The books and records of the Polaris Companies (a) have been maintained in all material respects in accordance with accounting practices and applicable Law and (b) contain in all material respects true and accurate records of all information required to be recorded therein.
For the avoidance of doubt, the fees and expenses of each Person referred to in Section 5.21 of the GE Disclosure Letter will be paid by GE or its Affiliates (other than the Polaris Companies).
Except as set forth in Section 5.23 of the GE Disclosure Letter, as of June 30, 2005, none of the material investments included in the investment portfolios of the Polaris Companies is in material default in the payment of principal or interest or dividends.
The Polaris Companies conduct all of their insurance and reinsurance operations through the Subsidiaries listed in Section 5.7(a) of the GE Disclosure Letter (each, a "GE Insurance Subsidiary", and collectively, the "GE Insurance Subsidiaries").
Except for the Excluded Assets, the Transferred Assets and the other assets of the Acquired Subsidiaries, taking into account the Transaction Agreements and services the Polaris Companies currently procure from third parties in the ordinary course of business, constitute all of the assets necessary to conduct the Business in all material respects as conducted on the date of this Agreement.