Accounts and Card Issuance Sample Clauses

Accounts and Card Issuance. 2.1. Account Opening and Card Issuance Subject to the terms of this Agreement, we will open the Card Account. We will lend money to the Business and the Owner by way of Charges to the Card Account, including without limitation, those Charges made by a Cardholder, in accordance with the terms of this Agreement. To access the Card Account, we will issue a Card and Cheques to the Business, the Owner(s), and on your request, we will issue a Card and Cheques to anyone who any of you authorize. If any of you direct us to issue a Card and Cheques to any person, by doing so, you are authorizing that person to incur expenses on behalf of your Business for which you will be responsible in accordance with the terms of this Agreement. We will open a separate sub account of the Card Account (the Cardholder Account) for each Cardholder who any of you have requested we issue a Card to. Charges incurred with a Card, or otherwise by using the Card Account, will be charged to the Card Account by every Cardholder and will be Debt for which the Business and the Owner shall be jointly and severally (in Quebec, solidarily) liable. This means that each Owner and the Business is jointly and severally (and in Quebec, solidarily) liable and responsible for all amounts owing to ATB on the Card Account, including, without limitation, Charges incurred by any Cardholder, regardless of which Cardholder incurred the Charge. Unless we receive prior written instructions from the Business or any Owner to the contrary, we will issue renewal and replacement Cards to each Cardholder prior to the expiry date indicated on the Card last issued to them. A Cardholder may instruct us not to issue or renew his or her own Card but may not provide instructions regarding any other Cardholder’s Cards.
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Accounts and Card Issuance 
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Related to Accounts and Card Issuance

  • Accounts Receivable All accounts receivable of the Acquired Companies that are reflected on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (collectively, the "Accounts Receivable") represent or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves shown on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (which reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Interim Balance Sheet represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable. Part 3.8 of the Disclosure Letter contains a complete and accurate list of all Accounts Receivable as of the date of the Interim Balance Sheet, which list sets forth the aging of such Accounts Receivable.

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