Common use of Contra Accounts Clause in Contracts

Contra Accounts. Accounts subject to set-off, defense, warranty claim, credit, allowance or adjustment by the Account Debtor except any normal discount allowed for prompt payment; PROVIDED THAT, if Accounts payable by Borrower to an Account Debtor shall be netted against Accounts due from such debtor and the difference (if positive) shall constitute Eligible Accounts from such debtor for purposes of determining the Borrowing Base;

Contra Accounts. Accounts subject to set-off, defense, warranty claim, credit, allowance or adjustment by the Account Debtor except any normal discount allowed for prompt payment; PROVIDED THAT, if Accounts payable by Borrower to an Account Debtor shall be netted against Accounts due from such debtor and the difference (if positive) shall constitute Eligible Accounts from such debtor for purposes of determining the Borrowing Borrow­ing Base;