Common use of Accounts Receivable; Inventories Clause in Contracts

Accounts Receivable; Inventories. The accounts and notes receivable which are reflected on the Financial Statements are good and collectible in the ordinary course of business at the aggregate recorded amounts thereof, less the respective amount of the allowances for doubtful accounts and notes receivable, if any, reflected thereon, and are not subject to offsets other than in the ordinary course of business. The accounts and notes receivable of Triad and Global which were added after March 31, 1999, are good and collectible in the ordinary course of business, less the amount of the allowance(s) for doubtful accounts and notes receivable, if any, reflected thereon (which allowances were established on a basis consistent with prior practice), and are not subject to offsets other than in the ordinary course of business. The inventories reflected on the Financial Statements and thereafter added consist of items of a quality and quantity usable or saleable in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which DO NOT EXCEED US$50,000 OR have been written down to net realizable value or adequately reserved against on the books and records of Triad and Global. All inventories are stated at the lower of cost or market in accordance with generally accepted accounting principles.

Appears in 1 contract

Samples: Stock Purchase Agreement (Take Two Interactive Software Inc)

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Accounts Receivable; Inventories. The accounts and notes receivable which are reflected on the Financial Statements Balance Sheet are good and collectible in the ordinary course of business at the aggregate recorded amounts thereof, less the respective amount of the allowances for doubtful accounts and notes receivable, if any, reflected thereon, and are not subject to offsets other than in the ordinary course of business. The accounts and notes receivable of Triad and Global Creative which were added after March May 31, 19991997, are good and collectible in the ordinary course of business, less the amount of the allowance(s) for doubtful accounts and notes receivable, if any, reflected thereon (which allowances were established on a basis consistent with prior practice), and are not subject to offsets other than in the ordinary course of business. The inventories reflected on the Financial Statements Balance Sheet and thereafter added consist of items of a quality and quantity usable or saleable in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which DO NOT EXCEED US$50,000 OR have been written down to net realizable value or adequately reserved against on the books and records of Triad and GlobalCreative. All inventories are stated at the lower of cost or market in accordance with generally accepted accounting principles.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Take Two Interactive Software Inc)

Accounts Receivable; Inventories. The accounts and notes receivable which are reflected on the Unaudited Interim Financial Statements are good and collectible have arisen in the ordinary course of business at the aggregate recorded amounts thereof, less the respective amount of the allowances for doubtful accounts and notes receivable, if any, reflected thereonthereon (which allowance was established on a basis by Salex or the Salex Subsidiaries consistent with prior practices), and are not subject to offsets other than in the ordinary course of business. The accounts and notes receivable of Triad Salex and Global the Salex Subsidiaries which were added after March 31the date of the Unaudited Interim Balance Sheet, 1999, are good and collectible have arisen in the ordinary course of business, less the amount of the allowance(s) for doubtful accounts and notes receivable, if any, reflected thereon (which allowances were established on a basis consistent with prior practice), business and are not subject to offsets other than in the ordinary course of business. The inventories reflected on the Financial Statements Unaudited Interim Balance Sheet and thereafter added consist of items of a quality and quantity usable or saleable in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which DO NOT EXCEED US$50,000 OR have been written down to net realizable value or adequately reserved against on the books and records of Triad Salex and Global. All inventories are stated at the lower of cost or market in accordance Salex Subsidiaries consistent with generally accepted accounting principlespast practices.

Appears in 1 contract

Samples: Stock Purchase Agreement (Synergistic Holding Corp)

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Accounts Receivable; Inventories. The accounts and notes receivable which are reflected on the Financial Statements Balance Sheet are good and collectible in the ordinary course of business at the aggregate recorded amounts thereof, less the respective amount of the allowances for doubtful accounts and notes receivable, if any, reflected thereon, and are not subject to offsets other than in the ordinary course of business. The accounts and notes receivable of Triad and Global Inventory which were added after March May 31, 19991997, are good and collectible in the ordinary course of business, less the amount of the allowance(s) for doubtful accounts and notes receivable, if any, reflected thereon (which allowances were established on a basis consistent with prior practice), and are not subject to offsets other than in the ordinary course of business. The inventories reflected on the Financial Statements Balance Sheet and thereafter added consist of items of a quality and quantity usable or saleable in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which DO NOT EXCEED US$50,000 OR have been written down to net realizable value or adequately reserved against on the books and records of Triad and GlobalInventory. All inventories are stated at the lower of cost or market in accordance with generally accepted accounting principles.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Take Two Interactive Software Inc)

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