NET CURRENT ASSETS. HOLDINGS will not permit the ratio ------------------ of its consolidated current assets to its consolidated current liabilities as of the last day of each fiscal quarter of HOLDINGS to be less than 1.4 to 1 and will not permit its net current assets as of the last day of each fiscal quarter of HOLDINGS to be less than $17,000,000; provided, that in the event HOLDINGS -------- fails to maintain either of these levels it shall immediately notify RELIANCE and shall have thirty (30) days in which to restore its position. In the determination of current assets, pipe inventory shall be classified as a current asset; and provided further, that for purposes of calculating consolidated -------- ------- current liabilities, current maturities of DEBT will be excluded from the calculation thereof to the extent HOLDINGS or any of its SUBSIDIARIES is able to repay such current maturities through the incurrence of other non-current DEBT (including, without limitation, through borrowings under the BANK LOAN FACILITY).
NET CURRENT ASSETS. As at 30 June 2020, the Group’s net current assets, defined as total current assets less total current liabilities, amounted to RMB362 million (31 December 2019: RMB3,272 million).
NET CURRENT ASSETS. 6.19(a) Notices.........................................................................................3.25(a)(i) Patent Rights..........................................................................3.20(c) and 4.20(c) Permitted Lien.....................................................................................9.12(e) person ............................................................................................9.12(f) Post-Merger Board..................................................................................6.19(a)
NET CURRENT ASSETS. As soon as practicable but within thirty (30) days after the Closing Date, the Seller, at its expense, shall cause Connor Ash P.C., an independent accounting firm, to prepare a balance sheet of the Seller immediately prior to the Effective Time (the "Effective Time Balance Sheet") setting forth the net current assets of the Seller using accrual accounting and in conformance with generally accepted accounting principles (the "Net Current Assets"). A copy of the Effective Time Balance Sheet shall be promptly furnished to the Buyer. If the Buyer disagrees with the Net Current Assets, the Buyer shall engage Coopers & Xxxxxxx, an independent public accounting firm, at its expense, to audit the Effective Time Balance Sheet and deliver a certified written report to the Seller confirming the Net Current Assets ("Audited Net Current Assets"). If the Seller fails to notify the Buyer within fifteen (15) days after receiving the Coopers & Xxxxxxx report, such report shall be deemed accepted for purposes of calculating Net Current Assets. If the Seller should so notify the Buyer of a dispute concerning Audited Net Current Assets, the Buyer shall then engage another big-six independent accounting firm that is mutually acceptable to the Buyer and the Seller to resolve such dispute and such firm shall notify the Buyer and the Seller of its resolution of such dispute within two weeks of its engagement by
NET CURRENT ASSETS. LCCR's net current assets (current assets minus current liabilities), as calculated under Section 2.7 of this Agreement, shall be at least $1.8 million.
NET CURRENT ASSETS. (i) If the Net Current Assets exceed the Estimated Net Current Assets, the Purchaser shall pay to the Principal Seller an additional amount equal to the excess of the Net Current Assets over the Estimated Net Current Assets as an increase in the consideration for the Shares.
NET CURRENT ASSETS. 1. The Adjusted Net Current Assets of the Group shall be the aggregate of all the current assets as shown in the Completion Accounts less the aggregate of all liabilities (including amounts falling due to creditors not only within but also outside of one year) and charges (including provision for vessels survey and maintenance but excluding deferred Taxation except for Taxation arising on the sale or disposal of an asset when proceeds reinvested in a wasting asset) adjusted as follows to the extent not already taken into account in the Completion Accounts:-
NET CURRENT ASSETS. As soon as practicable but within thirty (30) days after the Closing Date, the Shareholders, at their expense, shall cause Xxxxx & Associates, an independent accounting firm, to prepare a balance sheet of the Company immediately prior to the Effective Time (the "Effective Time Balance Sheet") setting forth the net current assets of the Company using accrual accounting and in conformance with generally accepted accounting principles (the "Net Current Assets"). A copy of the Effective Time Balance Sheet shall be promptly furnished to Parent. If Parent disagrees with the Net Current Assets, Parent shall engage Coopers & Xxxxxxx, an independent public accounting firm, at its expense, to audit the Effective Time Balance Sheet and deliver a certified written report to the Shareholders confirming the Net Current Assets ("Audited Net Current Assets"). If the Shareholders fail to notify Parent within fifteen (15) days after receiving the Coopers & Xxxxxxx report, such report shall be deemed accepted for purposes of calculating Net Current Assets. If the Shareholders should so notify Parent of a dispute concerning Audited Net Current Assets, Parent shall then engage another big-six independent accounting firm that is mutually acceptable to Parent and the Shareholders to resolve such dispute and such firm shall notify Parent and the Shareholders of its resolution of such dispute within two weeks of its engagement by Parent. The cost of services provided by such big-six accounting firm shall be borne equally by Parent on one hand and the Shareholders on the other. Any such resolution shall be final and binding on all parties hereto for the purposes of calculating Net Current Assets. In the event the amount of Net Current Assets is less than $670,000 the Shareholders shall pay such deficit amount to Parent on a dollar-for-dollar basis within thirty (30) days following the later of its determination of the Net Current Assets, Parent's audit or the resolution of any dispute by such big-six accounting firm. In the event the amount of the Net Current Assets is greater than $670,000 Parent shall pay such excess amount on a dollar-for-dollar basis to the Shareholders within thirty (30) days following the later of either Xxxxx & Associates' determination of the Net Current Assets or the determination of Audited Net Current Assets. For purposes of this Section 3.7, "Net Current Assets" shall mean the current assets of the Company at the Effective Time determined in accordance ...
