Closing Statement definition
Examples of Closing Statement in a sentence
The Independent Accountant shall only decide the specific items under dispute by the parties and their decision for each Disputed Amount must be within the range of values assigned to each such item in the Closing Statement and the Statement of Objections, respectively.
The Closing Statement shall not include any changes in assets or liabilities as a result of purchase accounting adjustments, changes arising from or resulting as a consequence of the transactions contemplated hereby or changes due to events occurring or arising following the Closing.
The Independent Accountant shall make a determination as soon as practicable within thirty (30) days (or such other time as the parties hereto shall agree in writing) after their engagement, and their resolution of the Disputed Amounts and their adjustments to the Closing Statement and/or the Post-Closing Adjustment shall be conclusive and binding upon the parties hereto, and shall not be, absent manifest error, subject to appeal or further review.
Prior to the Independent Accountant’s determination of the items under dispute on the Closing Statement, (i) the Operator, on the one hand, and Sellers, on the other hand, shall retain the Independent Accountant and each pay fifty percent (50%) of any retainer paid to the Independent Accountant, and (ii) during the engagement of the Independent Accountant, the Independent Accountant will bill fifty percent (50%) of the total charges to each of the Operator, on the one hand, and Sellers, on the other hand.
If the Vendor Representative fails to deliver the Objection Notice within the Review Period, the Purchaser's Final Closing Statement shall be deemed to have been accepted by the Vendors and shall be final and binding and used in computing the Post-Closing Reduction Amount or Post-Closing Increase Amount, as applicable.