Common use of Correctness of Financial Statements Clause in Contracts

Correctness of Financial Statements. The financial statements heretofore and hereafter delivered by Borrower to Bank present fairly the financial condition of Borrower, consolidated with Guarantor, and have been prepared in accordance with generally accepted accounting principles consistently applied. As of the date of each such financial statement, and since such date, there has been no material adverse change in the financial condition or results of operations of Borrower or Guarantor, nor has Borrower or Guarantor mortgaged, pledged or granted a security interest in, or encumbered, any assets or properties since such date.