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An open account is the typical payment procedure for an established consumer where the goods are delivered and the customer is billed on an end-of-the-month basis.
An open account is an association between a business and a patron, where the consumer should buy items and services on a deferred price foundation. The consumer then pays the business at a later date.
Open Account settlement means any settlement among or amongst a Lender or any of its affiliates and the business enterprise or any Subsidiary, as identified to the Collateral Agent as an “Open Account settlement” for functions of this agreement by means of the company from time to time, pursuant to which the organization.
A contractual responsibility that can be modified via the next agreement of the events, either through expressed consent or by way of consent implied from the behavior of the parties, furnished the settlement changing the contractual responsibility is primarily based upon unbiased consideration.
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