RECEIVABLES AND ADVANCES. Receivables and advances are recorded at the amounts expected to be ultimately collected in cash. Inventory Inventories are recorded at the lower of cost and net current value. Where inventories are valued at cost, specific identification or the FIFO method has been used. Appropriate allowance has been made for obsolescence. Property, Plant and Equipment (including Infrastructure Assets) Buildings are recorded at historical cost (or fair value as at time of first recognition) or valuation. Other plant and equipment, which includes motor vehicles and office equipment, is recorded at cost (or fair value if acquired prior to 2005) less accumulated depreciation. 63
RECEIVABLES AND ADVANCES. Except as described on Section 3.29(1) to the Target Company Disclosure Schedules, all accounts receivable and advances of the Target Companies have arisen in the ordinary course of business, for full and adequate consideration, and, to the knowledge of the Target Companies, are subject to no claims, charges or defenses (either by a Target Company or by any other person). Sections 3.29(2) and (3) to the Target Company Disclosure Schedules sets forth by outstanding principal amount, accrued interest and payor, all loans and advances by the Target Companies and their subsidiaries as to which balances remain unpaid on the date of this Agreement, together with a written description of all future commitments to make any such loans or advances, other than loans and advances arising from the sale of products or services to customers in the ordinary course of business. Without limiting the generality of the foregoing sentence, such Schedules shall include loans and advances to or on behalf of Target Company (or subsidiary) shareholders, directors, officers, employees, sales representatives, independent contractors, agents, vendors, and their respective affiliates. No person has asserted a right of set-off (or similar right) against any receivable, loan or advance made by a Target Company (or its subsidiary). Anything in this Section 3.29 to the contrary notwithstanding, Acquiror acknowledges and agrees that the Target Companies shall not be required to institute any actions against obligors under loans and advances described on Schedule 3.29 to the Target Company Disclosure Schedule.
RECEIVABLES AND ADVANCES. All accounts receivable and advances of the Target Companies have arisen in the ordinary course of business, for full and adequate consideration, and, to the knowledge of the Target Companies, are subject to no claims, charges or defenses (either by a Target Company or by any other person). No person has asserted a right of set-off (or similar right) against any such receivable or advance.
