RM Financials definition
Examples of RM Financials in a sentence
Subject to amounts reserved therefor on the December 31, 1996 balance sheet of the RM Financials, the values at which all Inventories are carried on the December 31, 1996 balance sheet of the RM Financials reflect the historical inventory valuation policy of RM and its Subsidiaries of stating such Inventories at the lower of cost (determined on the first-in, first-out method) or market value.
Except to the extent, if any, indicated on the December 31, 1996 balance sheet of the RM Financials, all Receivables reflected thereon arose from the sale of Inventory or services in the ordinary course of business consistent with past practice and constitute only valid, undisputed claims of RM or its Subsidiaries not subject to valid claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in the ordinary course of business consistent with past practice.
Except as set forth in Schedule 8.8-2 or reserved against in the RM Financials, the Inventories do not consist of, in any material amount, items that are obsolete, damaged or slow-moving or of any items held on consignment.
Other than as reflected on the December 31, 1996 balance sheet of the RM Financials, the Inventories of RM and its Subsidiaries are in good and merchantable condition in all material respects, are suitable and usable for the purposes for which they are intended and are in a condition such that they can be sold in the ordinary course of business consistent with past practice.