Closing Net Asset Statement definition
Examples of Closing Net Asset Statement in a sentence
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 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.
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.
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.
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 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.
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.
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.
The Closing Balance Sheet shall be accompanied by a report of the Group Companies Accounting Firm to the effect that the Closing Balance Sheet has been prepared in accordance with PRC GAAP and in the manner required by this Section 2.6. Upon completion of the Closing Balance Sheet, Purchaser shall derive the Closing Net Asset Value from the Closing Balance Sheet, and deliver such calculation and the Closing Net Asset Statement to the Sellers’ Representative.