Acceptable Receivables definition
Acceptable Receivables. The words "Acceptable Receivables" shall mean and include those Accounts and Accounts Receivable of Borrower and Partech, Inc., (as specifically defined and limited in the paragraph below titled Accounts, Accounts Receivable, etc), which are reported monthly by accounts receivable and accounts payable aging/summary reports, aged at not in excess of those numbers of days as set forth in the Borrowing Base Certificate (below defined and set out as Exhibit 1 herein), respective to those categories of Accounts Receivable set forth in the Borrowing Base Certificate, and subject to periodic audit and verification. The words "Acceptable Receivables" shall also exclude:
Acceptable Receivables means the aggregate accounts receivable of the Credit Parties determined by the Lender from its review of the most recent consolidated financial statements and aged listing of accounts receivable of the Credit Parties over which the Lender holds a first assignment or first security interest, but from which shall be excluded (i) Acceptable Investment Grade Receivables, (ii) holdbacks, (iii) accounts which have been outstanding for more than 60 days, (iv) accounts receivable from affiliated corporations,
Acceptable Receivables means the aggregate of accounts receivable of the Borrower from customers approved by the Bank from which shall be excluded all accounts receivable:
7.2.1 which have been outstanding or not more than 60 days;
7.2.2 from Affiliates of the Borrower;
7.2.3 which are disputed by the Borrower’s customers or a subject to set-off;
7.2.4 from customers from whom other accounts receivable remain outstanding for in excess of 60 days;
7.2.5 accounts receivable from customers resident in the United States, from which Priority Claims shall be deducted from Acceptable Receivables. As at the date of this Offer Letter (and without limiting the Bank’s right to at any time deduct further Priority Claims), it is the Bank’s intention to deduct those Priority Claims arising under the Employment Standards Act (British Columbia), Excise Tax Act (Canada), Income Tax Act (Canada) and Social Service Tax Act (British Columbia) (and the corresponding legislation in the Province of Quebec);
Examples of Acceptable Receivables in a sentence
Acceptable Finished Goods Inventory and Acceptable Raw Materials Inventory as of the last day of each calendar month and the 15th day of each calendar month as applicable, together with copies of the invoices or the record of invoices from Borrower's sale journal for such Acceptable Receivables and copies of the delivery receipts, purchase orders, shipping instructions, bills of lading and other documentation pertaining to such Facility I Acceptable Receivables, if specifically requested by Bank.
The Borrower acknowledges that the Bank will be irreparably harmed if the Borrower fails to assign payments due or to become due under any Acceptable Receivables when required by this Agreement, and that the Bank shall have no adequate remedy at law.
The Receivables included in each Borrowing Base Certificate submitted to the Bank constitute Acceptable Receivables within the meaning of this Loan Agreement.
Deliver to the Bank on a monthly basis no later than the fifteenth (15th) day following months end, a certificate in form and content acceptable to the Bank, setting forth the amount of the Receivables, Acceptable Receivables of the Company and an aging report by customer of all Receivables of the Company, and adding with each request for advance on the Revolving Loan a certificate in form and content acceptable to Bank, setting forth the Borrowing Base.
The Borrowers acknowledge that their failure to deliver to the Bank the items set forth below within the prescribed time periods shall result in such government receivables being excluded from the Borrowing Base as not being Acceptable Receivables.
More Definitions of Acceptable Receivables
Acceptable Receivables means a Receivable or Receivables due not more than ninety (90) days from the date set forth on the original invoice evidencing such Receivable, arising from the performance of services by the Company in the ordinary Course of its business, which conforms to the warranties set forth in Section 6.01 hereof, and which:
(i) is a Receivable upon which the Company's right to receive payment is absolute and not contingent upon the fulfillment of any condition whatsoever;
(ii) does not arise from a Provision of Services to an affiliate, parent, or subsidiary of the Company;
(iii) does not arise from the exchange or barter of any services;
(iv) does not arise from a contract containing a prohibition against assigning or granting a security interest therein;
(v) is not a Receivable of a Receivable Debtor which has suspended business, made a general assignment for the benefit of creditors, committed any act of insolvency, filed or have had filed against it any petition against the Receivable Debtor under any bankruptcy law or any law or laws for the relief of debtors;
(vi) is not the Receivable of a Receivable Debtor which shall have objected, in any material respect, to the quality or quantity of the services of the Company, or shall have rejected, or refused to accept such services; and
(vii) is not a Receivable which is, in the Bank's reasonable judgment, the Receivable of a Receivable Debtor which is an undue credit risk or otherwise unacceptable to the Bank in its sole discretion.
Acceptable Receivables means the aggregate of accounts receivable of the Borrower, determined by the Bank from the most recent financial statements and aged list of accounts receivable of the Borrower, over which the Bank holds a first ranking security interest, subject only to Potential Prior Ranking Claims and Permitted Encumbrances, from customers approved by the Bank and which are aged from invoice date and which have been outstanding for not more than 90 days, from which shall be excluded: (i) accounts receivable from related or affiliated corporations or other non-arm’s length Persons; (ii) warranty claims receivable; (iii) tax refunds; (iv) rebates; (v) discounts (whether cash discounts, volume discounts, promotional/advertising discounts or otherwise); and (vi) accounts which are disputed by the Borrower’s customers; (vii) contra accounts and trade accounts receivable subject to offset; (viii) such excessive concentration of trade accounts receivable from a single customer and affiliates or from a single region or other category as the Bank may determine and notify to the Borrower; (ix) the amount of Potential Prior Ranking Claims; (x) the insured and uninsured portions of any Insured Receivables; (xi) accounts receivable that are governed by or issued by a customer subject to the laws of a jurisdiction other than Canada or the U.S.; (xii) accounts receivable that are “Purchased Receivables” or “Financed Receivables” (as such terms are defined in any Receivables Purchase Agreement, Trade Invoice Recourse Financing Facility Agreement or other similar agreement between the Borrower and the Bank); and (xiii) such other exclusions and deductions, if any, which have been communicated by the Bank to the Borrower in writing. If any portion of an account receivable has been outstanding for more than 90 days (or such other date as advised by the Bank) from the invoice date , the entire account receivable (including the portion outstanding for 90 days or less) shall be excluded from the calculation of Acceptable Receivables except that if the portion of the account receivable that has been outstanding for more than 90 days is less than 10% of the specific account receivable and is less than CAD 100,000, the portion of the account receivable outstanding for 90 days or less may nonetheless be included in the calculation unless otherwise advised by the Bank.
Acceptable Receivables means the aggregate of accounts receivable of the Borrower, determined by the Lender from the most recent financial statements and aged list of accounts receivable of the Borrower, over which the Lender holds a first priority security interest, from Canadian customers approved by the Lender and which have been outstanding for less than 90 days (120 days for major corporations as determined by the Lender), from which shall be excluded accounts receivable from Affiliates of the Borrower and accounts which are disputed by the Borrower’s customers or are subject to set-off.
Acceptable Receivables means those Receivables (as defined herein):
Acceptable Receivables means either an income tax refund receivable not in excess of $500,000.00 or an account receivable that satisfies the following requirements:
Acceptable Receivables shall also exclude:
Acceptable Receivables means the aggregate of accounts receivable of the Borrower from customers approved by the Bank from which shall be excluded all accounts receivable: