Preliminary Income Statement definition
Examples of Preliminary Income Statement in a sentence
If the aggregate adjustment to the Preliminary Income Statement as determined by the Accounting Firm is less than $100,000, the Preliminary Income Statement shall be deemed to be the Final Income Statement.
The Preliminary Income Statement represents actual, bona fide transactions and accurately reflects, in all material respects, all revenues and expenses of MPC for the period covered.
Section 14.1 As soon as practicable, but no later than sixty (60) days after the Closing Date, Buyer shall prepare and deliver to Seller a consolidated income statement for the Company and its Subsidiaries which will fairly present the consolidated net income or loss of Company and the Subsidiaries for the period commencing on June 1, 2002 and ending on the Closing Date, determined in accordance with Section 14.3 below ("Preliminary Income Statement").
Any issues or disagreements relating to the Preliminary Income Statement, which are not resolved to the mutual satisfaction of the parties hereto within twenty (20) days after expiration of the Review Period will be submitted for determination to an independent public accounting firm to be selected by mutual agreement of Seller and Buyer.
There shall be no adjustment to the Preliminary Income Statement unless at least $100,000 in the aggregate is determined by the Accounting Firm as adjustments to the Preliminary Income Statement.
During the Objection Period, the Receiving Party shall have access to all working papers used in the preparation of the Preliminary Income Statement.
If the Receiving Party does not so object during the Objection Period, the Preliminary Income Statement and Preliminary Report shall be final, binding, and conclusive on the parties.
If Seller disputes any portion of the Preliminary Income Statement, Seller shall provide written notice thereof to Buyer within five (5) days after the expiration of the Review Period, explaining in reasonable detail the nature and amount of such dispute.
Seller has heretofore delivered to Buyer: the Preliminary Balance Sheet and an unaudited statement of income for the eleven months ended on November __, 1996 (the "Preliminary Income Statement" and together with the Preliminary Balance Sheet, the Additional Financial Statements and the Closing Balance Sheet, the "Financial Statements").
Section 14.2 Seller shall have a period of up to thirty (30) days ("Review Period") after receipt thereof within which to review and examine the Preliminary Income Statement, including all related books and records of the Company and the Subsidiaries.