Interim Balance Sheets definition
Examples of Interim Balance Sheets in a sentence
The Business has no material liabilities except for liabilities reflected or reserved against in the 2006 Balance Sheet or the Interim Balance Sheets and current liabilities incurred in the ordinary course of business of the Business since June 30, 2007.
All debts and liabilities, fixed or contingent, which should be included under GAAP on an accrual basis on the Interim Balance Sheets are included therein.
The Accounts Receivable are or will be as of the Closing Date current and fully collectible, net of the reserves shown on the Interim Balance Sheets or on the accounting records of the Company as of the Closing Date (which reserves are adequate and calculated consistent with past practice).
The Company has paid, all Taxes that have or may have become due pursuant to those Tax Returns, or otherwise, or pursuant to any assessment received by the Company, except such Taxes, if any, as are set forth in a schedule and are being contested in good faith and as to which adequate reserves (determined in accordance with the tax basis of accounting consistently applied) have been provided for in the Balance Sheets and Interim Balance Sheets.
Seller shall pay all Taxes related to the operations of the Corporations for all periods ending on or prior to the Closing Date to the extent not accrued on the Interim Balance Sheets, which accruals are set forth on Schedule 5.7. Notwithstanding the foregoing, Seller shall not be liable for payroll tax obligations of the Corporations to the extent accrued on the Interim Balance Sheets or, if related to periods after March 31, 2001, accrued as of the Closing Date as set forth on Schedule 5.7.