Signing AR definition

Signing AR means accounts receivable of the Seller, the Company or a member of the Seller Group related to the Company Business as of the date of this Agreement, as determined in accordance with United States generally accepted accounting principles (“GAAP”) applied on a basis consistent with the Balance Sheet (the “GAAP Standard”); provided however, notwithstanding the GAAP Standard, Signing AR shall not include any account receivable created by a transfer of inventory from the Company to ACT Electronics after April 30, 2004 but on or prior to the date of this Agreement. For the purposes of this Agreement, the term “Signing AP” shall mean accounts payable of the Company or the Seller Group related to the Company Business as of the date of this Agreement as determined in accordance with the GAAP Standard. For the avoidance of doubt, it is understood that Signing AP shall not include any amount with respect to a purchase order or other commitment to the extent goods or services related to such purchase order or commitment have not been received by the Company Business on or prior to the date of this Agreement. To the extent Signing AR or Signing AP is an account of the Company, Seller shall cause the Company to assign such accounts to Seller pursuant to the Corporate Reorganization and Seller shall accept such assignment. Seller shall be entitled to collect and retain all amounts with respect to such assigned Signing AR and shall discharge and pay all such assigned Signing AP in accordance with their terms. Seller, or a member of the Seller Group, as the case may be, shall retain and collect all Signing AR and retain, discharge and pay all Signing AP held by such entity as of the date of this Agreement in accordance with their respective terms.

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Examples of Signing AR in a sentence

• For purposes of this section, “backlog” shall mean unfulfilled orders for products and/or services issued by customers deemed by Seller to be firm based upon Seller’s current practices, and which have not been recognized as revenue or deferred revenue in the Company Business, nor included in the Signing AR.

• Seller shall be entitled to collect and retain all amounts with respect to such assigned Signing AR and shall discharge and pay all such assigned Signing AP in accordance with their terms.

• All Signing AR and Signing AP shall be for the account of Seller.

• Seller, or a member of the Seller Group, as the case may be, shall retain and collect all Signing AR and retain, discharge and pay all Signing AP held by such entity as of the date of this Agreement in accordance with their respective terms.

• To the extent Signing AR or Signing AP is an account of the Company, Seller shall cause the Company to assign such accounts to Seller pursuant to the Corporate Reorganization and Seller shall accept such assignment.