Approved Receivable definition

Approved Receivable means, (a) all Receivables originated by an Originator and (b) those Receivables originated by another Person and subsequently acquired by an Originator that have been approved in writing by the Administrative Agent.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Approved Receivable means, (a) all Receivables originated by an Originator, and (b) those Receivables originated by another Person and subsequently acquired by an Originator that have been approved in writing by the Administrative Agent and each Purchaser Agent, and Approved Receivable shall exclude all Mexico Receivables.

Approved Receivable means a Receivable that satisfies the eligibility criteria set out in Annexure 1. "AUD" means the lawful currency of Australia.

Examples of Approved Receivable in a sentence

• Upon the effectiveness of a Credit Approval, we shall be deemed to have accepted the Credit Risk (but not the risk of non-payment for any other reason) to the extent of the dollar amount specified in the Credit Approval and the Receivable which is the subject thereof shall, to the extent of the amount specified in the Credit approval, be a Credit Approved Receivable.

• In the event of a breach of any of the representations or warranties contained herein with respect to a Receivable, or the assertion, with respect to a Receivable, of a Dispute, any such Receivable (whether or not a Credit Approved Receivable) shall thereupon become a CR Receivable.

• We confirm that the offer contained herein to sell the Receivables is only capable of acceptance by the Bank upon the Bank making an Initial Payment against the Approved Receivable or notifying (including any verbal communication by the Bank to the Client, as the case may be) us in writing that the Bank has agreed to purchase the Receivables in accordance with and subject to the terms of the Agreement.

• Factor shall not, however, have the right to chargeback to Client any Approved Receivable which is unpaid solely because of such customer’s financial inability to pay.

• The offer for the sale of the Receivables is deemed to have been accepted by the Bank and concluded upon the Bank paying the Purchase Price (as per advice) against the Approved Receivable under the Shariah Principle of Bai’ Al Dayn in accordance with and subject to the terms of the Agreement.

• Factor shall not, however, have the right to chargeback to Client any Approved Receivable which is unpaid solely because of such customer's financial inability to pay.

• After our payment to you of any Approved Receivable, any and all checks, cash, notes or other instruments or property received by you with respect to such Approved Receivable shall be held by you in trust for us, separate from your own property and funds, and promptly turned over to us.

• At our request, from time to time, you shall use reasonable efforts to cooperate with us in any attempt to comply with our request to file a proof of claim, and including pursuant to Rule 3001(e) of the Federal Rules of Bankruptcy Procedure ("FRBP"), and any additional rules, statutes or orders concerning the transfer of the Approved Receivable or any portion thereof (collectively, "Transfer Rules").

• In the event of a breach of any of the representations or warranties contained herein with respect to a Receivable, or the assertion, with respect to a Receivable, of a Dispute, or the payment of all or part of a Receivable by the Customer obligated thereon, to a Person other than us, and any such Receivable (whether or not a Credit Approved Receivable) shall thereupon become a CR Receivable.

• Date:__________________ Your payment to us for the outstanding past due Approved Receivable account of ___________________________(Customer)________________________________ (Address of Customer) in the net amount of $___________ is hereby requested pursuant to the terms of the Single Customer Credit Approved Receivables Purchasing Agreement (the "Agreement").

More Definitions of Approved Receivable

Approved Receivable means a Receivable that has been credit approved by the Buyer and is otherwise acceptable to the Buyer, as evidenced by the Buyer's written approval, as more fully described in Section 2.1 of this Agreement.

Approved Receivable. Any Receivable with respect to which we have issued a credit approval which has not subsequently been withdrawn.

Approved Receivable means a Receivable in respect of which all warranties, representations, covenants and undertakings have been complied with by the Client, which is not in excess of any Limit and which is not a Disapproved Receivable, and “Approved” and “Approval” shall be construed accordingly;

Approved Receivable means each Receivable due from your Customer which complies with the terms of the Agreement and which has been approved by us for credit in writing.

Approved Receivable means a Receivable for which Client shall have submitted an application for a factoring line, which application shall have been approved by Factor, within the limits and pursuant to the terms and conditions of such approval (ANNEX A hereto), and subject to the following provisions: