Inventory and Cash on Hand Sample Clauses

Inventory and Cash on Hand. At the close of business not more than three (3) days before the Closing Date as mutually agreed by Buyer and Seller, representatives of Seller and Buyer shall conduct (i) an inventory of the Inventory, and (ii) an audit of cash on hand at each of the Restaurants. At the Closing, Buyer shall pay Seller in cash for the agreed amount of all unopened and unused Inventory, based on the amount reflected in invoices received by Seller for such Inventory, and for all cash on hand. Such payment is not included in the Purchase Price.
Sample 1Sample 2
AutoNDA by SimpleDocs
Inventory and Cash on Hand. (i) At the Closing, the Purchase Price shall be increased by an amount equal to the value (at Seller’s cost) of all (A) Retail Inventory located at the Hotel as of the Proration Time and (B) Unopened Liquor Inventory and Unopened Inventory of food and non-alcoholic beverages (all as determined pursuant to the inventory to be conducted by representatives of Seller and Purchaser as of the Proration Time, as set forth in Section 11(h)).
Sample 1
Inventory and Cash on Hand. (a) Buyer shall purchase, and Seller shall sell, all of Seller's inventory of food, miscellaneous saleable products and beverages (which may or may not include alcoholic beverages, which shall be sold at such time in accordance with applicable laws) (the "Inventory") located within the Location as of the Effective Time (as defined in Section 6.1), based on an inventory taken after the close of business on the Date of Closing by representatives of Buyer and Seller. Such inventory of assets and supplies shall be in writing and shall describe the quantity of each item constituting a part of the Inventory. The Inventory shall be valued at the Seller's invoice prices. The price of the Inventory, as determined in accordance with this Article IV, shall be paid by Buyer, in cash, not later than thirty (30) days after the Date of Closing.
Sample 1
Inventory and Cash on Hand. Buyer shall purchase on the Date of Closing, and Seller shall sell, all of Seller's inventory of non-obsolete food, miscellaneous saleable products and beverages (the "Inventory") located within the Location based on an inventory taken the night prior to the Date of Closing by representatives of Buyer and Seller. Such inventory of assets and supplies shall be in writing and shall describe the quantity of each item constituting a part of the Inventory. The Inventory shall be valued at the Seller's invoice prices, except that unusable or obsolete supply shall be written to zero value. The price of the Inventory, as determined in accordance with this Article IV, shall be accepted by the parties on the Date of Closing and shall be paid by Buyer, in cash, within fifteen (15) days from the Date of Closing. In addition to the foregoing, the Buyer shall tender cash to Seller on the Date of Closing in an amount equal to the Restaurant's cash-on-hand (consisting of so-called "change funds" at the Location) and such cash-on-hand shall be transferred to Buyer as of the Date of Closing. ARTICLE
Sample 1

Related to Inventory and Cash on Hand

  • Inventory and Equipment On the date hereof, the Inventory and the Equipment (other than mobile goods) are kept at the locations listed on Schedule 5.

  • Inventory and Supplies Administrator shall order, purchase and provide to the Group on a timely basis inventory and supplies, and such other ordinary, necessary or appropriate materials which are requested by the Group and which the Group shall reasonably determine to be necessary in the operation of the Practice on the same terms commercially available to Administrator. Such inventory, supplies and other materials shall be included in Practice Expenses at their cost to Parent or Administrator, as the case may be.

  • Location of Inventory and Equipment The Inventory and Equipment are not stored with a bailee, warehouseman, or similar party (without Foothill's prior written consent) and are located only at the locations identified on Schedule 6.12 or otherwise permitted by Section 6.12.

  • Inventory Management The Subrecipient must submit an annual statement identifying the status of all equipment and non-real property items purchased with ESG funds by the contract termination date. The status report should inventory all equipment and non-real properties purchased with ESG funds and state the condition of the equipment and its location.

  • Inventory To the extent Inventory held for sale or lease has been produced by any Borrower, it has been and will be produced by such Borrower in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

  • Accounts Receivable; Inventory (a) For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such Account shall be an Eligible Account.

  • Inventory Records Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof.

  • Equipment and Inventory With respect to any Equipment and/or Inventory of an Obligor, each such Obligor has exclusive possession and control of such Equipment and Inventory of such Obligor except for (i) Equipment leased by such Obligor as a lessee or (ii) Equipment or Inventory in transit with common carriers. No Inventory of an Obligor is held by a Person other than an Obligor pursuant to consignment, sale or return, sale on approval or similar arrangement.

  • Inventory Adjustment (a) Within 30 days after the Closing Date, Sellers shall prepare and deliver to Buyer a statement (the "Closing Inventory Statement") setting forth the type and value, as of the close of business on the day immediately preceding the Closing Date, of the inventory of the Business, which statement shall be derived from a physical taking of such inventory as of such date and shall value inventory on the basis of the lower of cost or market value utilizing a first-in, first-out method in a manner consistent with Sellers' and the Companies' past practices and the standards and principles used in the preparation of the Unaudited Consolidated Statement of Net Investment Assets of the Business as of September 25, 2004 and shall otherwise be prepared in a manner consistent with Sellers' and the Companies' past practices with respect to perpetual inventory records; provided, that all amounts denominated in Canadian dollars that are part of the calculation of the value of inventory pursuant to this Section 2.05 shall be converted into U.S. dollars using the Closing Date Exchange Rate. Buyer and its representatives shall have such opportunity as Buyer reasonably deems appropriate to observe the taking and reconciliation of such inventory (which may begin prior to the Closing Date) in connection with the preparation of the Closing Inventory Statement. Buyer shall provide Sellers and their accountants, upon reasonable notice, such access to the books and records, to any other information, including working papers of Buyer's accountants, and to any employees of Buyer and its affiliates, in each case as may be reasonably necessary for Sellers to take such physical inventory, prepare the Closing Inventory Statement, respond to the Buyer's Inventory Objection (as defined in Section 2.05(b)) and prepare materials for presentation to the Arbitrator in connection with the matters contemplated by Section 2.05(c). If necessary, Buyer shall, after Closing, also provide or cause to be provided to Sellers and their designees such access as such persons may reasonably request to all facilities at which inventory of the Business is located in order to conduct such physical inventory. For the avoidance of doubt, the inventory of the Business to be valued pursuant to this Section 2.05 consists of the Inventory and all inventory of the Companies.

Time is Money Join Law Insider Premium to draft better contracts faster.