Validity of Accounts definition

Validity of Accounts. With respect to Accounts Receivable (other than Ineligible Accounts) included by the Borrower in the calculation of Borrowing Capacity pursuant to any Borrowing Base Certificate delivered to the Bank, (a) each Account is genuine and enforceable in accordance with its terms and represents an undisputed and bona fide indebtedness owing to Borrower by the Account Debtor obligated thereon; (b) there are no defenses, setoffs, or counterclaims against any Account; (c) no payment has been received on any Account and no Account is subject to any credit or extension or agreements therefor other than in the ordinary course of business unless written notice specifying such payment, credit, extension or agreement has been delivered to the Bank; (d) each copy of each invoice is a true and genuine copy of the original invoice sent to the Account Debtor named therein and accurately evidences the transaction from which the underlying Account arose and the date payment is due as stated on each such invoice, or computer based on the information set forth on each such invoice, is correct; (e) all chattel paper and all promissory notes, drafts, trade acceptances, and other instruments for the payment of money relating to or evidencing each Account, and each indorsement thereon, are true and genuine and in all respects what they purport to be, and are the valid and binding obligations of all parties thereto and the date or dates stated on such items as the date on which payment in whole or in part is due is correct; (f) all inventory described in each invoice has been delivered to the Account Debtor named in such invoice or placed for such delivery in the possession of a carrier not owned or controlled directly or indirectly by Borrower; (g) all evidence of the delivery or shipment of inventory is true and genuine; (h) all services to be performed by Borrower in connection with each Account has been performed by Borrower, and (i) all evidence of the performance of such services by Borrower is true and genuine.
Sample 1

Examples of Validity of Accounts in a sentence

  • Validity of Accounts...........................................................................

  • A Warranty of Validity of Accounts, in form and substance satisfactory to the Lender (the “Warranty of Validity of Accounts”), executed by a Duly Authorized Officer.

  • Validity of Accounts ...................................................................

  • Validity of Accounts (a) The amount of each Account, as shown on a Borrower's books, is and will be correct and shall have been fully earned by performance.

  • Validity of Accounts.................................................

Related to Validity of Accounts

  • Statement of Account means the consolidated statement of account, or statement of account, issued by us every month to you setting out transactions of your Account(s).

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Separate Accounts means the accounts which are to be prepared for each

  • Currency of Account means, in relation to any payment to be made to a Finance Party under a Finance Document, the currency in which that payment is required to be made by the terms of that Finance Document.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Branch of Account has the meaning given to it in Condition 18.01 (Branch of Account);

  • Collateral Account Bank a bank which at all times is a Collateral Agent or a Lender or an affiliate thereof as selected by the relevant Grantor and consented to in writing by the Collateral Agent (such consent not to be unreasonably withheld or delayed).

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.2.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Servicing Accounts The account or accounts created and maintained pursuant to Section 3.08.

  • Accounts means all presently existing and hereafter arising accounts, contract rights, and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by Borrower, whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower's Books relating to any of the foregoing.

  • Project Accounts means accounts referred to in and required to be established under the Senior Funding Agreements;

  • Subaccounts is defined in Section 8.02(a) of the Indenture.

  • Collection Accounts As defined in Section 3.10(a).

  • Mortgagor Accounts As defined in Section 3.07(a) of this Agreement.

  • Schedule of Accounts means an aged trial balance and reconciliation to the Borrowing Base in form and substance reasonably satisfactory to the Administrative Agent (which may at the Administrative Agent’s discretion include copies of original invoices) listing the Accounts of the Borrower, certified on behalf of the Borrower by a Duly Authorized Officer, to be delivered on a monthly basis to the Administrative Agent by the Borrower pursuant to Section 8.1(d) hereof.

  • Interest Account means the Account within the Debt Service Fund so designated and established by Article V hereof.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Audited Accounts means the audited accounts of the Company and of each of the Subsidiaries and the audited consolidated group accounts of the Group for the financial period ended on the Balance Sheet Date;

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  • Controlled Accounts means the Collection Account and the Unfunded Exposure Account.

  • Secured Cash Management Obligations means Obligations under Secured Cash Management Agreements.

  • Latest Accounts means, in respect of any financial quarter or year of the Group, the latest unaudited (in respect of each financial quarter) or audited (in respect of each financial year) financial statements required to be prepared pursuant to clause 8.1.6;