Base Accounts definition

Base Accounts means accounts receivable of the Company as ------------- to which the Company has furnished to the Bank the information required by this Agreement and shall not include (a) accounts payable by subsidiaries, affiliates and employees of the Company, (b) accounts payable by debtors not located in the United States, unless otherwise approved in writing by the Bank or (c) accounts evidenced by promissory notes. The "net outstanding amount of Base Accounts" means the net --------------------------------------- amount of Base Accounts outstanding after eliminating from the aggregate amount of outstanding Base Accounts (i) such accounts that are more than 90 days past the date of the original invoice date or more than 60 days past the due date, whichever is earlier, and (ii) all other accounts of any account debtor with 25% or more of its accounts that are more than 90 days past the date of the original invoice date or more than 60 days past due as aforesaid; and deducting from the aggregate face amount of the remaining Base Accounts all payments, adjustments and credits applicable thereto and all amounts due thereon considered by the Bank difficult to collect or uncollectible by reason of return, rejection, repossession, loss or damage of or to the merchandise giving rise thereto, a merchandise or other dispute, insolvency of the account debtor, or any other reason, all as determined by the Bank in its discretion, which determination shall be final and binding upon the Company.

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Base Accounts. Those Accounts (net of any finance charges, late charges, credits, commissions, contras or other offsets or counterclaims)

Base Accounts means the unaudited consolidated profit and loss account and balance sheet of the Group for the Financial Year ended 30th September 1997

Examples of Base Accounts in a sentence

• Solely for the purpose of calculating the Borrowing Base, Accounts Receivable shall not include that portion of the sum of money or other proceeds due thereon that relate to sales, use or property taxes in conjunction with such transactions with account debtors.

• An amount equal to the lesser of (a) the Commitment Amount -------------- or (b) 75% of the net outstanding amount of Base Accounts.

• All loss or depreciation in value of Base Inventory shall be immediately reflected in the Net Security Value of Base Inventory, and all payments on Base Accounts and all adjustments and credits with respect thereto, whether unilateral, negotiated or otherwise, shall be immediately reflected in the Net Outstanding Amount of Base Accounts.

• Each Secured Guarantor shall include all interest and earnings on any such balance in its respective Borrowing Base Accounts as its income and shall be the owner of all funds on deposit in its Borrowing Base Accounts for federal and applicable state and local tax purposes.

• If such field examination is not completed by the Post-Closing Field Exam Deadline, then the Deemed Borrowing Base Accounts Component shall be zero until such field examination is completed.

More Definitions of Base Accounts

Base Accounts means the audited financial statements of the Borrower and the consolidated audited financial statements of the Group for the period ended 31 December 2004;

Base Accounts means the audited accounts of the Borrower for the year ended on the Base Accounts Date;

Base Accounts means the audited financial statements of the Borrower and the consolidated audited financial statements of the Group for the period ended 31 March 2000;

Base Accounts means the audited financial statements of the Borrower for the period ended 31st December 2005;

Base Accounts means the aggregate Accounts Receivable of the Borrowers as to which the Agent has a perfected first security interest and the Borrowers have furnished to the Agent information as required by Section 5.1 (viii) and (ix). If and when a Base Account exists by virtue of constituting proceeds of Base Inventory, the Inventory giving rise to the Base Account automatically loses its status as Base Inventory.

Base Accounts means accounts of the Borrower as to which (i) the underlying goods have been sold or services rendered, (ii) the Bank has a security interest, (iii) the Borrower has furnished to the Bank all information reasonably requested by Bank with respect to said accounts, and (iv) the Borrower has billed/invoiced the Account Debtor in the manner required by the contract/agreement with the Account Debtor. The "net outstanding amount of Base Accounts" means the net amount of Base Accounts outstanding after eliminating from the aggregate amount of outstanding Base Accounts the following:

Base Accounts means the Profit Participating Loan Cap and Drawdown Account, the Payment Account, the Collection Account, the Cash Reserve Account and the Unused Proceeds Account (and any sub-account of any of the foregoing, including but not limited to sub-accounts for interest and principal) and all other present or future accounts (and sub-accounts) of the Issuer (and all monies credited thereto from time to time) established at the Account Bank pursuant to or in connection with any of the Transaction Documents, and "Base Account" means any one of them;