Common use of Receivables; Payables Clause in Contracts

Receivables; Payables. (a) All accounts receivable of TSG which are or will be reflected on TSG Financial Statements will arise in the ordinary course of business out of bona fide sales and deliveries of goods, services or other business transactions. All accounts receivable of TSG are reflected properly on its books and records, are valid receivables subject to no setoffs or counterclaims of which TSG is aware, are current and collectible, and will be collected in accordance with their terms at their recorded amounts. (b) All accounts payable (including, without limitation, Taxes payable) reflected on the TSG's interim Balance Sheet have been and are being paid in the ordinary course of its business and consistent with past practice.