Acceptable Receivables means the aggregate of accounts receivable of the Borrower from customers approved by the Bank from which shall be excluded all accounts receivable:
Acceptable Receivables means and include those Accounts and Accounts Receivable of Borrower and Partech, Inc., (as specifically defined and limited in the paragraph below titled Accounts, Accounts Receivable, etc), which are reported monthly by accounts receivable and accounts payable aging/summary reports, aged at not in excess of those numbers of days as set forth in the Borrowing Base Certificate (below defined and set out as Exhibit 1 herein), respective to those categories of Accounts Receivable set forth in the Borrowing Base Certificate, and subject to periodic audit and verification. The words "Acceptable Receivables" shall also exclude:
Acceptable Receivables means the aggregate of accounts receivable of the Borrower, determined by the Bank from the most recent financial statements and aged list of accounts receivable of the Borrower, over which the Bank holds a first ranking security interest, subject only to Potential Prior Ranking Claims and Permitted Encumbrances, from customers approved by the Bank and which are aged from invoice date and which have been outstanding for not more than 90 days, from which shall be excluded: (i) accounts receivable from related or affiliated corporations or other non-arm’s length Persons; (ii) warranty claims receivable; (iii) tax refunds; (iv) rebates; (v) discounts (whether cash discounts, volume discounts, promotional/advertising discounts or otherwise); and (vi) accounts which are disputed by the Borrower’s customers; (vii) contra accounts and trade accounts receivable subject to offset; (viii) such excessive concentration of trade accounts receivable from a single customer and affiliates or from a single region or other category as the Bank may determine and notify to the Borrower; (ix) the amount of Potential Prior Ranking Claims; (x) the insured and uninsured portions of any Insured Receivables; (xi) accounts receivable that are governed by or issued by a customer subject to the laws of a jurisdiction other than Canada or the U.S.; (xii) accounts receivable that are “Purchased Receivables” or “Financed Receivables” (as such terms are defined in any Receivables Purchase Agreement, Trade Invoice Recourse Financing Facility Agreement or other similar agreement between the Borrower and the Bank); and (xiii) such other exclusions and deductions, if any, which have been communicated by the Bank to the Borrower in writing. If any portion of an account receivable has been outstanding for more than 90 days (or such other date as advised by the Bank) from the invoice date , the entire account receivable (including the portion outstanding for 90 days or less) shall be excluded from the calculation of Acceptable Receivables except that if the portion of the account receivable that has been outstanding for more than 90 days is less than 10% of the specific account receivable and is less than CAD 100,000, the portion of the account receivable outstanding for 90 days or less may nonetheless be included in the calculation unless otherwise advised by the Bank.
Examples of Acceptable Receivables in a sentence
In addition to the foregoing limitations, the dollar amount of accounts included as Acceptable Receivables which are the obligations of a single debtor shall not exceed the concentration limit established for that debtor.
A borrowing certificate setting forth the respective amounts of Acceptable Receivables and Acceptable Inventory as of the last day of each month within twenty (20) days after month end, and if requested by the Bank copies of the invoices or the record of invoices from the Borrower's sales journal for such Acceptable Receivables and copies of the delivery receipts, purchase orders, shipping instructions, bills of lading and other documentation pertaining to such Acceptable Receivables.
The concentration limit for each debtor shall be equal to 10% of the total amount of the Borrower's Acceptable Receivables at that time.
REQUIREMENT: Notwithstanding any other provision contained herein, at no time shall the Outstanding Principal under Facility 1 exceed the lesser of $23,000,000 and the following margin requirement (the “Facility 1 Margin Requirement”): (a) 75% of Acceptable Receivables; plus(b) 90% of Acceptable Investment Grade Receivables; minus(c) Priority Claims.
Until the Bank exercises its rights to collect the Receivables as provided for in this Agreement, the Company shall continue direct collection of all Receivables whether or not such Receivables are deemed to be Acceptable Receivables.
More Definitions of Acceptable Receivables
Acceptable Receivables means the aggregate of Canadian and United States accounts receivable of the Margin Parties, determined by the Lender from the most recent financial statements and aged list of accounts receivable of the Margin Parties, over which the Lender holds a first assignment or first security interest from customers approved by the Lender (such approval not to be unreasonably withheld) and which have been outstanding for not more than 90 days, from which shall be excluded accounts receivable from affiliated corporations and accounts receivable which are disputed by the Margin Parties’ customers or are subject to set off or are EDC Acceptable Receivables;
Acceptable Receivables shall also exclude:
Acceptable Receivables means the aggregate accounts receivable of the Credit Parties determined by the Lender from its review of the most recent consolidated financial statements and aged listing of accounts receivable of the Credit Parties over which the Lender holds a first assignment or first security interest, but from which shall be excluded (i) Acceptable Investment Grade Receivables, (ii) holdbacks, (iii) accounts which have been outstanding for more than 60 days, (iv) accounts receivable from affiliated corporations,
Acceptable Receivables means those Receivables (as defined herein):
Acceptable Receivables means the purchased Prescription Claims for which XFSC has not received payment, but excluding the following Prescription Claims: (i) any Prescription Claim or portion thereof that remains unpaid 180 days or more after the Prescription Claim was submitted for payment; (ii) any Prescription Claim or portion thereof with respect to which any Borrower has received notice of a claim or dispute over payment; (iii) any Prescription Claim submitted for payment to an entity that is insolvent, the subject of bankruptcy proceedings or out of business; (iv) any Prescription Claim not subject to a duly perfected, first-priority security interest in the Lender’s favor or which is subject to any Lien (as defined in Section 8.3) in favor of any Person (as defined in Section 3.13) other than the Lender; (v) Prescription Claims owed by an obligor, regardless of whether otherwise eligible, if 25% or more of the total amount of Prescription Claims due from such obligor is ineligible under sub-clauses (i) or (ii) above; (vi) Prescription Claims, or portions thereof, otherwise deemed ineligible by the Lender in its sole discretion.
Acceptable Receivables means the aggregate of accounts receivable of the Borrower, determined by the Lender from the most recent financial statements and aged list of accounts receivable of the Borrower, over which the Lender holds a first priority security interest, from Canadian customers approved by the Lender and which have been outstanding for less than 90 days (120 days for major corporations as determined by the Lender), from which shall be excluded accounts receivable from Affiliates of the Borrower and accounts which are disputed by the Borrower’s customers or are subject to set-off.
Acceptable Receivables means either an income tax refund receivable not in excess of $500,000.00 or an account receivable that satisfies the following requirements: