PSB Financial Statements definition
Examples of PSB Financial Statements in a sentence
PSB has no liability for taxes in excess of the amount reserved or provided for in the PSB Financial Statements (but excluding, for this purpose only, any liability reflected thereon for deferred taxes to reflect timing differences between tax and financial accounting methods).
All taxes due and owing by PSB and the PSB Subsidiaries (whether or not shown on any tax return) have been timely paid, other than taxes that are being contested in good faith and are adequately reserved against or provided for (in accordance with GAAP) on the PSB Financial Statements.
The PSB Financial Statements do not contain any items of extraordinary or nonrecurring income or any other income not earned in the ordinary course of business except as expressly specified therein.
The allowance for loan losses contained in the PSB Financial Statements was established in accordance with the past practices and experiences of PSB and the PSB Subsidiaries, and the allowance for loan losses reflected in the PSB Financial Statements for all periods up to and including the Closing Date shall be adequate in the opinion of management and shall comply with the requirements of GAAP.
Except as set forth in Section 5.6 of the PSB Disclosure Memorandum, PSB has no Liabilities of a nature required to be reflected on a consolidated balance sheet prepared in accordance with GAAP, except Liabilities that are accrued or reserved against in the consolidated balance sheet of PSB as of December 31, 2011, included in the PSB Financial Statements or reflected in the notes thereto.
There is no audit examination, deficiency, or refund Litigation with respect to any Taxes that is reasonably likely to result in a determination that would have, individually or in the aggregate, a Material Adverse Effect on PSB, except as reserved against in the PSB Financial Statements delivered prior to the date of this Agreement or as Previously Disclosed.
PSB has delivered to SAB prior to the execution of this Agreement copies of all PSB Financial Statements for periods ended prior to the date hereof and will deliver to SAB copies of all PSB Financial Statements prepared subsequent to the date hereof.
PSB has no Liabilities that are reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on PSB, except Liabilities which are accrued or reserved against in the balance sheets of PSB as of June 30, 1997, included in the PSB Financial Statements or reflected in the notes thereto.
The PSB Financial Statements (including any related notes and schedules thereto) are in accordance with PSB’s books and records and present fairly PSB’s financial condition, assets and liabilities and results of operations as of the dates indicated and for the periods specified therein subject, in the case of unaudited interim financial statements, to normal year-end adjustments and any other adjustments described therein, which adjustments will not be material in amount or effect.
Except as Previously Disclosed or as disclosed or reserved against in the PSB Financial Statements, PSB has good and marketable title, free and clear of all Liens, to all of its Assets.