BALLSTON REPORTS. In the case of Ballston only, it has Previously Disclosed to MSBC copies of (1) Ballston's Consolidated Financial Statements, for the years ended December 31, 1994, 1995, 1996 and 1997; (2) BNV's "Consolidated Report of Condition and Income" for the years ended December 31, 1994, December 31, 1995, December 31, 1996 and December 31, 1997 and for any subsequent period(s) as delivered to the appropriate bank regulatory authority; (3) all other reports and documents filed with or sent to any federal or state regulatory authority by it or BNV during 1996, 1997 and 1998 (as of the date of this Agreement); and (4) to the extent not prohibited by law, all reports of any state or federal regulatory authority relating to it or BNV and received during or relating to matters in 1996, 1997 or 1998 (as of the date of this Agreement) (all of the foregoing reports and documents are hereinafter referred to as "Ballston Reports"). Ballston represents and warrants to MSBC: (a) that, as of their respective dates, the Ballston Reports referred to in (1) and (2) above are accurate and complete and fairly present the financial position of the entity or entities to which they relate and each of the statements of income and changes in stockholders' equity and cash flows or equivalent statements (including any related notes and schedules thereto) fairly present the results of operations, changes in stockholders equity and changes in cash flows, as the case may be, of the entity or entities to which it relates for the periods set forth therein; (b) that the Ballston Statements referred to in (1) have been prepared in accordance with generally accepted accounting principles, consistently applied; and (c) that, as of their respective dates the Ballston Reports referred to in (2) and (3) above complied in all material respects with all legal and regulatory requirements applicable thereto and no additional reports or documents or amendments to previously filed reports or documents were required to be filed by Ballston with any federal or state regulatory authority during such periods except as Previously Disclosed.
