Common use of Receivables; Payables Clause in Contracts

Receivables; Payables. Subject to the Final Balance Sheet: (a) All accounts receivable of the Company have arisen from bona fide transactions in the ordinary course of business consistent with past practice and are legally binding. All accounts receivable of the Company reflected on the Financial Statements or arising after the date thereof are good and collectible at the aggregate recorded amounts thereof, net of any applicable reserve for returns or doubtful accounts reflected thereon, which reserves are adequate and were calculated in a manner consistent with past practice and in accordance with generally accepted accounting principles consistently applied. (b) All accounts payable of the Company reflected on the Balance Sheet, or arising after the date thereof, are the result of bona fide transactions in the ordinary course of business and have been paid or, in the ordinary course of business consistent with the Company's past practices, have not yet been paid. (c) Except for customer pre-payments in the ordinary course of business which are or will be reflected on the Balance Sheet, the Preliminary Balance Sheet or the Final Balance Sheet, the Company has not received any advance payments, deposits or similar payments in respect of any goods sold or to be sold or services performed or to be performed after the Closing Date.