Acceptable Receivable definition
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.
(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 on 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.
(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 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.
(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 occurs:
(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 on the account under any bankruptcy law or any other law or laws for the relief of debtors.
(i) The account, when added to all other accounts that are obligations of the same debtor, does not cause that debtor's total obligations to...
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.
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.
If a credit adjustment is made with respect to any Eligible 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 credit adjustment is made with respect to any Acceptable Receivable, the amount of such adjustment shall not longer be included in the amount of such Acceptable Receivable in computing the Borrowing Base.
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 90 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 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 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 in the ordinary course of the Borrower's business and without any further obligation on the part of the Borrower to service, repair, or maintain any such goods sold other than pursuant to any applicable warranty.
(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, whether well founded or otherwise.
(d) The account is not the obligation of an account debtor who has asserted or may assert any counterclaims or offsets against the Borrower (including offsets for any "contra accounts" owed by the Borrower to the account debtor for goods purchased by the Borrower or for services performed for the Borrower).
(e) The account represents a genuine obligation of the debtor for goods sold to and accepted by the debtor, or for services performed for and accepted by the debtor. To the extent any credit balances exist in favor of the debtor, such credit balances shall be deducted from the account balance.
(f) The account balance does not include the amount of any finance or service charges payable by the account debtor. To the extent any finance charges or service charges are included, such amounts shall be deducted from the account balance.
(g) The Borrower has sent an invoice to the debtor in the amount of the account.
(h) The Borrower is not prohibited by the laws of the state where the account debtor is located from bringing an action in the courts of that state to enforce the debtor's obligation to pay the account. The Borrower has taken all appropriate actions to ensure access to the courts of the state where the account debtor is located, including, where necessary, the filing of a Notice of Business Activities Report or other similar filing with the applicable state agency or the qualification by the Borrower as a foreign corporation authorized to transact business in such state. 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. The debtor upon the account is not any of the following:
Acceptable Receivable means an account receivable which satisfies --------------------- the following requirements:
(1) The account has resulted from the sale of goods or the performance of services by a Pledging Party in the ordinary course of the Pledging Party's business.
(2) There are no conditions which must be satisfied before the Pledging Party is entitled to receive payment of the account. Accounts arising from COD sales, consignments or guaranteed sales are not acceptable.
(3) The debtor upon the account does not claim any defense to payment and has not asserted any counterclaims against the Pledging Party.
(4) 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.
(5) The Pledging Party has sent an invoice to the debtor in the amount of the account.
(6) The account is owned by the Pledging Party free of any title defects or any liens or interests of others except the security interest in favor of the Bank.
(7) The debtor upon the account is not any of the following:
(1) an employee, affiliate, parent or subsidiary of any Pledging Party, or an entity which has common officers or directors with any Pledging Party.
(2) the United States government or any agency or department of the United States government unless the Bank agrees in writing to accept the account and the Pledging Party complies with the procedures in the Federal Assignment of Claims Act of 1940 with respect to the account.
(3) any state, county, city, town or municipality unless no law or contractual provision exists restricting the applicable Pledging Party's right to assign the applicable account or the applicable Pledging Party has complied with the requirements of such law or contractual provision permitting the assignment to the Bank.
(4) 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.
(5) any person or entity to whom the Pledging Party is obligated for goods purchased by the Pledging Party or for services performed for the Pledging Party. This will not exclude accounts upon which any such debtor is obligated to the extent that the accounts exceed the amount of the Pledging Party's obligation to such debtor.
(8) The account is not in default. An account will be considered in default if any of the following occur:
(1) The account is not paid within the ninety (90) day period starting on its invoice date;
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Acceptable Receivable means:
(i) Amounts identified on the line titled “Accounts Receivable, net of allowance for doubtful accounts” on the Securities and Exchange Commission (SEC) financial filings of the Borrower plus amounts representing keg deposit receivables.
(ii) The account has resulted from the sale of goods or services by the Borrower in the ordinary course of the Borrower’s business and without further obligation on the part of the Borrower to service, repair, or maintain any such goods sold other than pursuant to any applicable warranty.
(iii) Amounts otherwise acceptable to the Bank.