Approved Account Debtor definition

Approved Account Debtor means (a) an Account Debtor of any Loan Party approved by the Administrative Agent (at the direction of the Required Lenders in their reasonable discretion), (b) an Account Debtor which is an Investment Grade Customer or the obligations of which are fully and unconditionally guaranteed by an Investment Grade Customer and (c) each Account Debtor listed on Schedule 1.01(a).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Approved Account Debtor means a Person listed as an Account Debtor on Schedule II to this Agreement, as such Schedule may be modified or supplemented from time to time, as approved in advance by the Administrative Agent and each Buyer in writing in their sole and absolute discretion.

Approved Account Debtor means any Account Debtor selected by the Company and approved by the Administrative Agent in writing from time to time; provided that, if the Administrative Agent receives evidence reasonably satisfactory to it that no Accounts of such Account Debtor are subject to an Approved Account Sale, then the Administrative Agent may remove such Account Debtor as an Approved Account Debtor by notice to the Company and the Lenders.

Examples of Approved Account Debtor in a sentence

Without limiting the foregoing, Client, in its capacity as Servicer, shall not take any action (or omit to take any action that it would customarily take in servicing Receivables) that results in preferential treatment for Receivables of an Approved Account Debtor that do not constitute Purchased Receivables.
UK Approved Account Debtor: a dealer for a Borrower which is located in the United Kingdom (and approved by Agent) which is an Account Debtor with respect to a Flooring Account that is subject to floor financing from a financial institution located in the United States pursuant to an Approved Dealer Financing Agreement.
Notwithstanding the foregoing, even if a Person is deleted as an Approved Account Debtor or the Allowable Amount set forth in Schedule 2 hereto with respect to an Approved Account Debtor has been reduced, an item that was included as an Eligible Receivable on the most recent Borrowing Base Certificate received by the Agent prior to any such deletion or reduction, may continue to be included as an Eligible Receivable in any subsequent Borrowing Base Certificate.
Approved Account Debtor: each Account Debtor that is organized or has its principal office outside the United States and Canada and that is listed on Schedule 1.4, provided that, unless the Agent otherwise agrees, the maximum amount of Eligible Accounts, attributed to (i) a single Approved Account Debtor shall not exceed $100,000 in the aggregate at any time and (ii) all Approved Account Debtors, collectively, shall not exceed $250,000 in the aggregate at any time.

More Definitions of Approved Account Debtor

Approved Account Debtor either a Tier I Approved Account Debtor or a Tier II Approved Account Debtor.

Approved Account Debtor has the meaning specified in clause (k) of the definition of “Eligible Receivable”.

Approved Account Debtor means each of Reyn▇▇▇▇ ▇▇▇minum Corporation and Stol▇▇ ▇▇▇poration (formerly known as Alcoa Building Products) so long as the senior unsecured, non-credit enhanced debt securities of Reyn▇▇▇▇ ▇▇▇minum Corporation or Stol▇▇ ▇▇▇poration, as the case may be, are rated Baa3 or better by Mood▇'▇ ▇▇▇ BBB- or better by Standard & Poor's.

Approved Account Debtor means each account debtor of Borrower approved by Lender for inclusion in the Borrowing Base, which approval may be provided from time to time in writing (including email).

Approved Account Debtor means a Person listed as an approved account debtor on Schedule I to this Agreement, as such Schedule may be modified or supplemented from time to time, as proposed by the Sellers and approved in advance by the Administrative Agent in writing in its sole and absolute discretion in accordance with the terms of this Agreement. “Arranger” means each of MUFG Bank and CACIB, in their capacities as joint lead arrangers for the accounts receivable purchase facility evidenced by this Agreement. “Auto Rejected Receivable” has the meaning set forth in Section 1(g) hereof. “Availability Period” has the meaning set forth in Section 18(f) hereof. “Base Rate” means Term SOFR; provided, however, that if Term SOFR is less than 0%, then the Base Rate shall be deemed to be 0%. “Benchmark” means, initially, as applicable, the Term SOFR Reference Rate for the applicable tenor of SOFR; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate for such tenor of SOFR, as applicable, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to the provisions hereof. “Benchmark Replacement” means the Cost of Funds Rate in respect of any Purchased Receivable. “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: (a) in the case of clauses (a) and (b) of the definition of “Benchmark Transition Event”, the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide a tenor of such Benchmark (or such component thereof) that would permit the determination of such Benchmark for usage as set forth herein; and (b) in the case of clause (c) of the definition of “Benchmark Transition Event”, the date of the public statement or publication of information referenced therein. “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: (a) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide a tenor of ...

Approved Account Debtor means at any time, each Account Debtor whose corporate credit rating or senior debt rating (secured or unsecured), or any of them, by M▇▇▇▇'▇ or S&P is investment grade (as of the Agreement Date, at least Baa3 and BBB-, respectively) and other Account Debtors approved in writing by the Administrative Agent. If only one such rating agency has issued an investment grade rating for an Account Debtor and the highest rating for such Account Debtor by the other rating agency is two levels (or 'ticks') or more below the highest rating issued by the first such rating agency, such Account Debtor shall not be an 'Approved Account Debtor' unless approved by the Administrative Agent. Approved Account Debtors as of the Agreement Date are listed on Annex F.

Approved Account Debtor. : means (a) an Account Debtor of any Loan Party approved by Administrative Agent in its Permitted Discretion or at the direction of the Majority Lenders, from time to time, and (b) an Account Debtor which is an Investment Grade Customer or the obligations of which are fully and unconditionally guaranteed by an Investment Grade Customer, in each case, with respect to clauses (a) and (b), identified as such on the list delivered with the most recent Schedule of Accounts required pursuant to Section 8.1(b).