ARS Financial Statements definition
Examples of ARS Financial Statements in a sentence
The ARS Financial Statements fully accrue or reserve all current and deferred taxes.
ARS has no material debt, liability or other obligation of any nature (whether due or to become due and whether absolute, accrued, contingent or otherwise) that is not reflected or reserved against in the ARS Financial Statements as of December 31, 2006, except for obligations incurred since December 31, 2006 in the ordinary and usual course of business consistent with past practice.
The financial records of ARS are of such a character and quality that an unqualified (except as to going concern) audit of the ARS Financial Statements may be performed within 75 days of the Closing.
The reserves for taxes, if any, reflected on the ARS Financial Statements are adequate, and there are no tax liens on any property or assets of ARS (other than liens for taxes not yet due and payable).
The reserves, if any, reflected on the ARS Financial Statements are adequate in light of the contingencies with respect to which they are made.
Except as otherwise disclosed in writing to Buyer prior to the Closing, all of ARS's accounts receivable represent valid obligations arising from sales actually made or services actually performed in the ordinary course of business and have been collected or are collectible in the lawful and ordinary course of business as heretofore conducted, subject to the reserve for bad debt recorded on the ARS Financial Statements.
The ARS Financial Statements have been prepared in accordance with generally accepted accounting principles ("GAAP") (except as set forth in any audit opinion delivered with the ARS Financial Statements and except as to year-end adjustments, which are not expected to be material) applied on a basis consistent with the periods ended June 30, 1997 and June 30, 1996.
ARS Financial Statements" shall have the meaning set forth in Section 2.4(a).
All debts, liabilities, and obligations incurred after the date of the ARS Financial Statements were incurred in the ordinary course of business, and are usual and normal in amount, both individually and in the aggregate.
Except as stated therein or in the notes thereto, the ARS Financial Statements: (a) present fairly the financial position of ARS as of the respective dates thereof and the results of operations and changes in financial position of ARS for the respective periods covered thereby; and (b) have been prepared in accordance with ARS's normal business practices applied on a consistent basis throughout the periods covered.