Common use of Recurring Revenue Clause in Contracts

Recurring Revenue. (a) For any Eligible Customer Account in any RR calculation, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such Eligible Customer Accounts are and shall be true and correct in all material respects and all such invoices, instruments and other documents, and all of the Borrower’s books and records are genuine and in all material respects what they purport to be. (b) All sales and other transactions underlying or giving rise to each Eligible Customer Account shall comply in all material respects with all applicable laws and governmental rules and regulations. The Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any customer whose Eligible Customer Accounts are used in any RR calculation. To the best of Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Customer Accounts are genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms. The Borrower is the owner of and has the legal right to sell, transfer, assign and encumber its rights with respect to each Eligible Customer Account, and there are no defenses, offsets, counterclaims or agreements for which the Account Debtor may claim any deduction or discount, other than defenses that the Borrower has not performed a future obligation.

Recurring Revenue. (a) For any Eligible Customer Account in any RR calculation, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such Eligible Customer Accounts are and shall be true and correct in all material respects and all such invoices, instruments and other documents, and all of the Borrower’s Group Members’ books and records are genuine and in all material respects what they purport to be. (b) All sales and other transactions underlying or giving rise to each Eligible Customer Account shall comply in all material respects with all applicable laws and governmental rules and regulationsRequirements of Law. The Borrower has Loan Parties have no knowledge of any actual or imminent Insolvency Proceeding of any customer whose Eligible Customer Accounts are used in any RR calculation. To the best of Borrower’s the Loan Parties’ knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Customer Accounts are genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms. The Borrower is Group Members are the owner of and has have the legal right to sell, transfer, assign and encumber its rights with respect to each Eligible Customer Account, and there are no defenses, offsets, counterclaims or agreements for which the Account Debtor may claim any deduction or discount, other than defenses that the Borrower has not performed a future obligation.