Common use of Consolidated Current Assets Clause in Contracts

Consolidated Current Assets. All assets of SRI, the Borrower and their Subsidiaries on a consolidated basis that, in accordance with Generally Accepted Accounting Principles are properly classified as current assets, PROVIDED that (a) notes and accounts receivable shall be included only if good and collectible as determined by SRI or the Borrower in accordance with the Borrower's established practice consistently applied and, with respect to such notes, only if payable on demand or within one (1) year from the date as of which Consolidated Current Assets are to be determined and if not directly or indirectly renewable or extendible at the option of the debtors, by their terms, or by the terms of any instrument or agreement relating thereto, beyond one (1) year, and, with respect to such accounts receivable, only if payable on terms which are determined by SRI or the Borrower in accordance with established credit terms consistently applied; and such notes and accounts receivable shall be taken at their face value less reserves determined to be sufficient in accordance with Generally Accepted Accounting Principles; and (ii) inventory shall be included only if and to the extent that the same shall consist of saleable finished goods ready and available for shipment to purchasers thereof or saleable finished goods available for shipment and located on the Mortgaged Property or classified as "in transit" consistent with the Borrower's past practices. CONSOLIDATED CURRENT LIABILITIES. All liabilities of SRI, the Borrower and their Subsidiaries on a consolidated basis maturing on demand or within one (1) year from the date as of which Consolidated Current Liabilities are to be determined, and such other liabilities as may properly be classified as current liabilities in accordance with Generally Accepted Accounting Principles; provided, however that Consolidated Current Liabilities shall exclude outstanding Loans and the principal amount of the loans outstanding under the Seasonal Revolving Agreement.

Consolidated Current Assets. All assets of SRI, the Borrower and their its Subsidiaries on a consolidated basis that, in accordance with Generally Accepted Accounting Principles generally accepted accounting principles, are properly classified as current assets, PROVIDED that (a) notes and accounts receivable shall be included only if good and collectible as determined by SRI or the Borrower in accordance with the Borrower's established practice consistently applied and, with respect to such notes, only if payable on demand or within one (1) year from the date as of which Consolidated Current Assets are to be determined and if not directly or indirectly renewable or extendible at the option of the debtors, by their terms, or by the terms of any instrument or agreement relating thereto, beyond one (1) such year, and, with respect to such accounts receivable, only if payable on terms and outstanding not more than ninety (90) days after the date of the shipment of goods or other transaction out of which are determined by SRI or the Borrower in accordance with established credit terms consistently appliedany such account receivable arose; and such notes and accounts receivable shall be taken at their face value less reserves determined to be sufficient in accordance with Generally Accepted Accounting Principlesgenerally accepted accounting principles; and (iib) inventory shall be included only if and to the extent that the same shall consist of saleable finished goods ready and available for shipment to purchasers thereof or saleable finished goods available for shipment and located on the Mortgaged Property or classified as "in transit" consistent with the Borrower's past practicesthereof. CONSOLIDATED CURRENT LIABILITIES. All liabilities and other Indebtedness of SRI, the Borrower and their its Subsidiaries on a consolidated basis maturing on demand or within one (1) year from the date as of which Consolidated Current Liabilities are to be determined, and such other liabilities as may properly be classified as current liabilities in accordance with Generally Accepted Accounting Principles; provided, however that Consolidated Current Liabilities shall exclude outstanding Loans and the principal amount of the loans outstanding under the Seasonal Revolving Agreementgenerally accepted accounting principles.