Past Due Receivables definition

Past Due Receivables means, on any date with respect to any Borrower, the sum (determined with respect to such Borrower and its Subsidiaries on a consolidated basis without duplication in accordance with GAAP) of (a) all Managed Receivables the minimum payments on which are at least 90 days overdue on such date plus (b) all other non-performing assets; provided that, Managed Receivables that are credit card loans, whether or not at least 90 days overdue, shall not constitute "Past-Due Receivables" to the extent of any cash balance of the account debtor on such loan on deposit with the creditor (but only to the extent such creditor is entitled under an agreement governing such credit card loan to set-off such cash balances against the obligations of the account debtor under such loan and to the extent such cash balances are not subject to any other set-off or deduction by such creditor or any of its affiliates against a matured obligation owing by such debtor).

Past Due Receivables means, on any date with respect to any U.S. Borrower, the sum (determined with respect to such U.S. Borrower and its Subsidiaries on a consolidated basis without duplication in accordance with GAAP) of (a) all Managed Receivables the minimum payments on which are at least 90 days overdue on such date plus (b) all other assets which have been, in accordance with the relevant Borrower’s credit policies with respect to such assets, classified as non-performing assets; provided that, Managed Receivables that are credit card loans, whether or not at least 90 days overdue, shall not constitute “Past-Due Receivables” to the extent of any cash balance of the account debtor on such loan on deposit with the creditor (but only to the extent such creditor is entitled under an agreement governing such credit card loan to set off such cash balances against the obligations of the account debtor under such loan and to the extent such cash balances are not subject to any other set-off or deduction by such creditor or any of its affiliates against a matured obligation owing by such debtor).

Past Due Receivables means on any date and with respect to any person, (i) with respect to the definition of Delinquency Ratio, Managed Receivables and (ii) with respect to the definition of Eligible Assets, reported loan receivables, in each case contractually past due 90 days or more plus all other non performing assets provided however that receivables which are loans, whether or not contractually past due 90 days or more, shall not constitute Past Due Receivables to the extent of any cash balance of the account debtor on such loan on deposit with the creditor (but only to the extent such creditor is entitled under an agreement governing such loan to set-off such cash balances against the obligations of the account debtor under such loan and to the extent such cash balances are not subject to any other set-off or deduction by such creditor or any of its affiliates against a matured obligation owing by such debtor);

Examples of Past Due Receivables in a sentence

• Seller, jointly and severally, will indemnify Purchaser for 75% of any accounts receivable included in the Acquisition Assets (other than the Past Due Receivables) that Purchaser, using its reasonable efforts, is unable to collect within 180 days after the Closing Date.

• The Seller shall indemnify the Purchaser for the remaining 25% of the account receivables including in the Acquisition Assets (other than the Past Due Receivables) that Purchaser, using its reasonable efforts, is unable to collect within one year after the Closing Date.

• Within two business days of the determination of Final Past Due Receivables, Buyer shall, and Parent shall cause Buyer to, deliver the dollar amount of the Final Past Due Receivables in immediately available funds by wire transfer to an account maintained pursuant to an agreement set forth in Exhibit E (the “Escrow Agreement”).

• After the Closing Date, the Buyer will use its commercially available and reasonable best efforts consistent with the past practice of the Company to collect all Past Due Receivables; provided, however, that the Buyer will not be obligated to initiate any proceedings (legal or otherwise) against any obligor of Past Due Receivables.

• The fees and expenses of the Working Capital Referee will be shared equally by the Company and the Buyer, and the decision of the Working Capital Referee with respect to the items of the Closing Balance Sheet, the Working Capital Statement, the Past Due Receivables Statement, the Trade Accounts Payable Statement and the Employee Related Accrued Expenses Statement submitted to it will be final, conclusive and binding on the parties (save for manifest error).

More Definitions of Past Due Receivables

Past Due Receivables has the meaning set forth in Section 6(i) below.

Past Due Receivables means on any date and with respect to any person, (i) with respect to the definition of Delinquency Ratio, Managed Receivables and

Past Due Receivables means, on any date, the sum for the Borrower and its consolidated Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) of (a) all Managed Receivables the minimum payments on which are at least 90 days overdue on such date plus

Past Due Receivables means on any date and with respect to any person, Managed Receivables contractually past due 90 days or more plus all other non performing assets provided however that receivables which are loans, whether or not contractually past due 90 days or more, shall not constitute Past Due Receivables to the extent of any cash balance of the account debtor on such loan on deposit with the creditor (but only to the extent such creditor is entitled under an agreement governing such loan to set-off such cash balances against the obligations of the account debtor under such loan and to the extent such cash balances are not subject to any other set-off or deduction by such creditor or any of its affiliates against a matured obligation owing by such debtor);

Past Due Receivables has the meaning set forth in Section 1.1(a)(ii).

Past Due Receivables means those accounts receivable of Seller that are 61 or more days past due but less than 90 days past due as of the Closing Date.

Past Due Receivables has the meaning given such term in Section 3.2(d)(vii).