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Eligible Accounts Receivable
Eligible Accounts Receivable contract clause examples
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Accounts Receivable. Seller’s accounts receivable and rents receivable accruing prior to the Closing Date.

Accounts Receivable. All accounts receivable of the Company reflected (or that should have been reflected) on the Estimated Company Balance Sheet arose from bona fide transactions in the ordinary course of business consistent with past practices, are reflected in accordance with GAAP, are not subject to valid defenses, setoffs or counterclaims and have been collected or are collectible in the book amounts thereof, less an amount not in excess of an appropriate allowance for doubtful accounts and billing adjustments set forth on the Estimated Company Balance Sheet, which such allowance is or will be sufficient to provide for any losses that may be sustained on realization of the receivables. No material amount of accounts receivable is contingent upon the performance by the Company of any obligation or Contract. No Person has any Lien (except for Permitted Liens) on any of such accounts receivable, and no agreement for deduction or discount has been made with respect to any of such accounts receivable.

Accounts Receivable. All accounts receivable of either of the Companies reflected on the Balance Sheet (other than those paid since such date) are valid receivables subject to no setoffs or counterclaims and are current and collectible within 120 days after the date on which it first became due and payable, net of the applicable reserve for bad debts on the Balance Sheet. A complete and accurate list of the accounts receivable reflected on the Balance Sheet, showing the aging thereof, is included in [Schedule 2.23]. All accounts receivable of either of the Companies that have arisen since the Balance Sheet Date are valid receivables subject to no setoffs or counterclaims and are collectible within 120 days after the date on which it first became due and payable, net of a reserve for bad debts related to such accounts receivable in an amount proportionate to the reserve shown on the Balance Sheet. Neither of the Companies has received any written notice from an account debtor stating that any account receivable in an amount in excess of €5,000 is subject to any contest, claim or setoff by such account debtor.

All of the accounts receivable, whether billed or unbilled, of the Company arose in the ordinary course of business, are carried at values determined in accordance with GAAP consistently applied, and are not, to the Company’s Knowledge, subject to any valid set-off or counterclaim. No Person has any Lien on any accounts receivable of the Company and no request or agreement for deduction or discount has been made with respect to any accounts receivable of the Company.

Eligible Accounts. The definition of “Eligible Accounts” set forth in the Credit Agreement is hereby amended by deleting clause (j) thereof in its entirety and replacing it with the following:

. As to each Account (other than respect to Accounts in a de minimis amount relative to the aggregate amount of all Eligible Accounts at any time) that is identified by any Borrower, any Canadian Guarantor or Dutch Guarantor, as applicable, as an Eligible Account in a Borrowing Base Certificate submitted to Agent, such Account is # a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account Debtor in the ordinary course of Borrowers’ business, # owed to one or more of the Borrowers, and # to the extent that any officer of any Loan Party has knowledge or reasonably should have had knowledge, not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Accounts.

Accounts Receivable Aging. As soon as available, but in no event later than thirty (30) days after each month end, Borrower’s accounts receivable aging.

a worksheet of calculations prepared by the Borrowers to determine Eligible Accounts, Eligible Credit Card Accounts Receivable and Eligible Inventory, such worksheets detailing the Accounts, Credit Card Accounts Receivable and Inventory excluded from Eligible Accounts, Eligible Credit Card Accounts Receivable and Eligible Inventory and the reason for such exclusion;

Accounts Receivable Aging Schedules. Borrowers shall furnish to Lender as soon as available, and in any event within ten (10) days after the end of each calendar month, detailed accounts receivable and accounts payable aging schedules as of the end of such month, in a form satisfactory to Lender.

. All notes and Receivables of each Company are reflected properly on its books and records and in the Financial Statements, represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business, are valid Receivables subject to no setoffs, expenses, counterclaims, or other reduction, are current and collectible and will be collected in accordance with their terms at their recorded amounts, subject only to the reserve for bad debts (which reserve is adequate and calculated consistent with past practice in the preparation of the Financial Statements) set forth on the face of the Most Recent Balance Sheet as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of each Company[[Parties:Organization]]

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