Closing Capital definition

Closing Capital means: (a) Current Assets and Long-Term Prepaids, less (b) Total Liabilities, determined as of the close of business on the Closing Date.

Closing Capital means the amount of cash on hand as of the Closing, excluding amounts received from the exercise of options and warrants, if any; provided, however, that the Company continues to pay its liabilities and make cash disbursements through the Closing in the ordinary course of business, consistent in timing, nature and amount with past practice.

Closing Capital means the dollar amount of (a) total assets, other than any (i) cash or marketable securities, (ii) intercompany accounts receivable (except intercompany accounts receivable for the sale of equipment, merchandise or other goods), and (iii) Tax assets, less (b) total liabilities, other than any (i) Tax liabilities, (ii) intercompany accounts payable (except intercompany accounts payable for the purchase of equipment, merchandise or other goods), (iii) Debt and (iv) liabilities for fees and out of pocket expenses incurred in connection with the transactions contemplated by this Agreement that are in existence as of the Closing and that, under Section 7.23(b), are to be borne by the Company after the Closing.

Examples of Closing Capital in a sentence

• The Opening Capital Account as of the beginning of each subsequent Accounting Period shall be the Limited Partner’s Closing Capital Account for the immediately preceding Accounting Period (determined under §4.2), increased by any additional Capital Contribution, decreased by the amount of any withdrawals made by the Limited Partner as of the end of the preceding Accounting Period and by the amount of any distribution made to him during such Accounting Period under Article 6.

• A Closing Capital Account shall be established on the Fund’s books for each Limited Partner as of the end of each Accounting Period.

• The Opening Capital Account Balance of a Member for each Accounting Period subsequent to the Accounting Period in which such Member was admitted to the Company shall be an amount equal to the Closing Capital Account Balance of such Member, determined in accordance with Section 4.2, for the immediately preceding Accounting Period plus the amount of any Additional Capital Contributions made by such Member pursuant to Section 2.8(c) hereto as of the beginning of such subsequent Accounting Period.

• SWNB will have (i) delivered to Hanmi the financial information set forth in Section 6.13, (ii) the parties will have agreed upon the amount of SWNB Closing Capital pursuant to the terms of Section 6.13, and (iii) such amount will be equal to or greater than the Closing Capital Requirement.

• For each Accounting Period during the term of this Agreement, the Company shall establish for each Member an opening Capital Account Balance(the “Opening Capital Account Balance”) and a Closing Capital Account Balance.

• There shall be established for each Member on the books of the Company as of the last day of each Accounting Period, a closing Capital Account Balance for such Accounting Period (the “ Closing Capital Account Balance”).

• If the Closing Capital Differential is a negative number, no special dividend may be paid by SWNB to the SWNB stockholders.

• Pursuant to each Nonmanaging Member s Subscription Agreement, such Initial Capital Contribution and all such Pre-Final Closing Capital Contributions shall be held in an interest-bearing account by the Managing Member unless otherwise invested in one or more Investment(s) in accordance with this Agreement on or after the Initial Closing Date.

• Informatics hardware 186,670 22,430 209,100Other equipment 75,391 7,816 83,207 Total 262,061 30,246 - 292,307 OpeningAccumulated amortizationDisposals and Closing Capital asset classbalance Amortizationwrite-offsbalanceInformatics hardware 186,670 186,670Other equipment 55,349 11,034 66,383Total 242,019 11,034 - 253,053 Net Book Value 2007 2006Informatics hardware 22,430 -other equipment 16,823 20,042 Total 39,253 20,042 Amortization expense for the year ended March 31, 2007 is $11,034 (2006 is$29,304).

• From and after the execution of this Agreement by each Nonmanaging Member, such Nonmanaging Member is obligated pursuant to this Agreement to make certain Pre-Final Closing Capital Contributions (if not theretofore made) on account of such Commitment.