Financial Condition at Closing. 7.7.1 Except for liabilities set forth in the Balance Sheet and accounts payable incurred in the ordinary course of business of the Company consistent with past practices, the Company shall not owe any debt at the Closing Date. The term "
Financial Condition at Closing. At and as of Closing, (i) the Company shall be current in all material respects on all bills and payables according to standard trade terms, and will have paid all expenses in connection with this transaction and (ii) the Company and Sellers shall have complied with their respective obligations to be performed prior to or on the Closing Date under Sections 4.11 and 2.23.
Financial Condition at Closing. All of the following financial conditions shall exist at Closing:
Financial Condition at Closing. At and as of Closing, the Company shall (i) have cash on hand that is sufficient, after taking into consideration (x) the payments to be made pursuant to Section 4.1 (c) hereof and (y) the anticipated receipts and expenditures of the Company through December 31, 1997, to fund the operation of the Company during the period commencing as of the Closing Date and ending on January 1, 1998, (ii) have positive stockholders' equity, (iii) be current in all material respects on all bills and payables according to standard trade terms, (iv) have all client deposits for future travel held by the applicable supplier or held by the Company in a segregated cash or cash equivalent account (and such amount shall not be considered for purposes of clause (i) of this Section 2.10), all calculated and fairly presented in accordance with GAAP consistently applied.
Financial Condition at Closing. At and as of Closing, the Company shall (i) have cash on hand that is sufficient, after taking into consideration (x) the payments to be made pursuant to Section 4.1 (c) hereof and (y) the anticipated receipts and expenditures of the Company through December 31, 1997, to fund the operation of the Company during the period commencing as of the Closing Date and ending on January 1, 1998, (ii) have positive stockholders' equity, (iii) be current in all material respects on all bills and payables according to standard trade terms, (iv) have all client deposits for future travel held by the applicable supplier or held by the Company in a segregated cash or cash equivalent account (and such amount shall not be considered for purposes of clause (i) of this SECTION 2.10), all calculated and fairly presented in accordance with GAAP consistently applied.
Financial Condition at Closing. The financial condition of Borrower shall be satisfactory to Bank and there shall have been delivered to Bank such written statements, schedules or reports in such form, containing such information and accompanied by such documents as may be satisfactory to Bank concerning the financial condition of Borrower, any of the Collateral or any other matter or matters as Bank may require.
Financial Condition at Closing. On the Closing Date the Acquired Company shall not have any Liabilities other than as disclosed to the Company in writing
Financial Condition at Closing. At and as of Closing, each of the Companies shall (i) have a minimum of $100,000 in cash on hand, (ii) have positive stockholders' equity, (iii) be current on all bills and payables according to standard trade terms, (iv) have all client deposits for future travel held by the applicable supplier or held by each of the Companies in a segregated cash or cash equivalent account (and such amount shall not be considered for purposes of clause (i) of this SECTION 2.35), all calculated and fairly presented in accordance with GAAP. Other than for a breach of this representation by the Seller, there shall be no adjustments with respect hereto after the Closing.
Financial Condition at Closing. At and as of Closing, SLA shall have cash on hand equal to $50,000.00.
Financial Condition at Closing. At and as of Closing, the Company shall be current within contractual payment terms (but not prepaid) on all obligations, including trade, customer and supplier accounts payable and deposits, payroll, taxes, lease obligations, consulting payments and similar items.
