Common use of Collectability of Accounts Receivable Clause in Contracts

Collectability of Accounts Receivable. All accounts receivable, book debts and other debts due or accruing to the Corporation are bona fide and to the best knowledge and belief of the Vendor and the Corporation, are good and collectible at the aggregate recorded amounts thereof (subject to no defence, counterclaim or set off) and, in respect of those having an age of not more than 120 days past due, having a value of at least Three Hundred Twenty Thousand Dollars ($320,000) as at the Closing Time.