Financial Condition at Closing. 7.7.1 Except for liabilities set forth in the Balance Sheet and accounts payable incurred in the ordinary course of business of the Company consistent with past practices, the Company shall not owe any debt at the Closing Date. The term "debt" includes notes payable and the short-term and long-term portions of any and all debt or obligations, including capitalized lease obligations.
Financial Condition at Closing. At and as of Closing, the Company shall (i) have cash on hand that is sufficient, after taking into consideration (x) the payments to be made pursuant to Section 4.1 (c) hereof and (y) the anticipated receipts and expenditures of the Company through December 31, 1997, to fund the operation of the Company during the period commencing as of the Closing Date and ending on January 1, 1998, (ii) have positive stockholders' equity, (iii) be current in all material respects on all bills and payables according to standard trade terms, (iv) have all client deposits for future travel held by the applicable supplier or held by the Company in a segregated cash or cash equivalent account (and such amount shall not be considered for purposes of clause (i) of this Section 2.10), all calculated and fairly presented in accordance with GAAP consistently applied.
Financial Condition at Closing. At and as of Closing, (i) the Company shall be current in all material respects on all bills and payables according to standard trade terms, and will have paid all expenses in connection with this transaction and (ii) the Company and Sellers shall have complied with their respective obligations to be performed prior to or on the Closing Date under Sections 4.11 and 2.23.
Financial Condition at Closing. The financial condition of each Borrower shall be satisfactory to Bank and there shall have been delivered to Bank such written statements, schedules or reports in such form, containing such information and accompanied by such documents as may be satisfactory to Bank concerning the financial condition of any Borrower, any of the Collateral or any other matter or matters as Bank may require.
Financial Condition at Closing. At and as of Closing, each Company shall have no liabilities, either contingent, accrued or absolute, which arose prior to the Closing, all such liabilities to be conveyed to Seller at Closing.
Financial Condition at Closing. On the Closing Date the Buyer shall have no Liabilities other than Permitted Liabilities and it shall not have any obligation to issue any shares of its capital stock or any obligation to issue any security convertible or exchangeable for its capital stock or which upon exercise of any option, right, or warrant would result in the issuance of its capital stock except as disclosed to Seller on Exhibit C. Further, the Stockholder shall have delivered to the Escrow Agent, one or more stock certificates representing the Shares to be Cancelled together with written instructions instructing the Escrow Agent to effect the cancellation of the Shares to be Cancelled.
Financial Condition at Closing. All of the following ------------------------------ financial conditions shall exist as of March 31, 1998:
Financial Condition at Closing. As of March 31, 1996, DAP had (i) cash and cash equivalents of $1,400,015, (ii) current liabilities of $2,540,127, (iii) net working capital of $3,334,843, and (iv) book value of $5,288,476 (all calculated and fairly presented in accordance with GAAP, except for adjustments relating to income taxes and unbilled revenues, applied on a consistent basis). At and as of Closing, DAP shall have (a) cash and cash equivalents of not less than $1,310,000 (except to the extent such amount is reduced by any Permitted Cash Payments (as defined in Section 12.3) made by DAP prior to Closing), (b) net working capital of not less than $2,700,000, and (c) book value of not less than $3,600,000 (all calculated and fairly presented in accordance with GAAP, applied on a consistent basis).
Financial Condition at Closing. There are no liabilities of the Practice that relate to time periods prior to the date of the Closing, other than the Assumed Liabilities. All of the outstanding accounts receivable of the Practice as of the date of the Closing arose out of bona fide transactions conducted by the Practice. At and as of the date of the Closing, the Practice shall have Seventy Five Thousand Dollars ($75,000) in cash on hand.
Financial Condition at Closing. All of the following financial conditions shall exist at Closing:
