Common use of Financial Issues Clause in Contracts

Financial Issues. (t) Books and records of any of the Target Companies are kept in accordance with all applicable law regulations in all material respects, including, inter alia, Polish accountancy law; in particular, the Seller represents that: (i) Such books and records are duly kept, include correct and reliable data, and are maintained in compliance with the applicable provisions of the law and accounting principles in all material respects; and (ii) The Target Companies’ financial statements are duly prepared, include correct and reliable data, and are maintained in compliance with the applicable provisions of the law and accounting principles in all material respects. (u) Persons responsible for any of the Target Companies’ bookkeeping apply on a continuing basis the adopted accounting principles, the financial documents present in all material respects, the actual state of any of the Target Companies’ and their respective businesses as of their respective dates of preparation and accurately reflect the financial situation of any of the Target Companies on the date of their preparation. The books, records, ledgers and documents of any of the Target Companies are consistent with the financial documents and in all material respects, accurately reflect the general financial condition of any of the Target Companies as of the date of conclusion hereof. None of the Target Companies has incurred any material pecuniary liability or any liability of a different nature, which are not reflected in the financial documents or in the ledgers and documentation of any of the Target Companies. (v) To the Seller’s Knowledge, none of the persons responsible for maintaining the books of any of the Target Companies has been ever sentenced for any penal-fiscal crime or misdemeanor.