Common use of Operations and Financial Condition Clause in Contracts

Operations and Financial Condition. Absence of Undisclosed Liabilities. Neither Provant nor Acquisition has conducted any material business operations other than in connection with the Merger, the Additional Mergers and the IPO or in preparation for operations to be conducted after the Effective Time. Neither Provant nor Acquisition has any material tangible assets or material liabilities or obligations of any nature, whether accrued, absolute, contingent, or otherwise and whether due or to become due, including without limitation liabilities that may become known or arise after the date hereof and which relate to transactions entered into or any state of facts existing on or before the date hereof and which would be required under generally accepted accounting principles to be shown in a balance sheet or referenced in the notes thereto prepared as of the date hereof, other than those incurred in connection with the Merger, the Additional Mergers and the IPO or in connection with Provant's preparation for future operations. Set forth on the Provant Disclosure Schedule are all liabilities and obligations of Provant and Acquisition (by type) that are as of the date hereof, or are expected to be as of the Effective Time, in excess of $10,000.

Operations and Financial Condition. Absence of Undisclosed LiabilitiesABSENCE OF UNDISCLOSED LIABILITIES. Neither Provant nor Acquisition has conducted any material business operations other than in connection with the Merger, the Additional Mergers and the IPO or in preparation for operations to be conducted after the Effective Time. Neither Provant nor Acquisition has any material tangible assets or material liabilities or obligations of any nature, whether accrued, absolute, contingent, or otherwise and whether due or to become due, including without limitation liabilities that may become known or arise after the date hereof and which relate to transactions entered into or any state of facts existing on or before the date hereof and which would be required under generally accepted accounting principles to be shown in a balance sheet or referenced in the notes thereto prepared as of the date hereof, other than those properly incurred in connection with the Merger, the Additional Mergers and the IPO or in connection with Provant's preparation for future operations. Set forth on the Provant Disclosure Schedule are all liabilities and obligations of Provant and Acquisition (by type) that are as of the date hereof, or are expected to be as of the Effective TimeTime or the effective time of the IPO, in excess of $10,000.