Acceptable Accounts means Accounts Receivable, including unbilled Accounts Receivable (a) in which Bank holds a valid, perfected first security interest (or in the case of Accounts Receivable arising from Government Contracts, in which Bank holds a valid, perfected security interest subject only to the lien of the United States thereon); (b) which arise from goods theretofore sold and delivered or services theretofore rendered to the Account Debtor; (c) with respect to which no setoffs, counterclaims or defenses are claimed by the Account Debtor; (d) which are not billed in advance, payable on delivery, progress xxxxxxxx, payable at a future date, subject to a retainage or hold back or subject to or covered by a payment or performance bond issued by a surety company, (e) with respect to which the Account Debtor (i) maintains its chief executive office in the United States of America or Canada, (ii) is organized under the laws of the United States or Canada, or any state or province thereof, as applicable or (iii) is not the government of any foreign country or sovereign state, or any state, providence, municipality or instrumentality thereof, (f) which constitute the binding obligation of an Account Debtor which at the time a loan advance or extension of credit is requested based upon such Account, and at all times thereafter while a loan advance or extension of credit remains outstanding, is solvent, is financially able to pay its debts and obligations as they become due and is paying its debts and obligations as they become due; (g) which do not remain unpaid more than one hundred twenty (120) days after the date of such invoice; (h) with respect to which the Account Debtor is not a Related Person (other than one of the MFS Entities) or any officer, director, agent or employee of a Related Person; and (i) which do not arise from a “sale on approval,” “sale or return,” “guaranteed sale” or “consignment.” An unbilled Accounts Receivable shall mean an Accounts Receivable which meets all of the requirements to be an Acceptable Account except that an invoice has not yet been generated and which is not unbilled more than thirty (30) days after the date the applicable goods were sold and delivered or the applicable services rendered. Progress xxxxxxxx do not include Accounts generated under contracts which call for periodic invoicing for completed services and under which a Borrowing Base Obligor provides periodic services for an Account Debtor and then invoices the Account Debtor...
Acceptable Accounts. (a) Such of the Borrower's Accounts and Accounts Receivable (as defined below) as arise in the ordinary course of the Borrower's business for goods sold and/or services rendered by the Borrower, which Accounts and Accounts Receivable have been determined by the Lender to be satisfactory and have been earned by performance and are owed to the Borrower by such of the Borrower's trade customers as the Lender determines to be satisfactory, in the Lender's sole discretion in each instance.
Acceptable Accounts means and includes those Accounts (i) which have been validly assigned to TEMPFUNDS, (ii) strictly comply with all of Borrower’s warranties and representations to TEMPFUNDS, (iii) contain payment terms of not greater than the Term Days (as defined on Exhibit B, paragraph 3) from invoice date, (iv) are not past due more than the number of Maximum Days (as defined on Exhibit B, paragraph 4), (v) are invoiced not later than ten (10) days from the last date of service or delivery (vi) are invoiced on not greater than a monthly cycle, and (vii) other than those Accounts where TEMPFUNDS has notified Borrower that, in TEMPFUNDS sole discretion, which shall be exercised in a commercially reasonable manner, the Account or Customer is not acceptable to TEMPFUNDS. Without limiting TEMPFUNDS rights to deem any Account not acceptable, as a general guideline Acceptable Accounts shall not include the following: (a) Accounts with respect to which the Customer has common officers, employees, directors or agents with Borrower, or is a subsidiary of, related to or affiliated with Borrower; (b) Accounts with respect to which services or goods are on guaranteed sale or other terms by reason of which the payment by the Customer may be conditional; (c) Accounts with respect to which the Customer is not a resident of the United States; (d) Accounts with respect to which the Customer is the United States or any department, agency or instrumentality of the United States; provided, however, that an Account shall not be deemed ineligible by reason of this clause if the aggregate amount of such Accounts does not exceed five percent (5%) of the total of Borrower’s Accounts, or in the event the aggregate amount of such Accounts does exceed five percent (5%) of the total of Borrower’s Accounts, and that Borrower has completed all steps necessary, in the opinion of TEMPFUNDS, to comply with the Federal Assignment of Claims Act of 1940 (31 U.S.C. Section 3727); (e) Accounts with respect to which the Customer is any state of the United States or any city, town, municipality, county or division thereof; provided, however, that an Account shall not be deemed ineligible by reason of this clause (e) if the aggregate amount of such Accounts does not exceed five percent (5%) of the total of Borrower’s Accounts outstanding, or in the event the aggregate amount of such Accounts does exceed five percent (5%) of the total of Borrower’s Accounts, the Account can be assigned to TEMPFUNDS in a manner re...
Examples of Acceptable Accounts in a sentence
However, as submitted by the Additional Solicitor General it is manifest that the company did not carry out any real estate activity as neither was Allied Laws Corner such activity reflected in its books of account by way of turnover, income and profit therefrom nor for that matter was the land of the company included in inventory under the head of Current Assets warranted under applicable Generally Acceptable Accounts Principles (hereinafter ‘GAAP’) for real estate businesses.
Riviera agrees to buy Acceptable Accounts, at a discount, from Client that have been approved for purchase from Client, subject to the limits, fees, and charges described in this Agreement.
Client shall from time to time sell and transfer Acceptable Accounts to Riviera subject to Riviera’s instructions and approval.
Applicable Percentage of Acceptable Accounts: 80% Applicable Percentage of Acceptable Inventory: 50%, up to maximum dollar amount attributable to such inventory of $1,500,000.00 Definition of Acceptable Accounts: The term "Acceptable Accounts" means those of the BORROWER's accounts and accounts receivable as the BANK determines to be satisfactory, in the BANK's sole discretion determined in good faith and in a commercially reasonable manner.
If MPC or Gateway Companies is in default of any Account Purchase Agreement, then WFBC may release Acceptable Accounts then held by WFBC in the Gateway Blocked Accounts, but only to the extent of WFBCs lien interest and only to the extent necessary to secure payment of any amount then due and owing by MPC or Gateway Companies to WFBC under the Account Purchase Agreement in default.3.
More Definitions of Acceptable Accounts
Acceptable Accounts means an account receivable or accounts receivable of Borrower due not more than ninety (90) days from the date set forth on the original invoice evidencing such account receivable, arising from the absolute sale of goods by Borrower in which Borrower had the sole and complete ownership or the performance of services by Borrower in the ordinary course of its business, which conforms to the warranties set forth in subparagraph 1(d) below, and which:
Acceptable Accounts is hereby amended by deleting the references to the term "Borrower" therein and substituting "Borrower and AWI" in their stead.
Acceptable Accounts. Such of the Borrower's Accounts and accounts receivable arising from franchise agreements and third party pharmacy billxxxx xxx arising in the ordinary course of the Borrower's business for goods sold and/or services rendered by the Borrower, which Accounts and accounts receivable have been determined by the Agent to be satisfactory and have been earned by performance and are owed to the Borrower by such of the Borrower's franchisees and third party pharmacy obligors as the Agent determines to be satisfactory, in the Lender's discretion in each instance as to which Accounts, the Agent has a perfected security interest which is prior and superior to all security interests, claims, and all Encumbrances.
Acceptable Accounts. (a) Such of the Borrowers' Accounts as arise in the ordinary course of the Borrowers' business for goods sold
Acceptable Accounts means those domestic accounts of the Borrower as to which (x) the Bank has a security interest, (y) the Borrower has furnished to the Bank information as provided in Section III, paragraph 3(d)(iv), below, and (z) are less than sixty (60) days old from the invoice date and otherwise are acceptable to the Bank for lending; or
Acceptable Accounts is hereby deleted in its entirety, and the following substituted in its stead:
Acceptable Accounts means accounts receivable of the Borrower that originate in the United States or Canada: (i) which constitute legal, valid and binding obligations arising from bona fide transactions in the ordinary course of business consistent with past practices of the Borrower, (ii) against which there are no contests, claims, counterclaims, defenses, contra accounts or other rights of set-off, other than returns in the ordinary course consistent with past practices of the Borrower, (iii) not to exceed one hundred twenty (120) days in age from the applicable invoice date, and (iv) with creditworthiness acceptable to Lender in its discretion. Creditworthiness may include, without limitation, the following factors: customer creditworthiness, credit concentrations, credit cross-agings, contra accounts and dilution. Accounts receivable that originate outside of the United States or Canada may be considered Acceptable Accounts as determined on a case-by-case basis by Lender in its sole discretion.