Example ContractsClausesReceivables
Receivables
Receivables contract clause examples

Receivables. Greater than 50% of all accounts receivable of the Credit Parties and their Subsidiaries arising from the sale of BioThrax or NuThrax to Governmental Authorities of the Federal Government of the United States under a Material Contract becomes more than ninety (90) days past the

Notify [[Organization B:Organization]] immediately if any of its Receivables arise out of contracts between any Loan Party and # the United States, any state, or any department, agency or instrumentality of any of them, and # Canada or any department, agency, instrumentality or crown corporation thereof.

Eligible Receivables. The definition of “Eligible Receivables” set forth in Section 1.01 of the Credit Agreement is hereby amended by # deleting “; or” at the end of [clause (q)] and replacing it with a semicolon, # deleting the period at the end of [clause (r)] and replacing it with “; or”, and # adding the following new [clause (s)] immediately [following clause (r)] therein:

Governmental Receivables. To collect all amounts due from any government agency by reason of sale of Wound Care Products (“Government Receivables”), and to receive and administer all payments from all Government Receivables in the Provider’s name and on the Provider’s behalf, and to deposit such amounts in a bank account in the Provider’s name (“Provider Lockbox Account”). The Provider Lockbox Account may be established for Provider by Manager but the account shall be the sole and exclusive property of Provider. Manager shall have no control over and shall not be authorized to make withdrawals from the Provider Lockbox Account. It shall, however, be a material breach of this Agreement by Provider to terminate the Manager’s ability to sweep the amounts received in the Provider Lockbox Account into the Operating Account as set forth in [Section 3.1.5].

Government Receivables. The account debtor is not the United States or any agency or department thereof.

Tenant Receivables. Rents due from tenants under Leases and from tenants or licensees under License Agreements and operating expenses and/or taxes payable by tenants under Leases (collectively, “Tenant Receivables”) and not collected by as of Closing shall not be prorated between and at Closing but shall be apportioned on the basis of the period for which the same are payable and if, as and when collected, as follows:

Released Receivables. As of any date of determination, the aggregate Unpaid Balance of Receivables identified by Arrow and released by the Administrative Agent pursuant to clause (b) of the definition of “Receivable” during the related Determination Period (as defined below) shall not exceed an amount equal to 10.0% of the average daily aggregate Unpaid Balance of all Receivables during such related Determination Period; provided, that no Receivables shall be identified or released pursuant to clause (b) of the definition of “Receivable” if the credit quality of all Arrow ECS Receivables, taken as a whole, after giving effect to such release shall be materially inferior to the credit quality of all Arrow ECS Receivables, taken as a whole, immediately prior to such release. Determination Period means, with respect to any date of determination, # during the first twelve (12) calendar months following the Amendment No. 26 Effective Date, the period beginning on the Amendment No. 26 Effective Date and ending on such date of determination and # thereafter, the immediately trailing twelve (12) calendar months.

Schedule of Receivables. The information with respect to a Receivable set forth in the Schedule of Receivables is true and correct in all material respects as of the related Funding Date or substitution date.

SECTION # Business of the Borrowers and their Subsidiaries. Notwithstanding any other provisions hereof, engage at any time in any business or business activity other than any business or business activity conducted by any Borrower and the Restricted Subsidiaries on the Closing Date (after giving effect to the Transactions) and any similar, corollary, related, ancillary, incidental or complementary business or business activities or a reasonable extension, development or expansion thereof or ancillary thereto.

ArvinMeritor Receivables Corporation. ARC (or any other SPV party to a Permitted Domestic Receivables Securitization) has been and continues to be designated as an “Unrestricted Subsidiary” under and as defined in each Senior Note Indenture.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.