Common use of Balance Sheet Liabilities Clause in Contracts

Balance Sheet Liabilities. (a) Attached hereto as Exhibit C is Ivy's unaudited balance sheet as of September 30, 1998 (the "Balance Sheet"). The Balance Sheet (including the notes thereto) is true, correct, and complete, fairly presents the financial position of Ivy at the date thereof, and is consistent with the books and records of Ivy (which books and records are correct and complete). (b) None of the directors and officers of Ivy has any Basis to believe that there are Liabilities of Ivy (and there is no Basis for any present or future action, suit, proceeding, hearing, investigation, charge, complaint, claims or demand against Ivy since March 1, 1997, giving rise to any Liability), except for those: (i) accrued or reflected on the face of the Balance Sheet; or (ii) arising in the ordinary course of business (none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of contract, breach of warranty, tort infringement, or violation of law).