IFL Liabilities definition

IFL Liabilities means the actual liabilities of IFL accrued and determined as of the Closing Date, including the full amount of the GJ Capital Judgment, and any liabilities incurred as of the Closing Date, whether known or unknown as of the Closing Date but discovered prior to May 7, 2012. AEC and IFL have provided an unaudited balance sheet of IFL as of the Closing Date, which is attached as Exhibit “A” to this Agreement. AEC and IFL have represented to Purchaser that the amount of IFL Liabilities, as of February 1, 2012 is presented as $655,175.03 and presented in detail on Exhibit “B”. Purchaser acknowledges that the IFL has additional liabilities that accrued after February 1, 2012 and such liabilities as of February 6, 2012 are presented on Exhibit “B” and shall remain the obligation of IFL.
View Source

Examples of IFL Liabilities in a sentence

  • Accordingly, if the IFL Liabilities are determined to be $655,000 and if none of the Regions Bank cash becomes available to IFL or is used to offset any of the GJ Judgment, the amount of the Balance of the Purchase Price shall be $-0- (i.e. $ 900,000 minus $245,000 minus $655,000 plus zero).

  • If the IFL Liabilities are determined to be $655,000 and if $200,000 of cash held by Regions Bank or J▇ ▇▇▇▇▇▇ C▇▇▇▇ is either released to IFL or used by IFL to satisfy $200,000 of the GJ Judgment, the Balance of the Purchase Price shall be $200,000 (i.e. $900,000 minus $245,000 minus $655,000 plus $200,000).

  • All information regarding the IFL Liabilities are true and correct and complete, including the balance sheet provided by IFL to Purchaser, the description of the GJ Judgment, etc.