Common use of Liabilities and Reserves Clause in Contracts

Liabilities and Reserves. Except for instances where the failure of the following statements to be true would not reasonably be expected to have a Material Adverse Effect on LaSalle Holdings, (a) the reserves carried on the financial statements of each LaSalle Holdings Reinsurance Subsidiary for future insurance policy benefits, losses, claims and similar purposes were, as of the respective dates of such financial statements, in compliance with the requirements for reserves established by the insurance departments of the jurisdiction of such LaSalle Holdings Reinsurance Subsidiary or (as the case may be) by Lloyd's, were determined in accordance with generally accepted actuarial standards and principles consistently applied, and were fairly stated in accordance with sound actuarial and statutory accounting principles (it being understood that no representation or warranty is made in this Agreement to the effect that such reserves were in fact adequate to cover the actual amount of liabilities that are eventually paid after the date hereof); and (b) the admitted assets of each LaSalle Holdings Reinsurance Subsidiary as determined under applicable laws or under Lloyd's regulations are in an amount at least equal to the minimum amounts required by applicable laws or regulations.