Common use of SAP Statements Clause in Contracts

SAP Statements. Savers has previously delivered to SMC true and complete copies of the Annual Statements, and audited SAP basis financial statements of Savers for each of the years ended December 31, 1993, 1994, 1995 and 1996, and unaudited SAP basis financial statements of Savers for the nine months ended September 30, 1997 (and the notes relating thereto, whether or not included therein). Except as disclosed in SECTION 3.7 of the Disclosure Schedule, each such SAP Statement complied in all material respects with all applicable Laws when so filed, and all material deficiencies known to Savers with respect to any such SAP Statement have been cured or corrected. Each such SAP Statement (and the notes relating thereto, whether or not included therein), including, without limitation, each balance sheet and each of the statements of operations, capital and surplus account, and cash flow contained in the respective SAP Statement, was prepared in accordance with SAP, is true and complete in all material respects, and fairly presents the financial condition, the Assets and Properties, and the Liabilities of Savers as of the respective dates thereof and the results of operations and changes in capital and surplus and in cash flow of Savers for and during the respective periods covered thereby.

SAP Statements. Savers Chaswil has previously delivered to SMC the Citizens true and complete copies of the following SAP Statements: (a) Annual Statements, and audited SAP basis financial statements of Savers Statements for United for each of the years ended December 31, 1993, 1994, 1995 and 1996, 1996 (and unaudited SAP basis financial statements the notes relating thereto); and (b) Quarterly Statements for United for each of Savers for the nine months ended September 30, first three quarters of each of 1995 and 1996 and the first three quarters of 1997 (and the notes relating thereto, whether or not included therein). Except as disclosed in SECTION 3.7 of the Disclosure Schedule3.8 OF THE DISCLOSURE SCHEDULE, each such SAP Statement complied in all material respects with all applicable Laws when so filed, and all material deficiencies known to Savers with respect to any such SAP Statement have been cured or corrected. Each such SAP Statement (and the notes relating thereto, whether or not included therein), including, including without limitation, limitation each balance sheet and each of the statements of operations, capital and surplus account, and cash flow contained in the respective SAP Statement, was prepared in accordance with SAP, is true and complete in all material respects, and fairly presents the financial conditionfairly, in all material respects, the Assets and Propertiesadmitted assets, Liabilities, and the Liabilities capital and surplus of Savers United as of the respective dates thereof and the its respective results of operations and changes in capital and surplus and in cash flow of Savers flows for and during the respective periods covered thereby, all in accordance with SAP.

SAP Statements. Savers Chaswil has previously delivered to SMC the Citizens true and complete copies of the following SAP Statements: (a) Annual Statements, and audited SAP basis financial statements of Savers Statements for United for each of the years ended December 31, 19931995, 1994, 1996 and 1997(and the notes relating thereto); and (b) Quarterly Statements for United for each of the first three quarters of each of 1995 and 1996, 1996 and unaudited SAP basis financial statements the first three quarters of Savers for the nine months ended September 30, 1997 (and the notes relating thereto, whether or not included therein). Except as disclosed in SECTION 3.7 of the Disclosure Schedule3.8 OF THE DISCLOSURE SCHEDULE, each such SAP Statement complied in all material respects with all applicable Laws when so filed, and all material deficiencies known to Savers with respect to any such SAP Statement have been cured or corrected. Each such SAP Statement (and the notes relating thereto, whether or not included therein), including, including without limitation, limitation each balance sheet and each of the statements of operations, capital and surplus account, and cash flow contained in the respective SAP Statement, was prepared in accordance with SAP, is true and complete in all material respects, and fairly presents the financial conditionfairly, in all material respects, the Assets and Propertiesadmitted assets, Liabilities, and the Liabilities capital and surplus of Savers United as of the respective dates thereof and the its respective results of operations and changes in capital and surplus and in cash flow of Savers flows for and during the respective periods covered thereby, all in accordance with SAP.

SAP Statements. Savers has previously delivered to SMC true and complete copies of the Annual Statements, and audited SAP basis financial statements of Savers for each of the years ended December 31, 1993, 1994, 1995 and 19961995, and unaudited SAP basis financial statements of Savers for the nine months ended September 30, 1997 1996 (and the notes relating thereto, whether or not included therein). Except as disclosed in SECTION 3.7 4.7 of the Disclosure Schedule, each such SAP Statement complied in all material respects with all applicable Laws when so filed, and all material deficiencies known to Savers with respect to any such SAP Statement have been cured or corrected. Each such SAP Statement (and the notes relating thereto, whether or not included therein), including, without limitation, each balance sheet and each of the statements of operations, capital and surplus account, and cash flow contained in the respective SAP Statement, was prepared in accordance with SAP, is true and complete in all material respects, and fairly presents the financial condition, the Assets and Properties, and the Liabilities of Savers as of the respective dates thereof and the results of operations and changes in capital and surplus and in cash flow of Savers for and during the respective periods covered thereby.