Common use of Liabilities and Obligations Clause in Contracts

Liabilities and Obligations. Except as set forth in Schedule 5.08, GRS' balance sheet at December 31, 1997 and 1996 (the "GRS Balance Sheets") and the related statements of income, stockholders' equity and cash flow for the fiscal years ended December 31, 1997, 1996 and 1995 (the "GRS Financial Statements") reflect all liabilities of GRS as determined in accordance with generally accepted accounting principles arising out of transactions effected or events occurring on or prior to the date of the GRS Balance Sheet, except for liabilities not exceeding $10,000 in the aggregate. All reserves shown in the GRS Financial Statements are appropriate and reasonable to provide for losses thereby contemplated. Except as set forth in the GRS Financial Statements, GRS is not liable upon or with respect to, or obligated in any other way to provide funds in respect of or to guarantee or assume in any manner, any debt, obligation or dividend of any person, corporation, association, partnership, joint venture, trust or other entity.

Liabilities and Obligations. Except as set forth in Schedule 5.08, GRS' balance sheet at December October 31, 1997 and 1996 (the "GRS Balance Sheets") and the related statements of income, stockholders' equity and cash flow for the fiscal years ended December October 31, 1997, 1996 and 1995 (the "GRS Financial Statements") reflect all liabilities of GRS as determined in accordance with generally accepted accounting principles arising out of transactions effected or events occurring on or prior to the date of the GRS Balance Sheet, except for liabilities not exceeding $10,000 in the aggregate. All reserves shown in the GRS Financial Statements are appropriate and reasonable to provide for losses thereby contemplated. Except as set forth in the GRS Financial Statements, GRS is not liable upon or with respect to, or obligated in any other way to provide funds in respect of or to guarantee or assume in any manner, any debt, obligation or dividend of any person, corporation, association, partnership, joint venture, trust or other entity.

Liabilities and Obligations. Except as set forth in Schedule 5.08, GRS' balance sheet at December 31, 1997 and 1996 (the "GRS Balance Sheets") and the related statements of income, stockholdersshareholders' equity and cash flow for the fiscal years ended December 31, 1997, 1996 and 1995 (the "GRS Financial Statements") reflect all liabilities of GRS as determined in accordance with generally accepted accounting principles arising out of transactions effected or events occurring on or prior to the date of the GRS Balance Sheet, except for liabilities not exceeding $10,000 in the aggregate. All reserves shown in the GRS Financial Statements are appropriate and reasonable to provide for losses thereby contemplated. Except as set forth in the GRS Financial Statements, GRS is not liable upon or with respect to, or obligated in any other way to provide funds in respect of or to guarantee or assume in any manner, any debt, obligation or dividend of any person, corporation, association, partnership, joint venture, trust or other entity.