Accounts Receivable Audit Sample Clauses

Accounts Receivable Audit. Seller shall cooperate in two Accounts Receivable audits each calendar year during the term of the Domestic Factoring Agreement, the first of which shall be completed within forty-five (45) days of the date of this Amendment. Seller shall pay all costs and fees associated with the Accounts Receivable audits required by this Section 6.
Sample 1Sample 2
AutoNDA by SimpleDocs
Accounts Receivable Audit. Bank shall have performed an ------------------------- audit of the accounts receivable of Borrower with results satisfactory to Bank, satisfaction of which condition is hereby acknowledged by Bank.
Sample 1
Accounts Receivable Audit. If required, the results of an audit of the Accounts Receivable, which results shall be satisfactory to Lender in its sole discretion.
Sample 1
Accounts Receivable Audit. Allow the Bank to conduct, at least once per year, and as of such dates as the Bank shall designate, an audit and verification of the Borrower's and/or Subsidiaries' Accounts, to be performed by the Bank or such other party as the Bank shall designate, and to be performed in such form and detail as the Bank shall reasonably require.
Sample 1
Accounts Receivable Audit. Lender shall perform an audit of Borrower's accounts receivable, with results satisfactory to Lender, prior to any advance under the Line of Credit. Borrower's deposit account shall be debited for the audit expense and notification shall be mailed to Borrower.
Sample 1
Accounts Receivable Audit. The Bank reserves the right to have a ------------------------- representative of its Asset Based Lending Division inspect the accounts receivable and the records associated therewith, and the notes of the Borrower from time to time to verify to the satisfaction of the Bank that the credit extended under the line does not exceed the Borrowing Base. All reasonable costs and such inspection shall be paid by the Borrower. An estimate of such cost will be provided prior to conducting the inspection. If, as a result of such inspection the Bank determined that the Borrowing Base has been exceeded, unless the principal balance outstanding under this Loan is reduced within two business days to an amount which is not greater than the Borrowing Base, the Bank shall have the right to demand payment of all indebtedness of the Borrower to the Bank, and the Bank shall have no obligation to make any further extensions of credit to the Borrower. ATTEST: BORROWER: INTEGRAL SYSTEMS, INC. By: /s/ Xxxxxx X. Xxxxxx (Seal) By: /s/ Xxxxxx X. Xxxxxxx -------------------------- ------------------------------ Title: Secretary Xxxxxx X. Xxxxxxx ----------------------- Chief Financial Officer BANK: NATIONSBANK, N.A.
Sample 1
Accounts Receivable Audit. Allow Lender to conduct, at least once per year, and as of such dates as Lender shall designate upon reasonable notice to the Borrower, an audit and verification of the Borrower's Accounts, to be performed by the Bank or such other party as the Bank shall designate, and to be performed in such form and detail as the Bank shall reasonably require.
Sample 1
AutoNDA by SimpleDocs
Accounts Receivable Audit. Within thirty (30) days of the first Revolving Loan made hereunder, permit Bank or its representatives to conduct an audit of Borrower's accounts receivable. Borrower will permit Bank or its representatives to conduct one audit of Borrower's accounts receivable in each calendar year; provided that, during the continuation of any Event of Default, Borrower will permit Bank to conduct one or more additional audits of Borrower's accounts receivable upon Bank's request. All audits conducted pursuant to this Section 4.10 shall be at Borrower's expense.
Sample 1

Related to Accounts Receivable Audit

  • Accounts Receivable; Accounts Payable All accounts receivable of Emergent and its Subsidiaries reflected in the Interim Financial Statements and all accounts receivable that are reflected on the books of Emergent and its Subsidiaries as of the Closing Date (net of allowances for doubtful accounts as reflected thereon and as determined in accordance with GAAP) are obligations arising from sales actually made or services actually performed in the Ordinary Course of Business arising in connection with bona fide arm’s length transactions with Persons who are not Affiliates of Emergent or any of its Subsidiaries, constitute valid undisputed claims and are not, by their terms, subject to defenses, set-offs or counterclaims. Neither Emergent nor any of its Subsidiaries has received written notice from or on behalf of any obligor of any such accounts receivable that such obligor is unwilling or unable to pay a material portion of such accounts receivable. All accounts payable and notes payable of Emergent and its Subsidiaries arose in bona fide arm’s length transactions in the Ordinary Course of Business and with Persons who are not Affiliates of Emergent or any of its Subsidiaries, and no such account payable or note payable is materially delinquent in its payment.

  • Accounts Receivables Each existing Account constitutes, and each hereafter arising Account will, when such Account arises, constitute, the legally valid and binding obligation of the Account Debtor, except where the failure to do so could not reasonably be expected, individually or in the aggregate, to materially adversely affect the value or collectability of the Accounts included in the Collateral, taken as a whole. No Account Debtor has any defense, set-off, claim or counterclaim against any Grantor that can be asserted against the Administrative Agent, whether in any proceeding to enforce the Administrative Agent’s rights in the Accounts included in the Collateral, or otherwise, except for defenses, setoffs, claims or counterclaims that could not reasonably be expected, individually or in the aggregate, to materially adversely affect the value or collectability of the Accounts included in the Collateral, taken as a whole. None of the Grantors’ accounts receivables are, nor will any hereafter arising account receivable be, evidenced by a promissory note or other Instrument (other than a check) that has not been pledged to the Administrative Agent in accordance with the terms hereof.

  • Accounts Receivable All accounts receivable of the Acquired Companies that are reflected on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (collectively, the "Accounts Receivable") represent or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves shown on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Acquired Companies as of the Closing Date (which reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Interim Balance Sheet represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable. Part 3.8 of the Disclosure Letter contains a complete and accurate list of all Accounts Receivable as of the date of the Interim Balance Sheet, which list sets forth the aging of such Accounts Receivable.

  • Accounts Receivable; Inventory (a) For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such Account shall be an Eligible Account.

  • Accounts Receivable and Accounts Payable 7 (a) General.....................................................7 (b)

  • Collection of Accounts Receivable (a) At the Closing, Sellers' Agents shall designate Purchaser as its agent solely for the purposes of collecting the MMP Accounts Receivable. Purchaser will collect the MMP Accounts Receivable during the period beginning on the Closing Date and ending on the 180th day after the Closing Date (the "Collection Period") with the same care and diligence Purchaser uses with respect to its own accounts receivable and hold all such MMP Accounts Receivable in trust for Sellers until remitted by Purchaser to the Indemnification Escrow Agent or the Collections Account pursuant hereto. Purchaser shall not make any referral or compromise of any of the MMP Accounts Receivable to a collection agency or attorney for collection and shall not settle or adjust the amount of any of the MMP Accounts Receivable without the written approval of Sellers' Agent. If, during the Collection Period, Purchaser receives monies from an account debtor of Purchaser that is also an account debtor of MMP with respect to any MMP Accounts Receivable, Purchaser shall credit the sums received to the oldest account due, except where an account is disputed by the account debtor as properly due, and the account debtor has so notified Purchaser in writing, in which case, payments received shall be applied in accordance with the account debtor's instructions; provided that upon resolution of such dispute if any amounts in dispute are received by Purchaser, Purchaser shall remit such amounts to the Indemnification Escrow Agent in accordance with the Indemnification Escrow Agreement up to the amount of the Additional Indemnification Amount Deposit and, thereafter, to the Collections Account.

  • Accounts Receivable and Payable The accounts receivable reflected on the Financial Statements arose in the ordinary course of business and, except as reserved against on the Financial Statements, are collectible in the ordinary course of business and consistent with past practices, free of any claims, rights or defenses of any account debtor. Except as set forth on Schedule 5(g), no accounts payable of the Company are, at this date, over 45 days old and no accounts payable of the Company will be over 45 days old at the Closing Date.

  • Notes and Accounts Receivable All notes and accounts receivable of the Company are reflected properly on their books and records, are valid receivables subject to no setoffs or counterclaims, are current and collectible, and will be collected in accordance with their terms at their recorded amounts, subject only to the reserve for bad debts set forth on the face of the balance sheet included in the Interim Financial Statements (rather than in any notes thereto) as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of the Company.

  • Eligible Receivables Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

  • Eligible Accounts The words “Eligible Accounts” mean at any time, all of Borrower’s Accounts which contain selling terms and conditions acceptable to Lender. The net amount of any Eligible Account against which Borrower may borrow shall exclude all returns, discounts, credits, and offsets of any nature. Unless otherwise agreed to by Lender in writing, Eligible Accounts do not include:

Time is Money Join Law Insider Premium to draft better contracts faster.