Draft Statements Sample Clauses
The "Draft Statements" clause establishes the procedures and requirements for preparing, reviewing, and finalizing draft versions of statements or documents between parties. Typically, this clause outlines who is responsible for drafting, the timeline for submission, and the process for making revisions or providing feedback. For example, it may require one party to submit a draft report for the other party's review and comments before the final version is agreed upon. The core function of this clause is to ensure a clear, organized process for document development, reducing misunderstandings and facilitating collaboration.
Draft Statements. Sellers shall deliver to Purchaser a draft of a settlement statement setting forth the proposed adjustments to the Purchase Price and prorations of income and expenses at least fifteen (15) business days prior to Closing.
Draft Statements. The draft Closing Date Balance Sheet and Settlement Statements will be final and binding upon the Parties unless the Seller gives notice to the Buyer of their objection thereto within 20 Business Days of its receipt. A notice under this Section shall specify in reasonable detail the disputed items and its motives.
Draft Statements. Within sixty (60) days following the Closing Date, Powerfleet shall cause the Companies to prepare and shall deliver to Agent statements setting forth the following items (collectively, the “Draft Statements”):
(i) the Actual Closing Working Capital;
(ii) the Actual Closing Cash;
(iii) the Actual Closing Indebtedness;
(iv) the Unpaid Transaction Expenses;
(v) on the basis of the foregoing amounts, a calculation of the Aggregate Optionholder Payment; and
(vi) on the basis of the foregoing amounts, a calculation of the Purchase Price.
Draft Statements. Within 120 days following the Closing Date, Purchaser shall prepare and shall deliver to Agent (i) a statement with the determination of the Working Capital, prepared as of the Effective Time, provided that Purchaser shall normalize and adjust the Working Capital calculation to reflect that all inventory shipped shall be recognized as revenue on the date such inventory is deemed by the Acquired Companies' internal systems to be received by Independent Distributors and direct shipments to the U.S. and Canada (excluding Foodservice and Global) and not on the date such inventory was actually shipped, and (ii) a statement of Net Indebtedness, the Optionholders Proportionate Adjustment Amount and the Optionee Additional Withholding Amount, prepared as of the Effective Time (collectively, the "Draft Statements").