Receivable Debtor definition
Examples of Receivable Debtor in a sentence
If Secured Party takes any action contemplated by this Section with respect to any Receivable, Debtor shall not exercise any right that Debtor would otherwise have had to take such action with respect to such Receivable.
To the extent that any Law or custom or any contract or agreement with any Account Receivable Debtor requires notice to or the approval of the Account Receivable Debtor in order to perfect such assignment of a security interest in Accounts Receivable, the Borrower agrees to give such notice or use commercially reasonable efforts to obtain such approval.
The Bank may at any time, either orally or in writing, request confirmation from any Receivable Debtor of the current amount and status of the Receivable upon which such Receivable Debtor is obligated.
Accounts Receivable shall mean the amount estimated by the Borrower from time to time in a manner consistent with the disclosures contained in the Borrower’s Forms 10-K and 10-Q as the portion of Accounts Receivable which may be expected to not be collected as a consequence of the goods represented therein being returned by the Accounts Receivable Debtor to the Loan Parties.
Any Receivables from one Receivable Debtor to the extent it is in excess of twenty percent (20%) of all Receivables shall be discounted one hundred percent (100%) on the portion that exceeds twenty percent (20%) of all Receivables.
Credit adjustments with respect to returned merchandise shall be made immediately upon -------------------------------------------------------------------------------- -25- receipt of the merchandise by such Borrower or such Guarantor or upon such other disposition of the merchandise by the Receivable Debtor in accordance with such Borrower's or such Guarantor's instructions.
As a part of any periodic audit for which Borrowers are obligated to pay pursuant to Paragraph 3.2(c) of this Agreement, or at any time after the occurrence of an Event of Default, Bank may, either orally or in writing, request confirmation from any Receivable Debtor of the current amount and status of the Receivable upon which such Receivable Debtor is obligated.
If at any time prior to Borrower’s Default under the Agreement or this Rider, any Receivable Debtor returns any Inventory to Borrower in the ordinary course of Borrower’s business, Borrower shall promptly determine the reason for such return and issue a credit memorandum to the Receivable Debtor in the appropriate amount.
Bank may at any time, either orally or in writing, request confirmation from any Receivable Debtor of the current amount and status of the Receivable upon which such Receivable Debtor is obligated.
Debtor shall, unless otherwise directed by Bank, collect all of Debtor's Receivables, and whenever Debtor shall receive payment of any Receivable, Debtor shall hold such payment in trust for Bank and shall forthwith deliver the same to Bank in the form received by Debtor without commingling with any funds belonging to Debtor.