Extract to table

All five elements must be established by the party seeking avoidance

In order to satisfy this element, the trustee must show that the transfer enabled Meridian to receive more than it would have received in a hypothetical Chapter 7 liquidation

First, the ordinary course of business defense requires analysis of the payment timing for each transfer — the number of days between the invoice date and the payment date must be compared to historical norms on a transfer-by-transfer basis

" Under the subjective prong, the transferee must demonstrate that the challenged transfer was consistent with the historical course of dealing between the debtor and the creditor

" Under the objective prong, the transferee must demonstrate that the challenged transfer was consistent with ordinary business terms in the relevant industry or trade

The two-part test requires both subjective intent (the parties must have intended a contemporaneous exchange) and objective fact (the exchange must have been substantially contemporaneous)