NAVG » Topics » COVENANTS

This excerpt taken from the NAVG 8-K filed Feb 7, 2007.

COVENANTS

During the term of this Agreement, unless the Lenders shall otherwise consent in writing:

7.1   Financial Reporting.  The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with generally accepted accounting principles, consistently applied, and will furnish to the Lenders:

(a)           As soon as practicable and in any event within one hundred (100) days after the close of each of its Fiscal Years, an unqualified audit report certified by independent certified public accountants acceptable to the Required Lenders, prepared in accordance with Agreement Accounting Principles on a consolidated and consolidating basis and setting forth in comparative form figures for the preceding Fiscal Year for itself and its Consolidated Subsidiaries and on a stand alone basis for the Borrower, including balance sheets as of the end of such period and related statements of income,

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