Gross Working Capital definition
Examples of Gross Working Capital in a sentence
Each Operating Subsidiary hereby distributes, assigns, transfers, sets over and delivers to OLLC, its successors and its assigns, for its and their own use forever, all right, title and interest in and to their respective Subsidiary Gross Working Capital.
Except for Accounts Receivable with respect to which applicable reserves will be set forth on the schedule of Estimated Gross Working Capital, all Accounts Receivable outstanding relating to the Business as of the Balance Sheet Date and the Closing Date represent sales actually made in the ordinary and normal course of business.
In the event that collections on all Accounts Receivable exceed the amount of Accounts Receivable (less applicable reserves for such Accounts Receivable included in the calculation of Gross Working Capital set forth in Section 3.2 hereof), such excess shall be reimbursed by Buyer to Seller within 30 days from The Uncollectible Date.
Within sixty (60) days of the Closing Date, Buyer shall prepare and deliver to the Seller a statement setting forth its calculation of Gross Working Capital as of the Closing Date.
At the Closing, Seller shall prepare a statement setting forth, in reasonable detail, its estimate of Gross Working Capital as of the Closing Date ("Estimated Gross Working Capital").
Gross Working Capital shall be defined as current assets of the Business, less the current liabilities of the Business identified on the Schedule entitled "Miscellaneous Liabilities." For purposes of this Agreement, current assets shall consist of Accounts Receivable (net of a reserve for uncollectible accounts equal to $150,000), Inventories (net of the reserve for obsolete or unsaleable Inventory as reflected in the books and records of the Seller), and Prepaids.