Current Payables Sample Clauses

Current Payables. 39 DCI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Sample 1
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Current Payables. No Borrower shall be delinquent in the payment of its respective accounts payable as determined by the Lenders jointly.
Sample 1Sample 2
Current Payables. The Current Payables, which form part of the Assumed Liabilities, are not to exceed $309,500. WSMP shall choose the Current Payables it intends to pay, and inform the Sellers of those it does not intend to pay. As used herein, Current Payables included any payable incurred on or before February 28, 1997, or any current payment due on or before that date. It shall also include any accrued liabilities that WSMP may pay on behalf of the Sellers, such as accrued property taxes which are Sellers' responsibility under a Lease, accrued payroll and accrued vacation pay. The parties acknowledge that certain short-term assets of the Sellers, such as pre-paid rent or gift certificates on hand, may be transferred from Sellers to Buyer. If Sellers transfer such to WSMP and WSMP accepts them, then WSMP shall increase the amount of Current Payables it shall assume by the fair market value of such short-term assets. The parties acknowledge that Sellers have currently accrued liability for vacation pay totalling approximately $51,000. If WSMP should agree to assume such liability on behalf of the Sellers, it shall also be considered as making up a portion of the total Current Payables being assumed by WSMP. Within six (6) months of the Closing Date, WSMP shall calculate the total amount of Current Payables or Assumed Liabilities it has paid or assumed on behalf of the Sellers. If such exceed $309,500, WSMP will give Sellers 30 days' written notice, to repay the excess amount. If Sellers fail to pay within this period, WSMP may reduce the amount of the Promissory Notes by such amount. If the Current Payables or the Assumed Liabilities are less than the amount assumed, then the amount of the Promissory Note shall be increased by such amount. Should the Sellers or related parties fail or refuse to pay any sum incurred or owing to WSMP, WSMP may offset such sum against any amount due under the Promissory Notes, irrespective of the fact that the Seller which incurred the debt may not be the Seller that holds the Promissory Note. The Sellers agree to determine and settle among themselves any questions of offset among the parties.
Sample 1

Related to Current Payables

  • Current Liabilities Current Liabilities means the aggregate amount of all current liabilities as determined in accordance with GAAP, but in any event shall include all liabilities except those having a maturity date which is more than one year from the date as of which such computation is being made.

  • Trade Payables Except to the extent an adjustment or proration is made under another subsection of this SECTION 9.1, (i) the Seller shall pay (or caused to be paid) in full prior to the Closing all amounts payable to vendors or other suppliers of goods or services to the Hotel (the “Trade Payables”) which are due and payable as of the Cut-Off Time for which goods or services have been delivered to the Hotel prior to Closing, and (ii) the Buyer shall receive a credit for the amount of such Trade Payables which have accrued, but are not yet due and payable as of the Cut-Off Time, and the Buyer shall pay all such Trade Payables accrued as of the Cut-Off Time when such Trade Payables become due and payable up to the amount of such credit; provided, however, the Seller and the Buyer shall reprorate the amount of credit for any Trade Payables and pay any deficiency in the original proration to the other party promptly upon receipt of the actual xxxx for such goods or services. The Seller shall receive a credit for all advance payments or deposits made with respect to FF&E, Retail Merchandise, Property and Equipment and Inventories ordered, but not delivered to the Hotel prior to the Closing Date, and the Buyer shall pay the amounts which become due and payable for such FF&E, Retail Merchandise, Property and Equipment and Inventories which were ordered but not delivered prior to Closing.

  • Current Assets The term "Current Assets" shall mean, with respect to the Company, cash and other assets that are expected to be converted into cash, sold or exchanged within one year from the Closing Date, including marketable securities, receivables, inventory and current prepayments .

  • Accounts Receivable and Payable The accounts receivable reflected on the Financial Statements arose in the ordinary course of business and, except as reserved against on the Financial Statements, are collectible in the ordinary course of business and consistent with past practices, free of any claims, rights or defenses of any account debtor. No accounts payable of the Company are over forty-five (45) days old.

  • Service Fees Payable to FSSC (a) During the term of this Agreement, FSSC will be entitled to receive from each Fund as full compensation for Services rendered hereunder a fee calculated daily at an annual rate, as set forth Schedule 1 to this Agreement, of up to 0.25% of average net assets held in FSSC Accounts of each Fund. Service fees paid by the Funds are in addition to other fees paid by the Funds such as those paid pursuant to an Agreement for Fund Accounting Services, Administrative Services, Transfer Agency Services and Custody Services Procurement and fees paid pursuant to each Fund’s Distributor’s Contract.

  • Payments of Post-Closing Adjustment Except as otherwise provided herein, any payment of the Post-Closing Adjustment, together with interest calculated as set forth below, shall (A) be due (x) within five (5) Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are Disputed Amounts, then within five (5) Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer of immediately available funds to such account(s) as is directed by Buyer or Sellers, as the case may be.

  • Minimum Consolidated EBITDA The Borrower will not permit Modified Consolidated EBITDA, for any Test Period ending at the end of any fiscal quarter of the Borrower set forth below, to be less than the amount set forth opposite such fiscal quarter: Fiscal Quarter Amount September 30, 1997 $36,000,000 December 31, 1997 $36,000,000 March 31, 1998 $36,000,000 June 30, 1998 $37,000,000 September 30, 1998 $37,000,000 December 31, 1998 $38,000,000 March 31, 1999 $38,000,000 June 30, 1999 $39,000,000 September 30, 1999 $40,000,000 December 31, 1999 $41,000,000 March 31, 2000 $41,000,000 June 30, 2000 $42,000,000 September 30, 2000 $43,000,000 December 31, 2000 $44,000,000 March 31, 2001 $44,000,000 June 30, 2001 $45,000,000 September 30, 2001 $46,000,000 December 31, 2001 $47,000,000 March 31, 2002 $47,000,000

  • Payables Pay when due in accordance with past practices all of its accounts payables and trade obligations;

  • Adjustment Payments At least annually, and more frequently throughout the year if mutually agreed to by the parties, an adjustment payment shall be made by the appropriate party in order that the payments remitted by LIA to each Fund with respect to the previous fiscal year shall equal the Excess Amount for that Fund.

  • Off-Balance Sheet Liabilities The Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in which such Person is a general partner or a joint venturer, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor.

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