Examples of Interim Balance Sheet in a sentence
Neither the Company nor any of its Subsidiaries, has any Liabilities of the type required to be reported on a balance sheet prepared in accordance with GAAP applied on a consistent basis throughout the period involved, except (a) those which are adequately reflected or reserved against in the Interim Balance Sheet as of the Interim Balance Sheet Date, and (b) those which have been incurred in the ordinary course of business consistent with past practice since the Interim Balance Sheet Date.
The reserve for bad debts shown on the Interim Balance Sheet or, with respect to accounts receivable arising after the Interim Balance Sheet Date, on the accounting records of SLG have been determined in accordance with GAAP, consistently applied, subject to normal year-end adjustments and the absence of disclosures normally made in footnotes.
The balance sheet of Seller that is included in the Interim Financial Statements is referred to in this Agreement as the “Interim Balance Sheet” and the date of the Interim Balance Sheet as the “Interim Balance Sheet Date”.
Subject to reserves for obsolete, damaged and unsaleable inventory reflected in the Interim Balance Sheet, all inventory of SLG, whether or not reflected in the Balance Sheet, consists of a quality and quantity usable and salable in the ordinary course of business and in the same material condition as when it acquired such inventory.