Accounts and Notes Receivable and Payable. (a) All accounts and notes receivable of the Company and its Subsidiaries have arisen from bona fide transactions in the Ordinary Course of Business consistent with industry practice and are payable on ordinary trade terms. All accounts and notes receivable of the Company and its Subsidiaries reflected on the Balance Sheet are good and collectible at the aggregate recorded amounts thereof. None of the accounts or the notes receivable of the Company and its Subsidiaries (i) are subject to any setoffs or counterclaims or (ii) represent obligations for goods sold on consignment, on approval or on a sale-or-return basis or subject to any other repurchase or return arrangement. Set forth on Schedule 5.24 is a listing of aged accounts and notes receivable as of a date no more than seven (7) days prior to the date hereof. (b) All accounts payable of the Company and its Subsidiaries reflected in the Balance Sheet or arising after the date thereof are the result of bona fide transactions in the Ordinary Course of Business and have been paid or are not yet due and payable.
Appears in 2 contracts
Samples: Stock Purchase Agreement (T-3 Energy Services Inc), Stock Purchase Agreement (T-3 Energy Services Inc)
Accounts and Notes Receivable and Payable. (a) Section 5.19 of the Seller Disclosure Schedule lists and shows the aging of all the accounts receivable (i) reflected on the Balance Sheet or (ii) arising after the Balance Sheet Date. All accounts and notes receivable of the Company and its Subsidiaries have arisen from bona fide transactions in the Ordinary Course of Business consistent with industry past practice and are payable on ordinary trade terms. All accounts and notes receivable of the Company and its Subsidiaries (A) reflected on the Balance Sheet or (B) arising after the Balance Sheet Date are good and collectible at the aggregate recorded amounts thereof, net of any applicable reserve for returns or doubtful accounts, and all such reserves are adequate and were calculated in a manner consistent with past practice and in accordance with GAAP consistently applied. None of the accounts or the notes receivable of the Company and its Subsidiaries (i1) are subject to any setoffs or counterclaims or (ii2) represent obligations for goods sold on consignment, on approval approval, or on a sale-or-return basis or subject to any other repurchase or return arrangement. Set forth on Schedule 5.24 is a listing of aged accounts and notes receivable as of a date no more than seven (7) days prior to the date hereof.
(b) All accounts payable of the Company and its Subsidiaries reflected in the Balance Sheet or arising after the date thereof Balance Sheet Date are the result of bona fide transactions in the Ordinary Course of Business and have been paid or are not yet due and payable.
Appears in 1 contract
Accounts and Notes Receivable and Payable. (a) All accounts and notes receivable of the Company and its Subsidiaries Seller have arisen from bona fide transactions in the Ordinary Course of Business consistent with industry past practice and are payable on ordinary trade terms. All accounts and notes receivable of the Company and its Subsidiaries Seller reflected on the Balance Sheet are good and collectible subject to a customer's inability to pay at the aggregate recorded amounts thereof. None of the accounts or the notes receivable of the Company and its Subsidiaries Seller (i) are subject to any setoffs or counterclaims or (ii) represent obligations for goods sold on consignment, on approval or on a sale-or-return basis or subject to any other repurchase or return arrangement. Set forth on Schedule 5.24 is a listing of aged accounts and notes receivable as of a date no more than seven (7) days prior to the date hereof.
(b) All accounts payable of the Company and its Subsidiaries Seller reflected in the Balance Sheet or arising after the date thereof are the result of bona fide transactions in the Ordinary Course ordinary course of Business business and have been paid or are not yet due and payable.
(c) Except as set out in Schedule 5.20(c), none of the accounts receivable are more than one hundred twenty (120) days past due, except for accounts receivable which are less than $150,000.00 in the aggregate.
Appears in 1 contract