Eligible Account Receivable means an Account Receivable owing to the Company or any Domestic Subsidiary which meets the following requirements:
Eligible Account Receivable as of any Borrowing Base Date, an Account Receivable as to which the following requirements have been fulfilled:
Eligible Account Receivable means an Account that is an account receivable (i.e., each specific invoice) of a Borrowing Base Company that, at all times until it is collected in full, continuously meets the following requirements:
Examples of Eligible Account Receivable in a sentence
If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on an otherwise Eligible Account Receivable owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to an otherwise Eligible Account Receivable, such Grantor will disclose such fact to the Collateral Agent in writing in connection with the next Borrowing Base Report.
More Definitions of Eligible Account Receivable
Eligible Account Receivable means an Account Receivable owing to any Borrower (other than Holdings) which meets each of the following requirements:
Eligible Account Receivable is an amount owing to Borrower, as determined by Bank in its sole and absolute discretion, which has arisen from the delivery and/or shipment of products previously made and from services rendered for which an invoice has been issued by Borrower to its customer ("Customer") (a) which amount is not subject to any offset, counterclaim or defense asserted by the Customer, (b) which amount is subject to a perfected security interest in favor of Bank and is not subject to any other security interest, lien, claim or encumbrances, (c) which amount has not remained unpaid for more than the number of days set forth in Section 13 after the date due under the terms of the related invoice, (d) where not more than fifteen percent (15%) of the total amount owing from the Customer has remained unpaid for more than the number of days set forth in Section 13 after the date due under the terms of the related invoice, (e) which amount is not an uninsured amount owing from Customer located in a foreign country and (f) which amount is not owing from the United States of America or any agency, department or subdivision thereof, unless a properly executed assignment of claims has been received by Bank. "Eligible Inventory" is the inventory of Borrower (consisting of those items within the categories set forth in Section 13), as determined by Bank in its sole and absolute discretion, to be (a) in good condition and salable in the ordinary course of Borrower's business, (b) owned by Borrower free and clear of any mortgages, liens, security interests, claims, encumbrances or rights of others, excepting only the security interests in favor of Bank, (c) located at a location identified in a Security Agreement (hereinafter defined), (d) subject to a perfected security interest in favor of Bank, (e) not subject to any consignment to any Customer and (f) not acquired by Borrower in or as part of a bulk transfer of sale or assets unless Borrower has complied with all applicable bulk sales or bulk transfer laws.
Eligible Account Receivable. An Account Receivable owing to the Borrower which meets the following requirements:
Eligible Account Receivable means all Accounts Receivable of the Borrower and the Guarantors which are subject to a first and prior Lien in favor of the Agent on behalf of the Banks pursuant to the Collateral Documents (reduced by the amount of any refund, rebate, allowance, discount or other concession to the account debtor in connection therewith) except for the following:
Eligible Account Receivable in this Section 1.1.
Eligible Account Receivable means an Account Receivable which is NOT a Disqualified Account Receivable.
Eligible Account Receivable means any account receivable, net of any prepayments, progress payments, deposits and retentions, owing to the Company or to a special purpose entity upon assignment thereto by the Company in connection with a Securitization, provided that the account meets the following specifications: