Common use of Solvency of Customers Clause in Contracts

Solvency of Customers. Each Customer, to the Loan Parties knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portion.

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (Lesco Inc/Oh), Credit and Security Agreement (Blonder Tongue Laboratories Inc)

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Solvency of Customers. Each Customer, to the best of each Loan Parties Party’s knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or or, with respect to such Customers of any Loan Party who are known to such Loan Party not to be solvent on the date each Receivable is created, such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Receivables.

Appears in 2 contracts

Samples: Revolving Credit, Term Loan and Security Agreement (Stream Global Services, Inc.), Revolving Credit, Term Loan and Security Agreement (Stream Global Services, Inc.)

Solvency of Customers. Each Customer, to the best of each Loan Parties Party's knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any such Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Receivables.

Appears in 2 contracts

Samples: Debt Agreement (Castle a M & Co), Revolving Credit and Security Agreement (General Finance CORP)

Solvency of Customers. Each Customer, to the Loan Parties Party’s actual knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portion.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Allegheny Technologies Inc)

Solvency of Customers. Each Customer, to the best of each Loan Parties Party’s knowledge, as of the date each Receivable Account is created, is and will be solvent Solvent and able to pay all Receivables Accounts on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent Solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Accounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Velocity Express Corp)

Solvency of Customers. Each Customer, to the Loan Parties Party's knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves reasonably adequate to cover the uncollectible portionsuch Receivables on a basis consistent with GAAP.

Appears in 1 contract

Samples: Loan and Security Agreement (Brown Jordan International Inc)

Solvency of Customers. Each Customer, to the best of each Loan Parties Party's knowledge, as of the date each Receivable Account is created, is and will be solvent and able to pay all Receivables Accounts on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Accounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Stanadyne Automotive Corp)

Solvency of Customers. Each Customer, to the Loan Parties Party's actual knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portion.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Allegheny Technologies Inc)

Solvency of Customers. Each Customer, to the applicable Loan Parties Party’s knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portion.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Radnor Holdings Corp)

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Solvency of Customers. Each Customer, to the each Loan Parties Party’s knowledge, as of the date each Receivable Account is created, is and will be solvent and able to pay all Receivables Accounts on which the Customer is obligated in full when due or with respect to such Customers of any each Loan Party who are not solvent such solvent, each Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Accounts.

Appears in 1 contract

Samples: Securities Purchase Agreement and Security Agreement (Fusion Telecommunications International Inc)

Solvency of Customers. Each Customer, to the Loan Parties Parties’ knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portion.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Imco Recycling Inc)

Solvency of Customers. Each Customercustomer, to the best of each Loan Parties Party's actual knowledge, as of the date each Receivable Account is created, is and will be solvent and able to pay all Receivables Accounts on which the Customer customer is obligated in full when due or with respect to such Customers customers of any such Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Accounts.

Appears in 1 contract

Samples: Loan and Security Agreement (INVACARE HOLDINGS Corp)

Solvency of Customers. Each Customer, to the best of Loan Parties Parties' knowledge, as of the date each Receivable is created, is and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party Parties who are not solvent such solvent, Loan Party has Parties, as applicable, have set up on its their books and in its their financial records bad debt reserves adequate to cover the uncollectible portionsuch Receivables.

Appears in 1 contract

Samples: Loan and Security Agreement (Tb Woods Corp)

Solvency of Customers. Each Customer, to the each Loan Parties Party’s knowledge, as of the date each Receivable is created, is solvent and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers of any Loan Party who are not solvent such Loan Party has set up on its books and in its financial records bad debt reserves adequate to cover the uncollectible portionsuch Receivables.

Appears in 1 contract

Samples: Loan and Security Agreement (Edgen Louisiana CORP)

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