Acceptable Accounts means 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 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; (e) which do not remain unpaid more than ninety (90) days after the date of such invoice; (f) with respect to which the Account Debtor is not a Related Person or any officer, director, agent or employee of a Related Person; (g) which do not arise from a “sale on approval,” “sale or return,” “guaranteed sale” or “consignment”; (h) which do not arise or do not appear to arise from a fraudulent transaction; and (i) the chief executive office of the Account Debtor with respect to such Accounts Receivable is located in the United States. Further, unless the Bank shall otherwise agree in writing (x) if the Accounts Receivable owed by any Account Debtor shall include invoices which have remained unpaid for more than ninety (90) days following the respective invoice dates, and the aggregate amount owed upon such invoices exceeds twenty-five percent (25%) of the total Accounts Receivable owed by such Account Debtor, the Accounts Receivable owed by such Account Debtor shall not constitute Acceptable Accounts, or (y) if the total Accounts Receivable owed by any Account Debtor (other than those Account Debtors, if any, specifically listed in Exhibit “1.1” attached hereto) shall exceed twenty-five percent (25%) of the aggregate amount of all of the Borrower's Accounts Receivable, such excess amount shall not be deemed to constitute Acceptable Accounts. For the purposes hereof, “Unbilled Revenues” shall also be deemed to constitute Acceptable Accounts if not more than thirty (30) days beyond the Dispatch Date, and if they otherwise comply with clauses (a), (b), (c), (d), (f) and (g) hereinabove; pr...
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 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:
Examples of Acceptable Accounts in a sentence
Summit may purchase from Client such Acceptable Accounts as Summit elects.
If the total of the outstanding Purchased Accounts owing by any single Account Debtor equals Sixty Percent (60%) or more of the total outstanding Purchased Accounts owing by all Account Debtors, the portion of the Purchased Accounts owing by that single Account Debtor in excess of this limit shall not be Acceptable Accounts.
If Twenty-Five Percent (25%) or more of the outstanding Accounts owing by an Account Debtor are past the Account Due Date, none of the Accounts owing by that Account Debtor shall be Acceptable Accounts.
Quick-Fix is an abatement incentive program, meant to encourage employers to immediately abate hazards found during an OSHA inspection and quickly to prevent potential employee injury, illness, and death.
Client hereby agrees to assign and sell, and does hereby assign and sell, to WFB, as absolute owner, and WFB hereby agrees to purchase, and does hereby purchase, certain Acceptable Accounts of Client selected by WFB for purchase hereunder, without further act or instrument.
More Definitions of Acceptable Accounts
Acceptable Accounts means and includes those Accounts (i) which have been validly assigned to Capital, (ii) strictly comply with all of Borrower’s warranties and representations to Capital, (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 date of service or delivery and (vi) are invoiced on not greater than a monthly cycle; provided, however, that 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, that Borrower has completed all steps necessary, in the opinion of Capital, 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; (f) Accounts not previously approved by Capital where the expected dollar value for such Customer is greater than ten (10%) percent of Borrower’s existing Accounts or the Maximum Concentration Amount (as defined on Exhibit B, paragraph 5), whichever is less; (g) those Accounts where Capital has notified Borrower that, in Capital’s sole discretion, which shall be exercised in a commercially reasonable manner, the Account or Customer is not acceptable to Capital; (h) all of the Acc...
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 out of credit card sales 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 credit card processors as the Agent determines to be reasonably satisfactory, in the Agent's discretion in each instance.
Acceptable Accounts means Accounts Receivable on which the Bank has a negative pledge; (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; and (d) which do not remain unpaid more than ninety (90) days after the date of the related invoice.
Acceptable Accounts means and refers to such of the Borrower's and its Subsidiary's Accounts and Accounts Receivable (as defined below) as arise in the ordinary course of the Borrower's and its Subsidiary's business for goods sold and/or services rendered by the Borrower or a Subsidiary, from Holliston, Massachusetts, and/or the United Kingdom, and/or Quebec, Canada, and/or France, which Accounts and Accounts Receivable have been reasonably determined by the Agent to be satisfactory and have been earned by performance and are owed to the Borrower or a Subsidiary by such of the Borrower's or such Subsidiary's trade customers as the Agent reasonably determines to be satisfactory, in the Agent's sole discretion in each instance.
Acceptable Accounts is defined in Section 1-2(a).
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.