Common use of Accounts and Notes Payable Clause in Contracts

Accounts and Notes Payable. Except as set forth in Section 3.1(o) of the Company Disclosure Schedule, all accounts payable and notes payable in excess of $25,000 by the Company and Phase Three to third parties as of the date hereof arose, and as of the Closing will have arisen, in the ordinary course of business, and, except as set forth in Section 3.1(o) of the Company Disclosure Schedule, there is no such account payable or note payable delinquent in its payment, except those contested in good faith and already disclosed in Section 3.1(o) of the Company Disclosure Schedule.