Working Capital Defined. The Purchase Price agreed to by the Parties assumes that the Working Capital of the Corporation on the Closing Date shall equal Eight Million Eight Hundred Fifty Thousand Dollars ($8,850,000) ("Required Working Capital"). "
Working Capital Defined. The Purchase Price agreed to by the Parties ----------------------- assumes that the Working Capital of the Business on the Closing Date shall equal $5,600,000 ("Required Working Capital"). "Working Capital" shall mean the sum of the following amounts, all determined as of the Closing Date: (i) cash and cash equivalents; (ii) the inventory of the Business, valued at the lower of cost (determined on a first-in, first-out basis) or market value in accordance with GAAP; (iii) the accounts receivable of the Business, less an appropriate allowance for bad debts, returns, discounts and other customer allowances computed in accordance with GAAP; minus (iv) the trade payables and accrued liabilities of the Business that are being assumed by the Buyer computed in accordance with GAAP; all computed consistently with the working capital computation shown on Schedule 4.5(a).
