Common use of Notes and Accounts Receivable Clause in Contracts

Notes and Accounts Receivable. All notes and accounts receivable of Target are reflected properly on the Most Recent Balance Sheet in accordance with GAAP, 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 Most Recent Balance Sheet (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 Target.

Notes and Accounts Receivable. All notes and accounts receivable of Target are reflected properly on the Most Recent Balance Sheet in accordance with GAAP, are valid receivables subject to no setoffs or counterclaims, are current and collectible, and, 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 Most Recent Balance Sheet (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 Target.