Common use of Qualified Accounts Clause in Contracts

Qualified Accounts. At any time, all Accounts of Moro Acquisition but excluding the following: (a) contra accounts, (b) offset accounts, (c) C.O.D. or sight draft accounts, (d) commission accounts, (e) employee and salesmen accounts, (f) consignment accounts, (g) guaranteed sales accounts, (h) inter-company accounts, (i) any amount known to be not readily collectable for any reason, (j) any invoice without a definite due date, (k) pre-billed invoices, (l) the amount of any account which is more than 90 days past invoice date, (m) accounts in litigation or arbitration, (n) all retainers (including, but not limited to construction retainages), (o) accounts with 10% or more of the balance 90 days past invoice date, (p) accounts not generated in the ordinary course of business, (q) interest, (r) finance charges, (s) accounts arising out of a contract with any department or instrumentality of the United States of America, unless such account has been assigned to the Bank under the provisions of the Federal Assignment of Claims Act, (t) accounts in which the Bank does not have a first lien, and (u) such other accounts deemed to be unqualified, in whole or in part, by the Bank in its discretion. Although the above items are deemed unqualified for Advance purposes, they remain part of the Collateral pledged to the Bank and perfected under the Uniform Commercial Code.

Qualified Accounts. At any time, all Accounts of Moro Acquisition Borrower but excluding the following: (a) contra accounts, (b) offset accounts, (c) C.O.D. or sight draft accounts, (d) commission accounts, (e) employee and salesmen accounts, (f) consignment accounts, (g) guaranteed sales accounts, (h) inter-company intercompany accounts, (i) any amount known to be not readily collectable for any reason, (j) any invoice without a definite due date, (k) pre-billed invoices, (l1) the amount of any account which is more than 90 days past invoice date, (m) accounts in litigation or arbitration, (n) all retainers (including, but not limited to construction retainages), (o) accounts with 10% or more of the balance 90 days past invoice date, (p) accounts not generated in the ordinary course of business, (q) interest, (r) finance charges, (s) accounts arising out of a contract with any department or instrumentality of the United States of America, unless such account has been assigned to the Bank under the provisions of the Federal Assignment of Claims Act, (t) accounts in which the Bank does not have a first lien, and (u) such other accounts deemed to be unqualified, in whole or in part, by the Bank in its discretion. Although the above items are deemed unqualified for Advance purposes, they remain part of the Collateral pledged to the Bank and perfected under the Uniform Commercial Code.

Qualified Accounts. At any time, all Accounts of Moro Acquisition Borrower but excluding ------------------ the following: (a) contra accounts, (b) offset accounts, (c) C.O.D. or sight draft accounts, (d) commission accounts, (e) employee and salesmen accounts, (f) consignment accounts, (g) guaranteed sales accounts, (h) inter-company accounts, (i) any amount known to be not readily collectable for any reason, (j) any invoice without a definite due date, (k) pre-billed invoices, (l) the amount of any account which is more than 90 days past invoice date, (m) accounts in litigation or arbitration, (n) all retainers (including, but not limited to construction retainages), (o) accounts with 1050% or more of the balance 90 days past invoice date, (p) accounts not generated in the ordinary course of business, (q) interest, (r) finance charges, (s) accounts arising out of a contract with any department or instrumentality of the United States of America, unless such account has been assigned to the Bank under the provisions of the Federal Assignment of Claims Act, (t) accounts in which the Bank does not have a first lien, and (u) such other accounts deemed to be unqualified, in whole or in part, by the Bank in its reasonable discretion. Although the above items are deemed unqualified for Advance purposes, they remain part of the Collateral pledged to the Bank and perfected under the Uniform Commercial Code.