No Delinquent Receivables Clause Samples
The "No Delinquent Receivables" clause establishes that all accounts receivable involved in the agreement are current and not overdue. In practice, this means the seller or party providing receivables guarantees that none of the debts owed to them are past their due date or in default at the time of the transaction. This clause helps ensure the value and collectability of the receivables, protecting the buyer or counterparty from inheriting problematic or uncollectible debts.
No Delinquent Receivables. As of the Cutoff Date, no Receivable has a payment for which more than $50 of a Scheduled Payment is more than thirty (30) days past due.
No Delinquent Receivables. As of the Cutoff Date, no Receivable has a Scheduled Payment that was more than thirty (30) days past due in accordance with the Servicer’s customary practices. 1: Confirm the next payment due date as stated within the data tape or servicing system for the Receivable is not more than 30 days prior to the Cutoff Date
No Delinquent Receivables. As of the Cutoff Date, no payment due under any Receivable was more than 30 days past due.
No Delinquent Receivables. As of the Cutoff Date, no Receivable is more than thirty (30) days past due in accordance with customary servicing practices.