Credit Problem means Customer is unable to pay his debts because of problems or insolvency.
Credit Problem means, as established by the Customer, that an Account Debtor is unable to pay its debts because the Account Debtor is the subject of a bankruptcy, insolvency, or receivership proceeding within 75 days of the date of the invoice.
Credit Problem means any delay or failure of an Account Debtor to timely pay an Account or any portion of an Account due solely to financial or cash flow problems of the Account Debtor.
Examples of Credit Problem in a sentence
If Customer asserts that nonpayment of an Account is due to a Credit Problem, then Customer shall provide documentation establishing that such non payment is due solely to a Credit Problem satisfactory to WFBCI, in its reasonable discretion, within ten days of receipt of written notice by WFBCI of the nonpayment.
If WFBCI is not satisfied that nonpayment is solely due to a Credit Problem, then customer shall be obligated to repurchase the Account by paying the Repurchase Price within ten days of receipt of written demand by WFBCI.
If WFBW is not satisfied that nonpayment is solely due to a Credit Problem, then customer shall be obligated to repurchase the Account by paying the Repurchase Price within ten days of receipt of written demand by WFBW.
If WFBCI is not satisfied that nonpayment is solely due to a Credit Problem, then customer shall be obligated to pay the Repurchase Price for such Account to WFBCI.
Each Customer's business is solvent to the best of CLIENT'S information and knowledge and CLIENT has not received any notice, either verbal or written, of a Credit Problem concerning any of its Customers which Credit Problem has not been disclosed in writing to RIVIERA.
More Definitions of Credit Problem
Credit Problem means a Customer unable to pay its debts because of financial problems or insolvency or both, the appointment of any receiver or trustee for all or a substantial portion of the assets of has been appointed, has filed a general assignment for the benefit of creditors or had filed against it an involuntary or voluntary Bankruptcy proceeding.
Credit Problem means NHC has determined that an Account Debtor has demonstrated that it is unable or unwilling to pay an Account or any portion of an Account in accordance with the terms of this Agreement or the terms of the Account.
Credit Problem means Customer's failure to pay its debts in full when due at maturity, solely because of its own financial problems, or financial inability to pay if and only if such Customer files, or has filed against it, a petition under Title 11 of the United States Code or if such Customer has made an assignment for the benefit of creditors no later than 75 days after the invoice date. "Customer" means Client's customer or the account debtor. "Customer Dispute" means any claim by a Customer against Client, valid or invalid, now existing or hereafter arising (including but not limited to a claim for credit or refund due to a return of goods which gave rise to an Account), that may reduce the amount collectible from Customer by BANK. The foregoing notwithstanding, a dispute with a Customer involving both a Customer Dispute and a Credit Problem shall be deemed a Customer Dispute. "Insolvent" means, with respect to any person or entity, that such person's or entity's liabilities exceed such person's or entity's assets and/or such person or entity is not generally paying its debts as they become due. "Servicing Agent" means National Business Finance, Inc.
Credit Problem means the filing of a petition for relief under Chapter 7 or Chapter 11 of the United States Bankruptcy Code by an account debtor within ninety (90) days of the date of the invoice.
Credit Problem means an account debtor is unable to pay trade debts due to the filing of a Judicial Bankruptcy under the terms and conditions of the US Bankruptcy Codes.
Credit Problem means, in the sole and absolute opinion of SLF, Account Debtor is unable to pay its debts because of its bankruptcy insolvency or bona fide inability to pay and, for greater clarity, does not include a situation in which an Account Debtor is able but unwilling to pay;
Credit Problem means Customer is unable to pay his debts because of problems or insolvency. 10. "Customer Dispute" means any claim by Customer against CLIENT, of any kind whatsoever, valid or invalid, that reduces the amount collectible from Customer by CAPCO. CLIENT COVENANTS: ----------------- 11. CLIENT agrees to sell to CAPCO ALL ACCOUNTS RECEIVABLE, (Accounts) ----------------------- mechanic's lien(s), and rights to payment under any stop notice(s), or bonded stop notice(s) securing payment of those Accounts created by CLIENT in the course of its business, existing as of the date of this agreement or thereafter created during the term of this agreement, subject to approval and verification by CAPCO. CAPCO is not obligated to advance funds for the purchase of All Accounts from CLIENT. When CLIENT notifies CAPCO of it's Accounts, CLIENT shall provide a copy of the original Assigned Account ------------------------------------------------------------ (Invoice) a copy of the bill of lading contract, purchase ordex, xurchase ------------------------------------------------------------------------- order number, and/or any other requisite supporting documentation ----------------------------------------------------------------- corresponding to said Accounts and appropriate to the business of CLIENT, ------------------------------------------------------------------------- as requested by CAPCO. 12. CLIENT shall prepare and give to CAPCO proper written assignments of Accounts, mechanic's lien(s) on forms provided by CAPCO. The execution of said assignments shall transfer to CAPCO all of CLIENT's right, title and ownership to ALL Accounts. CLIENT or CAPCO by this agreement will properly mark Accounts, as assigned and sold to XXXCO, and CAPCO is authorized to notify Customer of said sale and assignment. 13. CLIENT represents and Warrants to CAPCO that: a. CLIENT is sole and absolute owner of any and all Accounts and mechanic's liens and rights to payment under any stop notices, or bonded stop notices, sold and assigned hereunder, and CLIENT has full legal right to make said sale, assignment, and/or transfer. b. All Accounts sold to CAPCO are an accurate statement of a bonafide sale, delivery and acceptance of merchandise, or performance of service by CLIENT to / for Account-debtor. Accounts are not contingent upon Form Date 6/97 Page 1 Initial RB -----