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, (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. 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, 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. The financial condition of 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 Borrower, any of the Collateral or any other matter or matters as Bank may require.
Financial Condition at Closing. At and as of Closing, SLA shall have cash on hand equal to $50,000.00.
Financial Condition at Closing. All of the following financial conditions shall exist as of December 31, 2014:
(a) the working capital (excess of current assets over current liabilities) of the Company at the Closing Date will not be less than 75% of the average amount of the working capital of the Company for the months of October, November and December 2014 as set forth in the Statement of Financial Position of the Company as at December 31, 2014 as contained in Schedule 4.7 hereto; and
(b) the mix of assets and liabilities of the Company and its consolidated Subsidiaries shall be substantially the same as at December 31, 2014.
Financial Condition at Closing. At and as of Closing, the Company shall (i) have made cumulative distributions, commencing on September 30, 1998 and ending as of the Closing Date (including a $15,000 distribution to the Sellers in October 1998), to the Sellers in an aggregate amount not to exceed $2,500,000 (the "PRE-CLOSING DISTRIBUTION"), and (ii) be current in all material respects on all bills, obligations and payables according to standard trade terms.
Financial Condition at Closing. All of the following financial conditions shall exist at Closing:
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.
