Financial Representation Clause Samples
A Financial Representation clause requires one party to affirm the accuracy and completeness of its financial statements or financial condition as presented to the other party. Typically, this clause applies during transactions such as mergers, acquisitions, or investments, where the buyer or investor relies on the seller’s financial disclosures to make informed decisions. By including this clause, the agreement ensures transparency and reduces the risk of misrepresentation, thereby protecting parties from unforeseen financial liabilities or discrepancies.
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Financial Representation. The Purchaser was organized on September 15, 2000, has had no operations and has performed no other acts other than those incident to its organization. Purchaser's only asset is the $10 which the Parent paid for the 1,000 issued and outstanding shares of the Purchaser's common stock, par value $.01 per share and the Purchaser has no liabilities.
Financial Representation. Buyer Parties have and will have the financial resources to carry out the transactions contemplated herein, including the payment of the Purchase Price and Margin Bonus Payment.
Financial Representation. Franchisee represents that it has the financial ability to full perform its obligations as set forthin this Agreement.
Financial Representation. The Company represents to the Executive that, as of the Effective Date, all financial statements for each quarter and fiscal year since January 1, 1999 (as filed in the Company’s Forms 10-K and 10-Q reports) fairly present in all material respects the financial condition and results of operations of the Company in conformity with GAAP as of the applicable reporting dates, except as reported in the notes and year-end adjustments to those financial statements.
Financial Representation. SELLER represents and warrants that it is and will remain throughout the term of this Purchase Order solvent and adequately capitalized and financially capable to perform all obligations necessary to execute the Work, collectively referred to in this General Condition as “financial capability”. From time to time and at BUYER’S request, SELLER shall provide BUYER with information satisfactory to BUYER to verify SELLER’S financial capability and the financial capability of its Subsuppliers within five (5) days of BUYER’S request.
Financial Representation. Net Sales ("Net Sales calculated according to U.S. Generally Accepted Accounting Principles), for the twelve (12) month period ending December 31, 2002, will be in excess of $4.2 Million Dollars. In the event that Net Sales do not equal or exceed $4.2 Million Dollars for the twelve months ending December 31, 2002, up to $200,000.00 of the Holdback will be released to Purchaser dollar for dollar based on the sales shortfall.
Financial Representation. (a) Tenant represents and warrants (and understand that it is a material consideration for Landlord entering this Lease) the truth, completeness and accuracy of any financial information, including, without limitation, financial statements, profit and loss statements, credit references, statements or net worth, proposed income and expense statements, pro forma operating statements, estimated costs of inventory and/or fixtures relating to the Premises, given by Tenant, any of its partners, employees, officers or agents, or by any guarantor of all or any part of Tenant's obligations hereunder, and further represents and warrants that same contain no material misstatement or omissions of fact.
(b) At any time between the Effective Date of this Lease and the Rent Commencement Date, or at any time during the Term, Landlord may request additional financial information or the updating of existing financial information from Tenant or any of the persons named in Section 16.24(a). If in the reasonable judgment of Landlord, any such additional financial information discloses that Tenant has suffered a material negative change in its financial condition or if it appears that Tenant is unable or likely to become unable to perform any of its obligations under this Lease, including, without limitation, the obligations set forth in Sections 2.04 and/or 6.01, Landlord shall, by written notice to Tenant, have the right to terminate this Lease and/or require that Tenant deposit into a trust account of which Landlord and Tenant shall be named co-trustees, amounts which Landlord shall reasonably deem to be necessary in order to assure that Tenant will perform its obligations hereunder
(c) If Landlord desires to finance, refinance, sell, transfer or otherwise convey the Premises, or any part thereof, or to confirm the gross sales figures, then Tenant agrees to deliver to Landlord within ten (10) days after request, Tenant's financial statements and federal income tax returns for the immediately preceding three (3) fiscal years of Tenant.
Financial Representation. As of January 31, 2007, the Company had accounts receivable of $458,518.
Financial Representation. Net sales of the Product, calculated according to U.S. Generally Accepted Accounting Practices, for the twelve (12) month period ending December 31, 999, were in excess of six hundred ten thousand dollars ($610,000.00).
Financial Representation. Tenant hereby represents and warrants to Landlord that Tenant has closed on the line of credit in the amount of $2,500,000. Tenant represents and warrants to Landlord that the financial statements of Tenant attached hereto as Exhibit C are true and correct in all material respects. Tenant further represents and warrants to Landlord that although the projections attached as a part of Exhibit C are projections only and subject to change, such projections were prepared by Tenant in good faith and without knowledge of any material misrepresentation or falsehood.