Opening Financial Statement definition

Opening Financial Statement means the duly audited opening balance sheet of the Demerged Undertaking as at the opening of business hours on the Appointed Date, annexed as Schedule I hereto;

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Opening Financial Statement. (the "GAAP Audited Opening Financial Statements") that was prepared in conformity with Note 1 to the GAAP Opening Financial Statement and GAAP consistently applied (collectively, the "GAAP Financial Statement Methods") and (B) an audit report on the SAP Opening Financial Statement (the "SAP Audited Opening Financial Statement") that was prepared in conformity with Note 1 to the SAP Opening Financial Statement and SAP consistently applied (collectively, the "SAP Financial Statement Methods"). The GAAP Audited Opening Financial Statement and the SAP Audited Opening Financial Statement are referred to hereinafter as the "Audited Opening Financial Statements". The RIC Auditor shall simultaneously deliver to Purchaser and Seller Parties the Audited Opening Financial Statements and the reports on the Opening Financial Statements setting forth the results of its audits. While the RIC Auditor is conducting its audit, Seller Parties shall provide, and shall cause the RIC Auditor to provide, the Purchaser and its Representatives access (during normal business hours and without undue disruption of business) to their respective books, records and workpapers relating to, and their Representatives involved in, the preparation of the Audited Opening Financial Statements or the report furnished by the RIC Auditor pursuant to the foregoing sentence, provided that (i) Purchaser and its Representatives execute and deliver to the RIC Auditor release and indemnity agreements in the RIC Auditor standard form and (ii) with respect to any personal access to any of the personnel of the RIC Auditor, there is at all times at least one member of the management of the Business present. Simultaneously with its delivery of the Closing Financial Statements, Seller Parties shall deliver to Purchaser an update of the calculations set forth in the Transaction Calculation Memo based on the Audited Opening Financial Statements.

Opening Financial Statement means the statement of assets and liabilities as at the opening of business hours on the Appointed Date to be transferred to the Resulting Company and which has been subjected to a limited review by the auditor of the Demerged Company, and annexed as Schedule I hereto;

Examples of Opening Financial Statement in a sentence

• For the liabilities associated with the unearned portion of premium for policies written prior to the Effective Date, Cedent agrees to pay premium to the Reinsurer in an amount equal to the unearned premium reserve shown on the SAP Final Financial Statement (which amount was $134,438,000 on the SAP Opening Financial Statement).

• The GAAP Opening Financial Statement and the SAP Opening Financial Statement fairly present, and the GAAP Audited Opening Financial Statement and the SAP Audited Financial Statement shall when prepared fairly present, in all material respects the assets and liabilities of the Business and, with respect to the GAAP Opening Financial Statement and the GAAP Audited Opening Financial Statement, GAAP Net Worth of the Business, in each case as of the date thereof.

• For the liabilities associated with losses incurred with a date of loss prior to the Effective Date, Cedent agrees to pay as consideration to Reinsurer, an amount equal to the Loss Reserves shown on the SAP Final Financial Statement (which amount was $92,979,000 on the SAP Opening Financial Statement).