lp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "plains-mlp", "type": "definition", "offset": [0, 10]}, {"key": "each-lender", "type": "clause", "offset": [68, 79]}, {"key": "copies-of-the", "type": "clause", "offset": [107, 120]}, {"key": "pro-forma-financial-statements", "type": "definition", "offset": [195, 225]}, {"key": "consolidated-and-consolidating", "type": "clause", "offset": [254, 284]}, {"key": "financial-position", "type": "clause", "offset": [285, 303]}, {"key": "in-the-case", "type": "clause", "offset": [427, 438]}, {"key": "the-annual", "type": "clause", "offset": [442, 452]}, {"key": "cash-flows", "type": "definition", "offset": [496, 506]}, {"key": "the-period", "type": "clause", "offset": [511, 521]}, {"key": "the-pro-forma", "type": "definition", "offset": [531, 544]}, {"key": "date-of", "type": "clause", "offset": [782, 789]}, {"key": "no-material-adverse-change-has-occurred", "type": "clause", "offset": [830, 869]}, {"key": "disclosure-schedule", "type": "definition", "offset": [947, 966]}, {"key": "in-accordance-with", "type": "definition", "offset": [1057, 1075]}, {"key": "pro-forma-adjustments", "type": "definition", "offset": [1203, 1224]}, {"key": "accepted-by", "type": "definition", "offset": [1238, 1249]}, {"key": "administrative-agent", "type": "definition", "offset": [1250, 1270]}], "snippet": "Plains MLP has heretofore ---------------------------- delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements other than pro forma financial statements fairly present Plains MLP's Consolidated and consolidating financial position at the date thereof and the Consolidated and consolidating results of Plains MLP's operations for the periods thereof, and in the case of the annual Initial Financial Statements, Consolidated cash flows for the period thereof. The pro forma Initial Financial Statements fairly present Plains MLP's pro forma Consolidated and consolidating financial position at the date thereof and the pro forma Consolidated results of Plains MLP's operations for the period thereof. Since the date of the annual Initial Financial Statements no Material Adverse Change has occurred, except as reflected in the quarterly Initial Financial Statements or in the Disclosure Schedule. All Initial Financial Statements other than pro forma financial statements were prepared in accordance with GAAP. All Initial Financial Statements that are pro forma financial statements were prepared in accordance with GAAP with such pro forma adjustments as have been accepted by Administrative Agent.", "size": 6, "hash": "a57a36be82f83dabea58cda2c1392c7a", "id": 5}, {"samples": [{"hash": "oPTyX91GlJ", "uri": "/contracts/oPTyX91GlJ#initial-financial-statements", "label": "Credit Agreement (Comfort Systems Usa Inc)", "score": 37.1341546886, "published": true}, {"hash": "jZYoS7ZOs2d", "uri": "/contracts/jZYoS7ZOs2d#initial-financial-statements", "label": "Credit Agreement (Comfort Systems Usa Inc)", "score": 36.6687202454, "published": true}], "snippet_links": [{"key": "restricted-persons", "type": "definition", "offset": [0, 18]}, {"key": "each-lender", "type": "clause", "offset": [48, 59]}, {"key": "copies-of-the", "type": "clause", "offset": [87, 100]}, {"key": "financial-position", "type": "clause", "offset": [203, 221]}, {"key": "cash-flows", "type": "definition", "offset": [336, 346]}, {"key": "since-december", "type": "clause", "offset": [383, 397]}, {"key": "no-material-adverse-change-has-occurred", "type": "clause", "offset": [408, 447]}], "snippet": "Restricted Persons have heretofore delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements fairly present Borrower\u2019s Consolidated financial position at the respective dates thereof and the Consolidated results of Borrower\u2019s operations and Borrower\u2019s Consolidated cash flows for the respective periods thereof. Since December 31, 2024, no Material Adverse Change has occurred.", "size": 5, "hash": "8ea7a1f3a779e24694bab37494ef99ee", "id": 6}, {"samples": [{"hash": "hB7qlRahl3l", "uri": "/contracts/hB7qlRahl3l#initial-financial-statements", "label": "Credit Agreement (Plains All American Pipeline Lp)", "score": 18.0, "published": true}, {"hash": "9JlWOXkd963", "uri": "/contracts/9JlWOXkd963#initial-financial-statements", "label": "Credit Agreement (Plains All American Pipeline Lp)", "score": 18.0, "published": true}, {"hash": "8tz8aOYprgJ", "uri": "/contracts/8tz8aOYprgJ#initial-financial-statements", "label": "Credit Agreement (Plains All American Pipeline Lp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "plains-mlp", "type": "definition", "offset": [0, 10]}, {"key": "each-lender", "type": "clause", "offset": [39, 50]}, {"key": "copies-of-the", "type": "clause", "offset": [78, 91]}, {"key": "financial-position", "type": "clause", "offset": [196, 214]}, {"key": "cash-flows", "type": "definition", "offset": [308, 318]}, {"key": "the-period", "type": "clause", "offset": [323, 333]}, {"key": "date-of", "type": "clause", "offset": [353, 360]}, {"key": "the-annual", "type": "clause", "offset": [361, 371]}, {"key": "no-material-adverse-change-has-occurred", "type": "clause", "offset": [401, 440]}, {"key": "disclosure-schedule", "type": "definition", "offset": [518, 537]}, {"key": "in-accordance-with", "type": "definition", "offset": [586, 604]}], "snippet": "Plains MLP has heretofore delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements fairly present Plains MLP's Consolidated financial position at the date thereof and the Consolidated results of Plains MLP's operations and Consolidated cash flows for the period thereof. Since the date of the annual Initial Financial Statements no Material Adverse Change has occurred, except as reflected in the quarterly Initial Financial Statements or in the Disclosure Schedule. All Initial Financial Statements were prepared in accordance with GAAP.", "size": 4, "hash": "b2fdc345993bed37d4cdaa8f52bb27e3", "id": 7}, {"samples": [{"hash": "1hqidVZ6Cxq", "uri": "/contracts/1hqidVZ6Cxq#initial-financial-statements", "label": "Credit Agreement (Phillips 66)", "score": 31.893907547, "published": true}, {"hash": "8a9kw4QszXL", "uri": "/contracts/8a9kw4QszXL#initial-financial-statements", "label": "Credit Agreement (Phillips 66)", "score": 31.2258720398, "published": true}], "snippet_links": [{"key": "the-lenders", "type": "clause", "offset": [0, 11]}], "snippet": "The Lenders shall have received (which shall be deemed to have occurred upon posting on \u2587\u2587\u2587\u2587\u2587) the Initial Financial Statements.", "size": 4, "hash": "52636a58e0ad17028f88ac09729a9f82", "id": 8}, {"samples": [{"hash": "kJHB7gbZMox", "uri": "/contracts/kJHB7gbZMox#initial-financial-statements", "label": "Credit Agreement (Inland Resources Inc)", "score": 18.0, "published": true}, {"hash": "b8AnjMKjeuS", "uri": "/contracts/b8AnjMKjeuS#initial-financial-statements", "label": "Credit Agreement (Inland Resources Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "each-lender", "type": "clause", "offset": [37, 48]}, {"key": "copies-of-the", "type": "clause", "offset": [76, 89]}, {"key": "inland-refining", "type": "definition", "offset": [176, 191]}, {"key": "financial-position", "type": "clause", "offset": [220, 238]}, {"key": "cash-flows", "type": "definition", "offset": [338, 348]}, {"key": "consolidated-cash", "type": "definition", "offset": [450, 467]}, {"key": "date-of", "type": "clause", "offset": [520, 527]}, {"key": "the-annual", "type": "clause", "offset": [528, 538]}, {"key": "no-material-adverse-change-has-occurred", "type": "clause", "offset": [568, 607]}, {"key": "disclosure-schedule", "type": "definition", "offset": [636, 655]}, {"key": "disclosure-report", "type": "clause", "offset": [661, 678]}, {"key": "in-accordance-with", "type": "definition", "offset": [727, 745]}], "snippet": "Borrower has heretofore delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements fairly present each of Inland Refining's and Parent's Consolidated financial position at the respective dates thereof, the results of Inland Refining's operations and Inland Refining's cash flows for the respective periods thereof, and the Consolidated results of Parent's operations and Parent's Consolidated cash flows for the respective periods thereof. Since the date of the annual Initial Financial Statements no Material Adverse Change has occurred, except as reflected in the Disclosure Schedule or a Disclosure Report. All Initial Financial Statements were prepared in accordance with GAAP.", "size": 4, "hash": "6a0e37b99116a2176cd9529ca200a11d", "id": 9}, {"samples": [{"hash": "kjtvf2BNVOO", "uri": "/contracts/kjtvf2BNVOO#initial-financial-statements", "label": "364 Day Credit Agreement (Plains All American Pipeline Lp)", "score": 22.0157432556, "published": true}, {"hash": "czy7PfOuZo8", "uri": "/contracts/czy7PfOuZo8#initial-financial-statements", "label": "364 Day Credit Agreement (Plains All American Pipeline Lp)", "score": 21.0, "published": true}], "snippet_links": [{"key": "each-lender", "type": "clause", "offset": [37, 48]}, {"key": "copies-of-the", "type": "clause", "offset": [76, 89]}, {"key": "financial-position", "type": "clause", "offset": [192, 210]}, {"key": "in-the-case", "type": "clause", "offset": [314, 325]}, {"key": "the-annual", "type": "clause", "offset": [329, 339]}, {"key": "cash-flows", "type": "definition", "offset": [383, 393]}, {"key": "the-period", "type": "clause", "offset": [398, 408]}, {"key": "section-64", "type": "clause", "offset": [450, 461]}, {"key": "date-of", "type": "clause", "offset": [473, 480]}, {"key": "no-material-adverse-change-has-occurred", "type": "clause", "offset": [522, 561]}, {"key": "in-clause", "type": "clause", "offset": [606, 615]}, {"key": "defined-term", "type": "clause", "offset": [628, 640]}, {"key": "in-accordance-with", "type": "definition", "offset": [655, 673]}], "snippet": "Borrower has heretofore delivered to each Lender true, correct and complete copies of the Initial Financial Statements. The Initial Financial Statements fairly present Borrower\u2019s Consolidated financial position at the date thereof and the Consolidated results of Borrower\u2019s operations for the periods thereof, and in the case of the annual Initial Financial Statements, Consolidated cash flows for the period thereof. Except as disclosed pursuant to Section 6.4, since the date of the annual Initial Financial Statements, no Material Adverse Change has occurred. All Initial Financial Statements described in clause (i) of that defined term were prepared in accordance with GAAP.", "size": 4, "hash": "3555827da831d803ceb0cfb76288e485", "id": 10}], "next_curs": "CmUSX2oVc35sYXdpbnNpZGVyY29udHJhY3RzckELEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiVpbml0aWFsLWZpbmFuY2lhbC1zdGF0ZW1lbnRzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Initial Financial Statements", "children": [["", ""], ["operational-availability", "Operational Availability"], ["milled-gold-grade", "Milled Gold Grade"], ["insurances", "Insurances"], ["gold-poured-and-operating-costs", "Gold Poured and Operating Costs"]], "parents": [["representations-and-warranties", "Representations and Warranties"], ["borrowers-representations-and-warranties", "Borrower's Representations and Warranties"], ["definitions-and-references", "Definitions and References"], ["currency-conversion-and-indemnity", "Currency Conversion and Indemnity"], ["defaulting-lenders", "Defaulting Lenders"]], "size": 158, "id": "initial-financial-statements", "related": [["annual-financial-statements", "Annual Financial Statements", "Annual Financial Statements"], ["original-financial-statements", "Original Financial Statements", "Original Financial Statements"], ["additional-financial-statements", "Additional Financial Statements", "Additional Financial Statements"], ["historical-financial-statements", "Historical Financial Statements", "Historical Financial Statements"], ["closing-financial-statements", "Closing Financial Statements", "Closing Financial Statements"]], "related_snippets": [], "updated": "2026-02-21T05:44:01+00:00", "also_ask": ["What minimum disclosures should be mandated in the initial financial statements?", "How can delivery timing of initial financial statements be leveraged in negotiations?", "What are the most common risks if initial financial statements are incomplete or inaccurate?", "How do initial financial statement requirements differ across key jurisdictions?", "What standards do courts use to assess the sufficiency and enforceability of initial financial statement clauses?"], "drafting_tip": "Specify required financial statement types and reporting periods to ensure clarity; set delivery deadlines to promote timely compliance; define acceptable accounting standards to maintain consistency.", "explanation": "The Initial Financial Statements clause requires one party, typically the company or borrower, to provide its most recent financial statements to the other party at the outset of an agreement. These statements may include balance sheets, income statements, and cash flow statements, and are usually delivered as a condition precedent to closing or entering into the contract. By mandating the disclosure of up-to-date financial information, this clause ensures transparency and allows the receiving party to assess the financial health and creditworthiness of the disclosing party, thereby reducing informational risk and supporting informed decision-making."}, "json": true, "cursor": ""}}