Common use of Tax Returns and Other Tax Matters Clause in Contracts

Tax Returns and Other Tax Matters. (i) Bancorp has timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp or its properties have been fully paid or, if not yet due, a reserve or accrual, which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, is reflected on the Bancorp Interim Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp have not been subjected to audit by IRS or the North Carolina Department of Revenue in the last six (6) years and Bancorp has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no such return or report is subject to adjustment; and (iv) Bancorp has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp Each of Rowan and Rowan Bank --------------------------------- has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Xxxxx, Xxxxx Bank or its their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of Rowan to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim Rowan Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Rowan and its subsidiary have not been subjected subject to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six (6) seven years and Bancorp neither Rowan nor Rowan Bank has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no or has any knowledge that any such return or report is subject to adjustment; and (iv) Bancorp neither Rowan nor Rowan Bank has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp Each of Home Savings and the Subsidiary has timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Home Savings, the Subsidiary or its their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim Home Savings Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Home Savings and the Subsidiary have not been subjected subject to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six (6) ten years and Bancorp neither Home Savings nor the Subsidiary has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and have no knowledge that any such return or report is subject to adjustment; and and (iv) Bancorp neither Home Savings nor the Subsidiary has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitationslimitation) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp Centennial has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Centennial, or its respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of Centennial to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim Centennial Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Centennial have not been subjected subject to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six (6) years since its incorporation and Bancorp Centennial has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no or has any knowledge that any such return or report is subject to adjustment; and (iv) Bancorp Centennial has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp Community Bank has timely filed or caused to be filed all federal, state state, and local income tax returns and reports which are required by law to have been filed, and to the Best Knowledge of management of Community Bank, all such returns and reports were true, correct correct, and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state state, and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Community Bank or its properties property have been fully paid orpaid, or if not yet due, a reserve or accrual, which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, is reflected on in the Bancorp Community Bank Interim Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Community Bank have not been subjected to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six (6) years and Bancorp Community Bank has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and and, to the Best Knowledge of management of Community Bank, no such return or report is subject to adjustment; and (iv) Bancorp Community Bank has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitationslimitation) with respect to any tax year, the audit of any such tax return or report, report or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp Each of FNB and its subsidiaries has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp FNB, its subsidiaries or its their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of FNB to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim FNB Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp FNB and its subsidiaries have not been subjected to audit by IRS or the North Carolina Department of Revenue in the last six (6) years and Bancorp has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no such return or report is subject to adjustment; and audit (iv) Bancorp neither FNB nor any of its subsidiaries has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp Yadkin has timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and and, to the Best Knowledge of management of Yadkin, all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Yadkin or its respective properties have been fully paid or, if not yet due, a reserve or accrual, which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, is reflected on the Bancorp Yadkin Interim Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Yadkin have not been subjected to audit by the IRS or the North Carolina Department of Revenue in the last six (6) years and Bancorp Yadkin has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and and, to the Best Knowledge of management of Yadkin, no such return or report is subject to adjustment; and (iv) Bancorp Yadkin has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (a) Except as Previously Disclosed, (i) Bancorp each of SLCT and Select Bank has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which Tax Returns that are required by law to have been filed, and all such returns and reports Tax Returns were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which Taxes that have become due from or been assessed or levied against Bancorp SLCT and Select Bank, or its properties their respective properties, have been fully paid or, if not yet due, a reserve or accrual, accrual which is adequate in all material respects for the payment of all such taxes Taxes to be paid and the obligation for such unpaid taxes, Taxes is reflected on the Bancorp Interim SLCT Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports income Tax Returns of Bancorp neither SLCT nor Select Bank have not been subjected subject to audit by the IRS or the North Carolina Department NCDOR since its incorporation, no other types of Revenue in Tax Returns of SLCT or Select Bank have been the subject of any audit by the IRS or NCDOR within the last six five (65) years years, and Bancorp neither SLCT nor Select Bank (A) has not received any indication of the pendency of any audit or examination in connection with any Tax Returns with respect to any applicable statute of limitation has not expired or (B) has any Knowledge that, with the passage of time, any such tax return or report and no such return or report is Tax Return could be subject to adjustment; and (iv) Bancorp has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.and

Tax Returns and Other Tax Matters. (i) Bancorp Each of Crescent Financial and Crescent has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Crescent Financial, Crescent or its their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of Crescent Financial to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim Crescent Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Crescent Financial and Crescent have not been subjected subject to audit by the IRS or the North Carolina Department of Revenue in the last six (6) years since incorporation and Bancorp neither Crescent Financial nor Crescent has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no or has any knowledge that any such return or report is subject to adjustment; and (iv) Bancorp neither Crescent Financial nor Crescent has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp has Catawba and Bancshares have --------------------------------- timely filed or caused to be filed all federal, state state, and local income tax returns and reports which are required by law to have been filed, and to the best knowledge of management of Catawba and Bancshares, all such returns and reports were true, correct correct, and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state state, and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Catawba or its properties Bancshares or their respective property have been fully paid orpaid, if not yet dueand, a reserve to the best knowledge of management of Catawba and Bancshares, with respect to any such taxes to become due from Catawba or accrualBancshares for any period or periods through and including March 31, which is 2001, adequate in all material respects provision has been made for the payment of all such taxes to be paid and the obligation for such unpaid taxes, provision is reflected on in the Bancorp Interim Catawba Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment Catawba and other tax returns and reports of Bancorp Bancshares have not been subjected to audit by IRS or the North Carolina Department of Revenue in the last six (6) years and Bancorp has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and have no knowledge that any such return or report is subject to adjustment; and (iv) Bancorp has Catawba and Bancshares have not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitationslimitation) with respect to any tax year, the audit of any such tax return or report, report or the assessment or collection of any tax. Any deferred taxes of Catawba or Bancshares have been provided for in the Catawba Financial Statements in all material respects.

Tax Returns and Other Tax Matters. (i) Bancorp SSB has timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp SSB or its properties have been fully paid or, if not yet due, a reserve or accrual, which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, is reflected on the Bancorp SSB Interim Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp SSB have not been subjected to audit by IRS the Internal Revenue Service (the “IRS”) or the North Carolina Department of Revenue in the last six (6) ten years and Bancorp SSB has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no such return or report is subject to adjustment; and (iv) Bancorp SSB has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Bancorp has Main Street and Piedmont have timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and, to the Best Knowledge of management of Main Street and Piedmont, all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Main Street and Piedmont or its respective properties have been fully paid or, if not yet due, a reserve or accrual, which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, is reflected on the Bancorp Piedmont Interim Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Main Street and Piedmont have not been subjected to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six seven (67) years and Bancorp has Main Street and Piedmont have not received any indication of the pendency of any audit or examination in connection with any such tax return or report and, to the Best Knowledge of management of Main Street and Piedmont, no such return or report is subject to adjustment; and (iv) Bancorp has Main Street and Piedmont have not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (iI) Bancorp First Savings and FSB each --------------------------------- has timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and and, to the Best Knowledge of management of First Savings, all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (iiII) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp First Savings or its FSB or their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim First Savings Financial Statements; (iiiIII) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp First Savings and FSB have not been subjected to audit by IRS the Internal Revenue Service (the "IRS") or the Department of Tax and Revenue of the State of North Carolina Department of Revenue in the last six (6) ten years and Bancorp neither First Savings nor FSB has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and, to the Best Knowledge of management of First Savings and FSB, no such return or report is subject to adjustment; and (iv) Bancorp has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.and

Tax Returns and Other Tax Matters. (i) Bancorp Each of Carolina and its subsidiaries has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp Carolina, any subsidiary or its their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of Carolina to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim Carolina Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp Carolina and its subsidiaries have not been subjected subject to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six (6) seven years and Bancorp neither Carolina nor any subsidiary has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no or has any knowledge that any such return or report is subject to adjustment; and and (iv) Bancorp neither Carolina nor any subsidiary has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (a) Except as Previously Disclosed, (i) Bancorp each of NCBC and NCBC Bank has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which Tax Returns that are required by law to have been filed, and all such returns and reports Tax Returns were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which Taxes that have become due from or been assessed or levied against Bancorp NCBC and NCBC Bank, or its properties their respective properties, have been fully paid or, if not yet due, a reserve or accrual, accrual which is adequate in all material respects for the payment of all such taxes Taxes to be paid and the obligation for such unpaid taxes, Taxes is reflected on the Bancorp Interim NCBC Financial Statements; (iii) neither the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports income Tax Returns of Bancorp have not NCBC nor NCBC Bank has been subjected subject to audit by IRS the Internal Revenue Service (the “IRS”) or the North Carolina Department of Revenue in (the “NCDOR”) since its incorporation, no other types of Tax Returns of NCBC or NCBC Bank have been the subject of any audit by the IRS or NCDOR within the last six five (65) years years, and Bancorp neither NCBC nor NCBC Bank (A) has not received any indication of the pendency of any audit or examination in connection with any Tax Returns with respect to which any applicable statute of limitation has not expired or (B) has any Knowledge that, with the passage of time, any such tax return or report and no such return or report is Tax Return could be subject to adjustment; and (iv) Bancorp has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.and

Tax Returns and Other Tax Matters. (i) Bancorp has Each of FNB and its --------------------------------- subsidiarieshas timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp FNB, its subsidiaries or its their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of FNB to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim FNB Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp FNB and its subsidiaries have not been subjected subject to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Revenue in the last six (6) seven years and Bancorp neither FNB nor any of its subsidiaries has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no or has any knowledge that any such return or report is subject to adjustment; and (iv) Bancorp has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.and

Tax Returns and Other Tax Matters. (i) Bancorp BHS has timely filed or caused to be filed filed, or obtained proper extensions of time for filing, all federal, state and local income tax returns and reports which are required by law to have been filed, and all such returns and reports were true, correct and complete in all material respects and contained all material information required to be contained therein; (ii) all federal, state and local income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Bancorp BHS, or its respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is reasonably believed by the management of BHS to be adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Bancorp Interim BHS Financial Statements; (iii) the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Bancorp BHS have not been subjected subject to audit by IRS the Internal Revenue Service (the “IRS”) or the North South Carolina Department of Revenue in the last six (6) years since December 31, 2000 and Bancorp BHS has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and no or has any knowledge that any such return or report is subject to adjustment; and (iv) Bancorp BHS has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.

Tax Returns and Other Tax Matters. (i) Twentieth Bancorp has and the Bank have timely filed or caused to be filed all federal, state and local income tax returns and reports which are required by law to have been filed, and, to the best knowledge and belief of management of Twentieth Bancorp, all such returns and reports were true, correct and complete and contained all material information required to be contained therein; (ii) all federal, state and local income, profitsbusiness and occupation, franchise, sales, use, occupation, property, excise, withholding, employment and other taxes (including interest and penalties), charges and assessments which have become due from or been assessed or levied against Twentieth Bancorp or its the Bank or their respective properties have been fully paid or, if not yet due, a reserve or accrual, accrual which is adequate in all material respects for the payment of all such taxes to be paid and the obligation for such unpaid taxes, taxes is reflected on the Twentieth Bancorp Interim Financial Statements; (iii) except as set forth in Twentieth Bancorp's Disclosure Statement, the income, profits, franchise, sales, use, occupation, property, excise, withholding, employment and other tax returns and reports of Twentieth Bancorp and the Bank have not been subjected subject to audit by IRS the Internal Revenue Service (the "IRS") or the North Carolina Department of Tax and Revenue of the State of West Virginia in the last six ten (610) years and neither Twentieth Bancorp nor the Bank has not received any indication of the pendency of any audit or examination in connection with any such tax return or report and have no knowledge that any such return or report is subject to adjustment; and (iv) Bancorp has not executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitations) with respect to any tax year, the audit of any such tax return or report, or the assessment or collection of any tax.and