Eligible Government Accounts definition

Eligible Government Accounts means Eligible Accounts consisting of Government Accounts but excluding any portion of a Government Account:

Eligible Government Accounts means Accounts that would constitute Eligible Accounts but for the fact that the account debtors with respect to such Accounts are any Governmental Authority, and that are Eligible U.S. Federal Government Accounts, Eligible U.S. Local Government Accounts or Eligible Foreign Government Accounts.

Eligible Government Accounts means Eligible Accounts that are Billed Accounts owing from the United States, or, with respect to certain Eligible Non-Assigned Government Accounts, from a prime contractor with the United States, or from a state or political subdivision of the United States.

Examples of Eligible Government Accounts in a sentence

• Notwithstanding the foregoing, Agent shall not establish any Reserves in respect of any matters relating to any items of Collateral that have been excluded or deducted in determining Eligible Accounts or Eligible Government Accounts, as applicable.

• The Borrower shall satisfy the requirements of the Assignment of Claims Act of 1940, as amended, in respect of All Eligible Government Accounts in excess of $500,000.00 in contract price, where the Borrower is a prime contractor with the United States.

• In the event Borrower is unable to obtain a Notice of Assignment of Account within such 120-day period, such account shall not be an Eligible Government Accounts Receivable until such executed Notice of Assignment of Account is delivered to Bank.

• The Bank will make loans to the Borrower under the Revolver at any time and from time to time until the maturity date in such amounts as may be requested by the Borrower up to an aggregate amount outstanding at any time equal to the lesser of (a) $30,000,000, or (b) the total of (i) 90% of Eligible Government Accounts Receivable; (ii) 85% of Eligible Commercial Accounts Receivable; (iii) 50% of Unbilled Accounts Receivables not to exceed $3,500,000 plus (iv) $10,000,000.00 (the “Overadvance”).

• Notwithstanding anything to the contrary set forth in this definition, at no time shall Revolver Exposure made available under clauses (a) and (b) above with respect to the deferred revenue recognition portion of Eligible Government Accounts and Eligible Accounts, respectively, arising in connection with a Borrower’s fixed fee contracts exceed $3,000,000 in the aggregate outstanding at any time.

More Definitions of Eligible Government Accounts

Eligible Government Accounts means Reseller’s Eligible Accounts (a) in which Collateral Agent for the benefit of Lenders has a first priority, perfected Security Interest (subject to no other Security Interest), (b) are owed to Reseller by a Governmental Authority (c) have been created in compliance with XXXXX and the Anti-Kickback Statute and (d) are satisfactory to Collateral Agent in its Permitted Discretion.

Eligible Government Accounts means Accounts with respect to which the account debtor is Defense Logistic Agency and/or U.S. Army Contracting Command or such other account debtors that Bank may approve on a case by case basis in its sole discretion and that satisfy the requirements of the definition of Eligible Accounts, other than clause (g) of such defined term.

Eligible Government Accounts shall have the meaning assigned to such term in Section 2.18(b).

Eligible Government Accounts shall include, on any date of determination of the Borrowing Base, all Accounts of Borrowers (i) on which the Account Debtor is the United States or any federal Governmental Authority and (ii) that, in all other respects would qualify as an Eligible Commercial Account, but for the fact that the Account Debtor is the United States or any federal Governmental Authority, except that the exclusionary criteria set forth in Section 2.18(a)(xxv) shall not be applicable to Eligible Government Accounts; provided, however, that, notwithstanding any other provision of this Agreement, the total amount of availability under the Borrowing Base in respect of Eligible Government Accounts (or Eligible Unbilled Accounts in respect of Eligible Government Accounts) shall not exceed the greater of (i) $10,000,000 or (ii) the total amount of such Accounts, if any, for which the applicable Borrower has previously assigned its rights to payment of such Account to the Administrative Agent pursuant to the Assignment of Claims Act of 1940, as amended, and such assignment has been accepted and acknowledged by the appropriate United States government officers.

Eligible Government Accounts means otherwise Eligible Accounts with respect to which: (a) the Account Debtor is the United States of America or any political subdivision, department, agency or instrumentality thereof; and (b) Borrower complies with the Federal Assignment of Claims Act of 1940, 31 U.S.C. §3727 and the regulations thereunder.

Eligible Government Accounts means those Government Accounts created by a Loan Party in the ordinary course of its business, that arise out of such Loan Party’s sale of goods or rendition of services pursuant to a Government Contract, that comply with each of the representations and warranties respecting Eligible Government Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, that such criteria may with notice be revised from time to time by Agent in its Permitted Discretion. In determining the amount to be included, Eligible Government Accounts shall be calculated net of customer deposits, unapplied cash, taxes, discounts, credits, allowances, and rebates. Eligible Government Accounts shall not include the following:

Eligible Government Accounts means those Accounts which meet all the requirements of Eligible Accounts except for the requirements set forth in (j)(ii) of the definition of Eligible Accounts and shall include the following government Accounts owing by: (i) Canadian Commercial Corporation, a Crown corporation of the Government of Canada, (ii) Canadian Department of National Defence, a department of the Government of Canada, (iii) the US State Department – GSO, (iv) the USA CE Finance Center, (v) the United Nations, and (vi) North Atlantic Treaty Organization (NATO).”