Common use of Certificates of Compliance Clause in Contracts

Certificates of Compliance. (a) So long as not contrary to the then current rules, regulations or recommendations of the American Institute of Certified Public Accountants or similar body, concurrently with the furnishing of the annual financial statements described above, the Borrower will cause to be furnished to the Agent a certificate from the independent certified public accountants for the Borrower stating that in the ordinary course of their audit of the Borrower, insofar as it relates to accounting matters, their audit has not disclosed the existence of any condition which constitutes a Default, or if their audit has disclosed the existence of any such condition, specifying the nature, period of existence and status thereof; provided, however, that the independent certified public accountants shall not be liable to the Agent and the Banks for their failure to discover a Default.

Appears in 3 contracts

Samples: Loan Agreement (GMX Resources Inc), Loan Agreement (GMX Resources Inc), Loan Agreement (GMX Resources Inc)

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Certificates of Compliance. (a) So long as not contrary to the then current rules, regulations or recommendations of the American Institute of Certified Public Accountants or similar body, concurrently Concurrently with the furnishing of the annual financial statements described abovepursuant to Section 8.01(a) hereof, the Borrower Parent Guarantor will furnish or cause to be furnished to the Agent a certificate Administrative Agent, for distribution to the Lenders, certificates from the independent certified public accountants for the Borrower Parent Guarantor stating that in the ordinary course of their audit of the Borrower, Parent Guarantor insofar as it relates to accounting matters, their audit has not disclosed the existence of any condition which constitutes a Default, or if their audit has disclosed the existence of any such condition, specifying the nature, period of existence and status thereof; provided, however, that the independent certified public accountants shall not be liable to the Administrative Agent and or the Banks Lenders for their failure to discover a Default.

Appears in 3 contracts

Samples: Credit Agreement (Hornbeck Offshore Services Inc /La), Credit Agreement (Hornbeck Offshore Services Inc /La), Guaranty and Collateral Agreement (Hornbeck Offshore Services Inc /La)

Certificates of Compliance. (a) So long as not contrary to the then current rules, regulations or recommendations of the American Institute of Certified Public Accountants or similar body, concurrently with the furnishing of the annual financial statements described above, the Borrower will cause to be furnished to the Agent a certificate from the independent certified public accountants for the Borrower stating that in the ordinary course of their audit of the Borrower, insofar as it relates to accounting matters, their audit has not disclosed the existence of any condition which constitutes a Default, or if their audit has disclosed the existence of any such condition, specifying the nature, period of existence and status thereof; provided, however, that the independent certified public accountants shall not be liable to the Agent and the Banks Lenders for their failure to discover a Default.

Appears in 2 contracts

Samples: Loan Agreement (GMX Resources Inc), Loan Agreement (GMX Resources Inc)

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Certificates of Compliance. (a) So long as not contrary to the then current rules, regulations or recommendations of the American Institute of Certified Public Accountants or similar body, concurrently with the furnishing of the annual financial statements described above, the Borrower will cause to be furnished to the Agent Lender a certificate from the independent certified public accountants for the Borrower stating that in the ordinary course of their audit of the Borrower, insofar as it relates to accounting matters, their audit has not disclosed the existence of any condition which constitutes a Default, or if their audit has disclosed the existence of any such condition, specifying the nature, period of existence and status thereof; provided, however, that the independent certified public accountants shall not be liable to the Agent and the Banks Lender for their failure to discover a Default.

Appears in 1 contract

Samples: Loan Agreement (GMX Resources Inc)

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