Quality of Assets. (a) All of the Company’s accounts receivable included in the Interim Financial Statements (i) represent valid obligations of the Company’s customers arising from bona fide transactions in the ordinary course of the Company’s Business and (ii) to Seller’s Knowledge, are fully collectible (without any defenses, counterclaims, or setoffs), subject only to the bad debt reserve specified therein.
Quality of Assets. The Assets were acquired and have been maintained in accordance with regular business practices of Sellers. The Assets are substantially all of the inventory, equipment, mineral interests, xxxxx, contracts and real property used by Sellers in conducting their business in the Facility during the twelve-month period immediately preceding the Closing contemplated by this Agreement.
Quality of Assets. Except as set forth on Schedule 4.22 of the Company Disclosure, and to the Company's Knowledge, the principal due and interest accrued on the outstanding loans reflected as assets on the December 31, 1998 Company Financial Statements are, in the aggregate collectible in full, less the amount of the "Allowance for Losses" reflected therein. The Company has disclosed on Schedule 4.22 of the Company Disclosure all amounts of loans (by reference to loan number and not customer name) or other assets of the Company and its Subsidiaries that have been classified as of the date hereof by management of Subsidiary Bank as "Special Mention," "Substandard," "Doubtful," "Loss," "Other Real Estate Owned" or words of similar import in the case of loans (or that would have been so classified, in the case of other interest-bearing assets, had they been loans). No material amounts of loans or other assets that have been classified as of the date hereof by any regulatory examiner as "Other Loans Specially Mentioned," "Special Mention," "Substandard," "Doubtful," "Loss" or words of similar import in the case of loans (or that would have been so classified, in the case of other assets, had they been loans), are excluded from the amounts disclosed as so classified by management of the Company or any of its Subsidiaries as described in the preceding sentence.
Quality of Assets. Section 3.02(r) of the Bank Disclosure Schedule sets forth an accurate and complete list (the “Asset Classification”) of each Extension of Credit, as defined in Section 3.02(w), that has been classified as of December 31, 2011 by any internal bank examiner, auditor, or any member of Centennial Bank management as the equivalent of an “Other Loan Specially Mentioned”, “Special Mention”, “Substandard”, “Doubtful”, “Loss” or words of similar import according to Centennial Bank’s credit policy dated May 27, 2011 (“Criticized Assets”). No Extension of Credit or other asset that has been classified as of such date by any regulatory examiner or auditor as a Criticized Asset or otherwise classified by such regulatory examiner or auditors is excluded from the disclosure in the Asset Classification.
