Closing Statement definition
Examples of Closing Statement in a sentence
If the Corporation Transaction Expenses set out in the Final Closing Statement are greater than Estimated Corporation Transaction Expenses, then the Vendor will owe an amount equal to such excess to the Purchaser.
For purposes of calculating the Estimated Closing Consideration, the Estimated Working Capital shall equal the lesser of (x) the Target Working Capital and (y) the Estimated Working Capital set forth in the Estimated Closing Statement.
Statement (1) The Vendor will be deemed to have accepted and approved the Draft Closing Statement if it does not notify the Purchaser of any objection within the 20 Business Day period referred to in Section 2.6(1) and such Draft Closing Statement will be final, conclusive and binding upon the Parties, absent manifest error.
If the Closing Working Capital set out in the Final Closing Statement is less than Estimated Working Capital, then the Vendor will owe an amount equal to such shortfall to the Purchaser.
The Estimated Closing Statement shall (X) be prepared in accordance with the Target Company’s historical accounting principles, practices and procedures (unless otherwise required by applicable Law), consistently applied, and in accordance with the terms of this Agreement and GAAP, (Y) be derived from the books and records (including the general ledgers) of the Target Company, and (Z) accurately and correctly reflect such books and records (including the general ledgers).