Examples of Southwest Financial Statements in a sentence
No Southwest Entity has incurred any Liability, except for Liabilities (a) incurred in the Ordinary Course since December 31, 2015, (b) incurred in connection with this Agreement and the transactions contemplated hereby, or (c) that are accrued or reserved against in the consolidated balance sheet of Southwest as of December 31, 2015 included in the Southwest Financial Statements at and for the period ending December 31, 2015.
Southwest is the fee simple owner of all owned real property and the lessee of all leasehold estates reflected in the most recent Southwest Financial Statements, free and clear of all Liens of any nature whatsoever, except for Permitted Liens, and is in possession of the properties purported to be owned or leased thereunder, as applicable.
To Southwest’s Knowledge, there has been no instance of fraud by any Southwest Entity, whether or not material, that occurred during any period covered by Southwest Financial Statements.
The allowance for loan and lease losses (“ALLL”) reflected in the Southwest Financial Statements was, as of the date of each of the Southwest Financial Statements, in the opinion of management of Southwest, in compliance with Southwest’s existing methodology for determining the adequacy of its ALLL and in compliance in all material respects with the standards established by the applicable Regulatory Authority, the Financial Accounting Standards Board and GAAP, and is adequate.
Vanessa Shipley noted that there were no unusual variances to highlight in the Southwest Financial Statements.
There is no audit examination, deficiency, or refund Litigation with respect to any Taxes that is reasonably likely to result in a determination that would have, individually or in the ag- gregate, a Material Adverse Effect on Southwest, except as re- served against in the Southwest Financial Statements delivered prior to the date of this Agreement or as disclosed in Section 5.7 of the Southwest Disclosure Memorandum.
Separate financial statements are maintained for the Division and the Shareholder has previously delivered to Purchaser a copy of the Division's balance sheet dated as at September 30, 1996 and the related statement of income for the one month and the five months then ended (collectively, the "Southwest Financial Statements").
They also include taxes calculated instantly but documented periodically, such as VAT, and they are classified within the amounts referred to in Article 305 para.
The Southwest Financial Statements correctly and completely reflect the Division's books and records, fairly present the financial position and results of operations of the Division as of the dates and for the periods indicated and have been prepared on a basis consistent with that of prior periods.