Borrower Annual Financial Statement. Borrower shall furnish Lender a copy of its audited financial statement which will include at a minimum, balance sheet, income statement and statement of cash flow, prepared in accordance with generally accepted accounting principles, setting forth in comparative form the figures from the previous fiscal year of Borrower, and accompanied by a management’s discussion and analysis of such results.

Borrower Monthly Financial Statements. Borrower shall furnish Lender a copy of its company prepared monthly financial statement. which will include at a minimum, balance sheet, income statement, and statement of cash flow, prepared in accordance with GAAP, subject to normal year-end adjustments, certified by the president, chief financial officer or treasurer of Borrower as presenting fairly the financial condition of and results of operations of Borrower as of the date thereof and for the periods ended on such date, subject to normal year-end adjustments.

On an annual basis, within one hundred twenty (120) days after Borrower’s fiscal year end, deliver to Lender audited financial statements for Borrower, including a consolidated balance sheet and a consolidated statement of income (loss) and surplus (deficit) and a statement of cash flows, together with supporting schedules, all in reasonable detail and prepared in conformity with generally accepted accounting principles, applied on a basis consistent with that of the preceding year, showing the financial condition of Borrower and its subsidiaries, if any, at the close of such year and the result of operations of each of Borrower and its subsidiaries, if any, during the year.