Acceptable Accounts Receivable definition

Acceptable Accounts Receivable means any receivable owned by the Borrower, less than 90 days old, which is in form and subject to documentation acceptable to Lender.
Acceptable Accounts Receivable means the Borrower's accounts receivable, determined in accordance with generally accepted accounting principles consistently applied, that are: (i) aged 90 days or less; (ii) not due from any party 10% or more of whose accounts are more than 90 days in age; (iii) not subject to offset or dispute, (iv) not due from the U.S. Government, foreign entities, of affiliates or subsidiaries of the Borrower, (v) not representing booked but unfilled orders, and (vi) _____________________________________________.
Acceptable Accounts Receivable means those trade accounts receivable of the Borrower, valued at the face amount thereof, other than those accounts receivable that are (a) more than 120 days past due; (b) due from any Affiliate of the Borrower, except that for periods of during which an agreement pursuant to Section 7.1 (j) hereof is in effect, accounts receivable from Motor Wheel Corporation shall not be excluded by reason of this subsection (b), (c) subject to any known offset, (d) related to goods or services sold which have been rejected or with respect to which the amount is in dispute, (e) payable by any person located outside the United States or Canada, or (f) reasonably deemed by the Bank to be otherwise unacceptable. Notwithstanding the foregoing, the Bank may, upon request by the Borrower and at the Bank's sole discretion, allow inclusion of accounts receivable that are more than 120 days past due as Acceptable Accounts Receivable (the "Extended Accounts"). In no event shall borrowing availability based on the Extended Accounts include accounts receivable over 180 days past due, or exceed the aggregate amount of Four Hundred Thousand Dollars ($400,000) from the date hereof through April 30, 1996, provided that such $400,000 cap show shall be reduced by $25,000 each month beginning May 1, 1996 and on the first day of each month thereafter.

Examples of Acceptable Accounts Receivable in a sentence

  • To finance the acquisition of the Purchased Assets To finance Acceptable Accounts Receivable and Acceptable Inventory and for the Borrower's general business purposes -------------------- ----------------------------------------------------------- 1b.


More Definitions of Acceptable Accounts Receivable

Acceptable Accounts Receivable means the Borrower's & subsidiaries accounts receivable, contracts and other receivables determined in accordance with generally accepted accounting principles consistently applied, that are: (i) 90 days or less in age; (ii) not due from any account debtor, 10% or more of whose accounts are more than 90 days in age; (iii) not subject to offset, dispute or retainage; (iv) not due from the U.S. Government, foreign entities, of affiliates or subsidiaries of the Borrower; (v) not representing bonded orders; and (vi) not representing booked but unfilled orders.
Acceptable Accounts Receivable means Borrower's accounts receivable which are: (i) less than 90 days past the invoice date; (ii) not subject to offset or dispute; (iii) not due from the U.S. Government, foreign entities, employees, officers, subsidiaries or affiliates of the Borrower; (iv) not due from an account debtor, 10% or more of whose accounts owed to Borrower are older than 90 days past the invoice date; (v) not representing booked but unfilled orders; and (vi) not comprised of cash accounts.
Acceptable Accounts Receivable means the Borrower and LCM's accounts receivable which are: (i) less than 90 days past the invoice date; (ii) not subject to offset or dispute; (iii) not due from the U.S. Government, foreign entities, employees, officers, subsidiaries or affiliates of the Borrower or LCM; (iv) not due from an account debtor, 10% or more of whose accounts owed to Borrower or LCM are older than 90 days past the invoice date; (v) not representing booked but unfilled orders; and (vi) not due from an account debtor which is a debtor in a bankruptcy proceeding under the United States Bankruptcy Code.
Acceptable Accounts Receivable means those trade accounts receivable of the Borrower, valued at the face amount thereof, other than those accounts receivable that are (a) more than 120 days past due, (b) due from any Affiliate of the Borrower, except that for periods during which an agreement pursuant to Section 7.1(j) hereof is in effect, accounts receivable from Motor Wheel Corporation shall not be excluded by reason of this subsection (b), (c) subject to any known offset, (d) related to goods or services sold which have been rejected or with respect to which the amount is in dispute, (e) payable by any person located outside the United States or Canada, or (f) reasonably deemed by the Bank to be otherwise unacceptable.
Acceptable Accounts Receivable in Article 1 of the Credit Agreement is hereby amended in its entirety to read as follows:
Acceptable Accounts Receivable and "Acceptable Inventory", as those terms are defined in the Loan Agreement; and
Acceptable Accounts Receivable is amended in its entirety as follows: