Examples of Closing Net Asset Statement in a sentence
Within sixty (60) days after receipt of the Closing Net Asset Statement, Buyer shall either inform Seller in writing that the Closing Net Asset Statement is acceptable or object to the Closing Net Asset Statement in writing setting forth in reasonable detail a description of Buyer's objections.
Seller shall be responsible for all electric, gas, telephone, water, sewer and similar utility charges relating to the Business prior to the Closing Date to the extent not reserved or reflected as an Assumed Liability on the Final Closing Net Asset Statement.
In the case of Employees that are on vacation or leave on the Closing Date, all Liabilities that accrue at any time prior to such Employee beginning active employment with Buyer following the Closing Date to the extent such Liabilities are not reflected in the Final Closing Net Asset Statement.
Buyer shall have the liability and obligation for any vacation of any Hired Employees (i) accrued and not taken prior to the Closing Date, and (ii) reflected on the Final Closing Net Asset Statement.
Buyer shall pay all Taxes (other than the sales, transfer, documentary, stamp, recording and similar Taxes referred to in Section 2.6) which are reflected on the Final Closing Net Asset Statement (such Taxes so reflected shall not, for purposes of clarity, include any Income Taxes of Seller), and all Taxes arising out of the operations of the Business with respect to transactions or periods after the Closing Date.
Within fifteen (15) days after the Closing Date, Seller shall deliver to Buyer a statement of the Assets and Assumed Liabilities as of the close of business at 5:30 PM on the Closing Date (the "Closing Net Asset Statement") which reflects the Net Asset Value as of such date.
The Closing Net Asset Statement shall present accurately the financial condition of the Assets and Assumed Liabilities as of the date thereof and shall be prepared in accordance with GAAP applied consistent with past practice and on a basis consistent with the April Net Asset Statement.
Buyer and its representatives and accountants shall have the right to participate in and observe the process of the preparation of the Closing Net Asset Statement and shall have such access as Buyer may reasonably request to any books, records, work papers or other information that may be used or useful in preparing the Closing Net Asset Statement and the calculation of the Final Closing Net Asset Value (as defined below).
The billed and unbilled Receivables reflected on the April Balance Sheet are, and the billed and unbilled Receivables reflected on the Final Closing Net Asset Statement will be, bona fide receivables, accounted for in accordance with GAAP and were or will be collectible from customers in the ordinary course of business, subject to any reserves for uncollectibility or doubtful accounts reflected on the April Balance Sheet or the Final Closing Net Asset Statement, as the case may be.
If no Sellers’ Objection is received by Purchaser on or before the last day of such 30-day period, then the Closing Net Asset Value set forth on the Closing Net Asset Statement delivered by Purchaser shall be final, conclusive and binding upon the Parties.