Common use of CORRECTNESS OF FINANCIAL STATEMENT Clause in Contracts

CORRECTNESS OF FINANCIAL STATEMENT. The annual financial statement of Borrower dated December 31, 2014, and all interim financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present fairly the financial condition of Borrower, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been prepared in accordance with generally accepted accounting principles consistently applied except that unaudited financial statements may lack footnotes and other presentation items and are subject to year-end audit adjustments. Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except (i) in favor of Bank, (ii) pursuant to a Permitted Lien (as defined below) or (iii) as otherwise permitted by Bank in writing.

CORRECTNESS OF FINANCIAL STATEMENT. The annual financial statement of Borrower dated March 31,2008 and the quarterly financial statement of Borrower dated December 31, 20142008, and all interim financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct in all material respects and present fairly the financial condition of Borrower, subject, in the case of interim statements, to year-end adjustments, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been prepared in accordance with generally accepted accounting principles consistently applied applied, except that unaudited financial statements may lack footnotes and other presentation items and are subject to year-end audit adjustmentsfor, in the case of interim statements, the absence of footnotes. Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except (i) in favor of Bank, (ii) pursuant to a Permitted Lien (Liens, as defined in Section 5.3, below) , or (iii) as otherwise permitted by Bank in writing.

CORRECTNESS OF FINANCIAL STATEMENT. The annual financial statement of Borrower dated December 31, 20142005, and all interim financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present fairly the financial condition of Borrower, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) unless otherwise disclosed in writing to Bank or disclosed in Borrower's periodic public filings, have been prepared in accordance with generally accepted accounting principles consistently applied except that unaudited financial statements may lack footnotes and other presentation items and are subject to year-end audit adjustmentsapplied. Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except (i) in favor of Bank, (ii) pursuant to a Permitted Lien (as defined below) Bank or (iii) as otherwise permitted by Bank in writing.

CORRECTNESS OF FINANCIAL STATEMENT. The annual Each of (a) the audited financial statement of Borrower PBS dated December June 30, 1997, and (b) the interim unaudited consolidated financial statement of PBS dated January 31, 2014, and all interim financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, 1998 (ai) are complete and correct and present presents fairly the financial condition of BorrowerXxxxxxxxx, (bii) disclose discloses all liabilities of Borrower Borrowers that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (ciii) have has been prepared in accordance with generally accepted accounting principles ("GAAP") consistently applied except (it being understood that unaudited financial all interim statements may lack footnotes and other presentation items and are subject to year-year end audit adjustmentsadjustments and are not required to have footnote disclosures) A true copy of each such statement has been delivered to Bank prior to the date hereof. Since the dates date of such financial statements statement there has been no material adverse change in the financial condition of any Borrower, except as has been previously disclosed to Bank in writing, nor has any Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except (i) in favor of Bank, (ii) pursuant to a Permitted Lien (as defined below) Bank or (iii) as otherwise permitted by Bank in writing.

CORRECTNESS OF FINANCIAL STATEMENT. The annual financial statement of Borrower dated December 31, 2014for the 2012 fiscal year, and all interim financial statements delivered to Bank since said datesince, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present fairly the financial condition of BorrowerBorrower as of the dates and for the periods covered thereby, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been prepared in accordance with generally accepted accounting principles consistently applied (except that unaudited financial statements may lack do not contain footnotes and other presentation items and interim financial statements are subject to year-end audit adjustments). Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered any of its assets or properties except (i) in favor of Bank, (ii) pursuant to a Permitted Lien (as defined below) Bank or (iii) as otherwise permitted by Bank in writing.