This excerpt taken from the YHOO 8-K filed Aug 16, 2005.
(a) Section 3.6(a) of the Alibaba Disclosure Schedule sets forth complete and correct copies of the Alibaba Financial Statements and the Tao Bao Financial Statements.
(b) The Alibaba Financial Statements and the Tao Bao Financial Statements (i) present fairly in all material respects the financial condition and results of operations of Alibaba and its Subsidiaries on a consolidated basis, and Tao Bao and its Subsidiaries on a consolidated basis, respectively, as of the dates thereof or for the periods covered thereby (subject, in the case of unaudited balance sheets and related statements of operations, to normal year end audit adjustments, methods of presentation and the absence of full footnote disclosure) and (ii) have been prepared in accordance with GAAP applied on a consistent basis throughout the periods presented in the Alibaba Financial Statements and the Tao Bao Financial Statements, respectively (except as may be indicated in the notes thereto).
3.7 Undisclosed Liabilities, etc. No member of the Alibaba Group has any liabilities or obligations of any nature, whether known, unknown, absolute, accrued, contingent or otherwise and whether due or to become due, except (a) as are not required by GAAP to be disclosed or reserved against in the Alibaba Balance Sheet or the Tao Bao Balance Sheet and (b) for liabilities and obligations that (i) are incurred after the date of the Alibaba Balance Sheet and the Tao Bao Balance Sheet in the Ordinary Course of Business and are not prohibited by this Agreement and (ii) individually and in the aggregate, would not reasonably be expected to have or result in a Material Adverse Effect. Since December 31, 2004, there has not occurred or come to exist any Material Adverse Effect or any event, occurrence, fact,