Common use of Reports and Other Documents Clause in Contracts

Reports and Other Documents. The Agent shall have received the following, each in form and substance satisfactory to the Agent: (i) the New Environmental Audits; (ii) the audited Consolidated balance sheet of Ski Lifts as at September 30, 1996, and Consolidated statements of income and changes in shareholders' equity and cash flows of Ski Lifts for the fiscal year of Ski Lifts then ended, accompanied by a management letter prepared by independent certified public accountants of recognized standing reasonably satisfactory to the Agent; (iii) the Consolidated balance sheet of Grand Targhee as at May 31, 1996 and Consolidated statements of income and changes in shareholders' equity and cash flows of Grand Targhee for the fiscal year of Grand Targhee then ended; and (iv) the Consolidated and Consolidating balance sheet of the Borrowers, giving pro forma effect to the transactions occurring as of the date hereof, as at February 28, 1997, and Consolidated and Consolidating statements of income and changes in shareholders' equity of the Borrowers for the four-month period then ended, and projections of the same as at October 31, 1997 and for the fiscal year then ended.

Reports and Other Documents. The Agent shall have received the following, each in form and substance satisfactory to the Agent: (i) the New Phase I Environmental AuditsReport dated as of July 1997 on Loon; (ii) the audited Consolidated balance sheet of Ski Lifts Loon as at September April 30, 19961997, and Consolidated statements of income and changes in shareholders' equity and cash flows of Ski Lifts Loon for the fiscal year of Ski Lifts Loon then ended, accompanied by a management letter prepared by independent certified public accountants of recognized standing reasonably satisfactory to the Agent; (iii) the The Consolidated and Consolidating balance sheet of Grand Targhee the Existing Borrowers as at May of January 31, 1996 1998 and the Consolidated and Consolidating statements of income and changes in shareholders' equity and cash flows of Grand Targhee for the fiscal year of Grand Targhee quarter then endedending; and (iv) the Consolidated and Consolidating balance sheet of the Borrowers, giving pro forma effect to the transactions occurring as of the date hereof, as at February 28, 1997Loon Joinder Date, and Consolidated and Consolidating statements of income and changes in shareholders' equity of the Borrowers for the fourtwelve-month period then endedending October 31, 1997, and projections of the same as at October 31, 1997 31 for each year from 1998 through 2002 and for the fiscal year years then endedended on each such date.