Best Buy 2003 Annual Report Download - page 63
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12.2. The Borrower and Best Buy Co. shall cause each Subsidiary that becomes a
Restricted Subsidiary (as such terms are defined in the U.S. Credit Agreement) to
immediately thereafter execute and deliver to the Bank a guarantee of the indebtedness
and obligations of the Borrower to the Bank, under which the quantum of liability shall
be unlimited or in such lesser amount as determined by the Bank in consultation with
its solicitors;
13. Financial Statements, Reports and Notices:
The Borrower and Best Buy Co. shall from time to time deliver or cause to be delivered to the Bank the following:
13.1. monthly, within 45 days of each calendar month end, a written inventory and
receivables statement setting forth the value of the Borrower’s accounts receivable and
inventory as of the end of such calendar month, with the value of Acceptable
Receivables and Acceptable Inventory listed separately; notwithstanding the delivery
by the Borrower of the foregoing statement, the Bank may, from time to time and at
any time, require the Borrower to additionally provide the Bank with:
13.1.1 internally prepared financial statements for the Borrower, including a balance sheet and
income statement, in a form and containing information satisfactory to the Bank;
13.1.2 list of accounts receivable of the Borrower; and
13.1.3 declaration of inventory of the Borrower in accordance with the Bank’s format, together with
any supporting data that the Bank may reasonably require;
13.2. quarterly, within 45 days of each calendar quarter year end:
13.2.1 internally prepared financial statements for the Borrower, including a balance sheet, income
statement and cash flow statement for the Borrower, in a form and containing information satisfactory to
the Bank;
13.2.2 internally prepared financial statements for Best Buy Co.; and
13.2.3 compliance certificate from a senior officer of the Borrower in a form acceptable to the Bank,
setting forth the manner in which the Borrower has calculated its minimum cash flow and its compliance
with paragraph 12.1.2.5;