Common use of Minimum Net Assets Clause in Contracts

Minimum Net Assets. The Company shall have delivered to Buyer (a) a balance sheet dated as of a date not more than seventeen (17) days prior to the Closing Date, certified by the chief financial officer of the Company, showing that the net assets of the Company (as determined in accordance with generally accepted accounting principles and in a manner consistent with the determination of net assets on the Company's December 22, 2000, balance sheet) are not less than Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) as of such date; and (b) a balance sheet dated as of March 16, 2001 (the "Closing Balance Sheet") which shall include an accrual for unpaid Transaction Expenses of the Company and the Stockholders through the Closing Date, which accrual would not typically be included on the Closing Balance Sheet under generally accepted accounting principles. The net assets reflected on the Closing Balance Sheet (taking into account the accrual for Transaction Expenses) shall not be less than Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) as of such date.