Acceptable Account

Acceptable Account. An Account of Client conforming to the representations, warranties, and requirements of Section 14, Acceptable Accounts.

Acceptable Account. Means an Account, in an amount not to be less than $100, which conforms to the warranties and terms set forth herein or at WFBCI's sole discretion, net of any credits or allowances of any nature, except the following shall not in any event be deemed Acceptable Accounts: (i) That portion of Accounts unpaid 90 days or more after the invoice date or, if WFBCI in its discretion has determined that a particular dated Account may be acceptable, that portion of such... Account which is unpaid more than 30 days past the stated due date or more than 90 days past the invoice date; (ii) That portion of Accounts that is disputed or subject to a claim of offset or a contra account; (iii) That portion of Accounts not yet earned by the final delivery of goods or rendition of services, as applicable, by the Customer to the Account Debtor; (iv) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBCI that (A) WFBCI has a first priority perfected security interest and (B) such Accounts may be enforced by WFBCI directly against such unit of government under all applicable laws); (v) Accounts owed by an Account Debtor located outside the United States which are not (A) backed by a bank letter of credit naming WFBCI as beneficiary or assigned to WFBCI, in WFBCI's possession and acceptable to WFBCI in all respects, in its sole discretion, (B) covered by a foreign receivables insurance policy acceptable to WFBCI in its sole discretion; (vi) Accounts owed by an Account Debtor that is insolvent, the subject of bankruptcy proceedings or has gone out of business; (vii) Accounts owed by a shareholder, subsidiary, affiliate, officer or employee of the Customer; (viii) Accounts not subject to a duly perfected security interest in WFBCI's favor or which are subject to any lien, security interest or claim in favor of any Person other than WFBCI including without limitation any payment or performance bond; (ix) That portion of Accounts that has been restructured, extended, amended or modified; (x) That portion of Accounts that constitutes advertising, finance charges, service charges or sales or excise taxes; (xi) Accounts owed by an Account Debtor, regardless of whether otherwise acceptable, if 10% or more of the total amount due under Accounts from such Account Debtor is unacceptable under clauses above; and (xii) Accounts, or portions thereof, otherwise deemed unacceptable by WFBCI in its sole discretion. View More

Acceptable Account. Shall mean an account conforming to the warranties and terms set forth herein.