Common use of Reserves for Losses Clause in Contracts

Reserves for Losses. All reserves or other allowances for possible losses reflected in DS Bancor's most recent financial statements referred to in Section 3.6 complied with all Laws and are adequate under GAAP. Neither DS Bancor nor Derby has been notified by the OTS, the FDIC, the Connecticut Commissioner or DS Bancor's independent auditor, in writing or otherwise, that such reserves are inadequate or that the practices and policies of DS Bancor or Derby in establishing such reserves and in accounting for delinquent and classified assets generally fail to comply with applicable accounting or regulatory requirements, or that the OTS, the FDIC, the Connecticut Commissioner or DS Bancor's independent auditor believes such reserves to be inadequate or inconsistent with the historical loss experience of DS Bancor or Derby. DS Bancor has previously furnished Webster with a complete list of all extensions of credit and other real estate owned ("OREO") that have been classified by any bank examiner (regulatory or internal) as other loans specially mentioned, special mention, substandard, doubtful, loss, classified or criticized, credit risk assets, concerned loans or words of similar import. DS Bancor agrees to update such list no less frequently than monthly after the date of this Agreement until the earlier of the Closing Date or the date that this Agreement is terminated in accordance with Section 8.1. All OREO held by DS Bancor or Derby is being carried net of reserves at the lower of cost or net realizable value.

Reserves for Losses. All reserves or other allowances for possible losses reflected in DS Bancorthe Company's most recent financial statements referred to in Section 3.6 2.8 complied with all Laws and are adequate under GAAPgenerally accepted accounting principles. Neither DS Bancor the Company nor Derby any of the Company's Subsidiaries has been notified by any Regulatory Agency or the OTS, the FDIC, the Connecticut Commissioner or DS BancorCompany's independent auditor, in writing or otherwise, that such reserves are inadequate or that the practices and policies of DS Bancor the Company or Derby any of its Subsidiaries in establishing such reserves and in accounting for delinquent and classified assets generally fail to comply with applicable accounting or regulatory requirements, or that the OTS, Regulatory Agencies or the FDIC, the Connecticut Commissioner or DS BancorCompany's independent auditor believes such reserves to be inadequate or inconsistent with the historical loss experience of DS Bancor the Company or Derbyany of its Subsidiaries. DS Bancor The Company has previously furnished Webster with provided to Acquiror in the Company Disclosure Schedule a complete list of all extensions of credit and other real estate owned ("OREO") that have been classified by any bank examiner (regulatory or internal) as other loans specially mentioned, special mention, substandard, doubtful, loss, classified or criticized, credit risk assets, concerned loans or words of similar import. DS Bancor The Company agrees to update such list no less frequently than monthly after the date of this Agreement until the earlier of the Closing Date or the date that this Agreement is terminated in accordance with Section 8.1the terms hereof. All OREO held by DS Bancor the Company or Derby any of its Subsidiaries is being carried net of reserves at the lower of cost or net realizable value.