There has been no change in E&C’s accounting policies, except as described in the notes to the E&C Financial Statements, since December 25, 2005.
Except as set forth in the E&C Financial Statements, neither E&C nor any of its Subsidiaries have any documents creating any material off- balance sheet arrangements.
Interim Financial Statements has the meaning set forth in Section 3.06.
Unaudited Financial Statements has the meaning set forth in Section 5.14.
Audited Financial Statements means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2011, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.
Target Financial Statements has the meaning set forth in Section 3.4.
Initial Financial Statements means, collectively, (a) the audited annual consolidated financial statements of the Borrower dated as of December 31, 2014 and (b) the unaudited quarterly consolidated financial statements of the Borrower dated as of September 30, 2015.