Accounting Accruals. Liabilities arising from reserves and accruals required by GAAP that do not reflect liquidated and mature obligations to third parties, including, but not limited to, current deferred income taxes.
Accounting Accruals. Buyer and Seller hereby consent and agree to the expense accruals adjusting the net worth of the Company as described on Exhibit 4.11. They further agree to review, adjust and agree to any additional or new expense accrual as of Closing, and that none of the expense accruals as so agreed shall be a claim against Sellers for any breach of a representation or warranty hereunder, or an adjustment to the purchase price for the Company Common Stock being purchased hereunder.
Accounting Accruals. 55 6.1.9 Liabilities Among Consolidated Entities.............................................. 56 6.2
Accounting Accruals. All accruals to be made by the Operating Companies for tax purposes shall be recorded in compliance with generally accepted accounting principles in Chile and reconciled to US GAAP. It is understood that the auditors of the Operating Companies will have to certify their annual financial statements including such accruals. The Companies shall close the accounts for tax purposes as of December 31 of each year in accordance with Chilean GAAP and as of March 31, of each year for all other purposes, duly audited, in accordance with US GAAP. However, the Operating Companies will prepare monthly financial statements to be delivered to their shareholders at their request, in accordance with US GAAP.
