Common use of Outstanding Accounts Payable Clause in Contracts

Outstanding Accounts Payable. Permit Nationwide or any Restricted Subsidiary formed under the laws of the United States of America or any state thereof to have (i) more than twenty-five percent (25%) of its past due accounts payable outstanding for more than 75 days, or (ii) any accounts payable outstanding for more than 120 days, other than, in each case, accounts payable which are being disputed in good faith by appropriate proceedings and for which a Borrower or a Restricted Subsidiary has provided adequate reserves in accordance with GAAP.