Common use of Liabilities at Closing Clause in Contracts

Liabilities at Closing. The Company shall not have any delinquent payables (not including any (i) accrued but unpaid compensation amounts, (ii) unpaid payables which remain unpaid for 60 days or less after the due date for such payable, (iii) unpaid payables which remain unpaid for more than 60 days in an amount up to $10,000,000 relating to equipment, raw materials and other payables or (iv) Outstanding Company Transaction Expenses), the Company’s funded debt including institutional and Permitted Financing debt shall not exceed $100,000,000 (provided that all Permitted Financings were debt financing) and at least $20,000,000 from such Permitted Financings shall have been used to retire Company indebtedness in existence as of the date of this Agreement.