Acceptable Receivable means an account receivable which satisfies the following requirements:
Acceptable Receivable means an account receivable which satisfies the following requirements:
(a) The account has resulted from the sale of goods or the performance of services by the Borrower in the ordinary course of the Borrower's business.
(b) There are no conditions which must be satisfied before the Borrower is entitled to receive payment of the account. Accounts arising from COD sales, consignments or guaranteed sales are not acceptable.
(c) The debtor upon the account does not claim any defense to payment and has not asserted any counterclaims or offsets against the Borrower. To the extent any credit balances exist in favor of the debtor, such credit balances shall be deducted from the account balance. To the extent that an invoice of that account is disputed, the disputed invoice shall be deducted from the account balance.
(d) The account represents a genuine obligation of the debtor for goods sold and accepted by the debtor, or for services performed for and accepted by the debtor.
(e) The Borrower has sent an invoice to the debtor in the amount of the account.
(f) The account is owned by the Borrower free of any title defects or any liens or interests of others except the security interest in favor of the Bank.
(g) The debtor upon the account is not any of the following:
(i) an employee, affiliate, parent or subsidiary of the Borrower, or an entity which has common officers or directors with the Borrower.
(iii) any state, county, city, town or municipality.
(iv) any person or entity located in a foreign country unless the account is supported by a letter of credit issued by a bank acceptable to the Bank.
(v) any person or entity to whom the Borrower is obligated for goods purchased by the Borrower or for services performed for the Borrower. This will not exclude accounts upon which any such debtor is obligated to the extent that the accounts exceed the amount of the Borrower's obligation to such debtor.
(h) The account is not in default. An account will be considered in default if any of the following occur:
(i) The account is not paid within the 90 day period starting on its invoice date;
(ii) The debtor obligated upon the account suspends business, makes a general assignment for the benefit of creditors, or fails to pay its debts generally as they come due; or
(iii) Any petition is filed by or against the debtor obligated upon the account under any bankruptcy law or any other law or laws for the relief of debtors.
(i) The account is not the obligation of a debtor w...
Acceptable Receivable means an Account:
Examples of Acceptable Receivable in a sentence
If a credit adjustment is made with respect to any Acceptable Receivable, the amount of such adjustment shall no longer be included in the amount of such Acceptable Receivable in computing the Borrowing Base.
If a client adjustment is made with respect to any Acceptable Receivable, the amount of such adjustment shall no longer be included in the amount of such Acceptable Receivable in computing the Borrowing Base.
Tenant shall continue to have the Extension Terms (i.e., two (2) additional periods of five (5) years each), pursuant to Section X of the Third Amendment (which replaced Section 38 of the Addendum to Lease).
If a credit adjustment is made with respect to any Acceptable Receivable, the amount of such adjustment shall no longer be included in the amount of such Acceptable Receivable in computing the Domestic Borrowing Base.
A material default by the Borrower occurs under the terms of any Acceptable Receivable or any breach in the Borrower's performance obligations occurs under any Acceptable Receivable.
More Definitions of Acceptable Receivable
Acceptable Receivable means an account receivable of a Borrower which satisfies the following requirements:
(a) The account has resulted from the sale of goods or the performance of services by the Borrower in the ordinary course of the Borrower's business.
(b) There are no conditions which must be satisfied before the Borrower is entitled to receive payment of the account. Accounts arising from COD sales, consignments or guaranteed sales are not acceptable.
(c) The debtor upon the account does not claim any defense to payment of the account.
(d) The account balance does not include the amount of any counterclaims or offsets which have been or may be asserted against the Borrower by the account debtor (including offsets for any "contra accounts" owed by the Borrower to the account debtor for goods purchased by the
Acceptable Receivable means an account receivable which satisfies the following requirements:
(a) The account is not in default. An account will be considered in default if the account is not paid within 30 days from its invoice date.
(b) The account is an unbilled receivable, as described as work-in-progress on the Borrower's financial statements. The aggregate amount of acceptable unbilled receivables may not exceed Four Hundred Thousand Dollars ($400,000).
Acceptable Receivable is amended in full to read as follows:
Acceptable Receivable means an account receivable which satisfies the following requirements:
(a) The account has resulted from the sale of goods or the performance of services by the Borrower or any subsidiary or affiliate which has executed a guaranty and security documents acceptable to the Bank ("Pledging Guarantor") in the ordinary course of the Borrower's business.
(b) There are no conditions which must be satisfied before the Borrower or Pledging Guarantor is entitled to receive payment of the account. Accounts arising from COD sales, consignments or guaranteed sales are not acceptable.
(c) The debtor upon the account does not claim any defense to payment and has not asserted any counterclaims or offsets against the Borrower or Pledging Guarantor.
(d) The account represents a genuine obligation of the debtor for goods sold and accepted by the debtor, or for services performed for and accepted by the debtor.
(e) The Borrower or Pledging Guarantor has sent an invoice to the debtor in the amount of the account.
(f) The account is owned by the Borrower or Pledging Guarantor free of any title defects or any liens or interests of others except the first priority security interest in favor of the Bank.
(g) The debtor upon the account is not any of the following:
(i) an employee, affiliate, parent or subsidiary of the Borrower or Pledging Guarantor, or an entity which has common officers or directors with the Borrower or any Pledging Guarantor.
(ii) the U.S. government or any agency or department of the U.S. government unless the Bank agrees in writing to accept the obligation and the Borrower or Pledging Guarantor complies with the procedures in the Federal Assignment of Claims Act of 1940 with respect to the obligation. (iii) any state, county, city, town or municipality. (iv) any person or entity located in a foreign country, excluding Canada.
(h) The account is not in default. An account will be considered in default if any of the following occur:
(i) The account is not paid within the 91 day period starting on its invoice date; (ii) The debtor obligated upon the account suspends business, makes a general assignment for the benefit of creditors, or fails to pay its debts generally as they come due; or
(iii) Any petition is filed by or against the debtor obligated upon the account under any bankruptcy law or any other law or laws for the relief of debtors;
(i) The account is not the obligation of a debtor who is in default (as defined above) on 50% or more of the accounts upo...
Acceptable Receivable set forth in Section 1 of the Agreement is amended to add the following two sentences to the end of such paragraph. “It is provided, however, that if the debtor obligated upon an account is Flight Options, the concentration limitation applicable to such debtor will be increased to 25%; provided, however, in the event that the debt rating of
Acceptable Receivable means an account receivable which satisfies the following requirements:
(a) The account has resulted from the sale of goods or the performance of services by any Borrower in the ordinary course of such Borrower's business.
(b) There are no conditions which must be satisfied before the Borrowers are entitled to receive payment of the account. Accounts arising from COD sales, consignments or guaranteed sales are not acceptable.
(c) The debtor upon the account does not claim any defense to payment and has not asserted any counterclaims against the Borrowers.
(d) The account represents a genuine obligation of the debtor for goods sold and accepted by the debtor, or for services performed for and accepted by the debtor.
(e) the Borrowers have sent an invoice to the debtor in the amount of the account.
(f) The account is owned by the Borrowers free of any title defects or any liens or interests of others except the security interest in favor of the Bank.
(g) The debtor upon the account is not any of the following:
(i) an employee, affiliate, parent or subsidiary of any Borrower, or an entity which has common officers or directors with any Borrower.
(ii) the U.S. government or any agency or department of the U.S. government unless the Bank agrees in writing to accept the obligation and the Borrowers comply with the procedures in the Federal Assignment of Claims Act of 1940 with respect to the obligation (unless otherwise approved by Bank and such account is supported by a letter of credit or other credit enhancement acceptable to Bank).
(iii) any state, county, city, town or municipality.
(iv) any person or entity located in a foreign country (unless otherwise approved by Bank and such account is supported by a letter of credit or other credit enhancement acceptable to Bank).
(v) any person or entity to whom any Borrower is obligated for goods purchased by such Borrower or for services performed for such Borrower.
(h) The account is not in default. An account will be considered in default if any of the following occur:
(i) The account is not paid within the 30 day period starting on its due date, provided, however, that the due date will not be later than sixty (60) days from the invoice date;
(ii) The debtor obligated upon the account suspends business, makes a general assignment for the benefit of creditors, or fails to pay its debts generally as they come due; or
(iii) Any petition is filed by or against the debtor obligated upon the account under any bankrupt...
Acceptable Receivable is amended by deleting "$500,000" in the two places in which such amount appears and replacing it with "$2,000,000".