PSB Entities definition
Examples of PSB Entities in a sentence
Except as disclosed in Section 5.19 of the PSB Disclosure Memorandum, there is no Litigation instituted, pending or overtly threatened (or unasserted but considered probable of assertion) against the PSB Entities, or against any employee benefit plan of the PSB Entities, or against any Asset, interest, or right of any of them, nor are there any Orders of any Regulatory Authorities outstanding against any PSB Entity.
Since January 1, 2008, the PSB Entities have timely filed all reports and statements, together with any amendments required to be made with respect thereto, that they were required to file with Regulatory Authorities.
No claim has ever been made by a Regulatory Authority in a jurisdiction where any of the PSB Entities do not file Tax Returns that any of the PSB Entities may be subject to taxes in that jurisdiction.
None of the PSB Entities, or any director, officer or employee of any of the PSB Entities, has committed any breach of trust with respect to any such fiduciary account and the accountings for each such fiduciary account are true and correct in all material respects and accurately reflect in all material respects the assets of such fiduciary account.
The PSB Entities are not obligated to pay any recurring royalties to any Person with respect to any such Intellectual Property.
All tangible properties used in the business of the PSB Entities are in good condition, reasonable wear and tear excepted, and are usable in the ordinary course of business consistent with such PSB Entity’s past practices.
The minute book and other organizational documents for each of the PSB Entities have been made available to MSL for its review and accurately reflect all amendments thereto and all proceedings of the Board of Directors and shareholders thereof.
All of the indebtedness of the PSB Entities for money borrowed is prepayable at any time by the PSB Entities without penalty or premium.
The PSB Entities have disclosed on its federal income Tax Returns all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Code Section 6662.
Except for normal examinations conducted by a Regulatory Authority in the ordinary course of the business of the PSB Entities, there is no pending proceeding before, or, to the Knowledge of PSB, examination or investigation by, any Regulatory Authority into the business or operations of any of the PSB Entities.