Common use of Closing Financial Statement Clause in Contracts

Closing Financial Statement. VCB and the Bank shall deliver to Bancorp as soon as available, but not less than five days prior to the Effective Date, the financial statements of VCB and the Bank as of the end of the calendar month immediately preceding the Effective Date (the "Closing Financial Statement") if the Effective Date is on or after the 15th day of the month in which the Effective Date occurs, and as of the end of the second calendar month immediately preceding the Effective Date if the Effective Date is prior to the 15th day of the month in which the Effective Date occurs. The Closing Financial Statement shall contain a balance sheet, statement of income, and statement of changes in stockholders equity substantially in the form set forth in the quarterly financial statement of VCB and the Bank for the period ended December 31, 1997. At the time of its delivery, the Closing Financial Statement shall be in accordance with the books and records of VCB and the Bank, present fairly the financial position and results of operations of VCB and the Bank, be prepared in accordance with generally accepted accounting principles applied on a consistent basis, and be certified to such effect by the President of VCB and the Bank. The person executing the Certificate shall not be individually liable for any error in the Closing Financial Statement except for actual fraud. As soon as practicable thereafter, Bancorp's accountants shall review the Closing Financial Statement.