Eligible Progress Billing definition
Eligible Progress Billing in Section 1.1 of the Financing Agreement are hereby amended as follows:
Eligible Progress Billing means the collective reference to accounts of the Borrower arising with respect to the sale of (A) glass bending and tempering/annealing systems or (B) retrofits or component subsystems of such systems, all manufactured by the Borrower, such accounts consisting solely of progress bill▇▇▇▇ ▇▇▇ with respect to such systems, retrofits and subsystems that have been shipped to the Account Debtor, but not finally accepted by the Account Debtor.
Eligible Progress Billing. RECEIVABLE shall mean a Progress Billing Receivable which meets each of the requirements set forth in the definition of "Eligible Receivable" other than the requirement that it not be a Progress Billing Receivable. Any Progress Billing Receivable which is at any time an Eligible Progress Billing Receivable, but which subsequently fails to meet any of the foregoing requirements, shall forthwith cease to be an Eligible Progress Billing Receivable until such time as it once again meets all of the foregoing requirements. For purposes of determining the Borrowing Base, the "amount" of each Eligible Progress Billing Receivable at any time shall be the book value thereof at such time. ELIGIBLE RAW MATERIAL INVENTORY shall mean any Inventory which meets each of the following requirements; (a) it consists of raw materials; (b) it is in good condition; and (c) it is owned by the Company or a Subsidiary and is not subject to any lien or security interest whatsoever other than any security interest in favor of the Banks under the Loan Documents. Any Inventory which is at any time Eligible Raw Material Inventory, but which subsequently fails to meet any of the foregoing requirements, shall forthwith cease to be Eligible Raw Material Inventory until such time as it once again meets all of the foregoing requirements. For purposes of determining the Borrowing Base, the "amount" of Eligible Raw Material Inventory at any time shall be the book value thereof at such time. ELIGIBLE RECEIVABLE shall mean each Receivable of the Company and/ or a Subsidiary:
Examples of Eligible Progress Billing in a sentence
The maximum amount of Eligible Progress Billing Accounts which may be included as part of the Borrowing Base is $1,000,000.
The maximum amount of Eligible Progress Billing Accounts which may be included as part of the Borrowing Base is $1,500,000.
More Definitions of Eligible Progress Billing
Eligible Progress Billing. MEANS THE COLLECTIVE REFERENCE TO ACCOUNTS OF THE BORROWER ARISING WITH RESPECT TO THE SALE OF (a) GLASS BENDING AND TEMPERING/ANNEALING SYSTEMS OR (b) RETROFITS OR COMPONENT SUBSYSTEMS OF SUCH SYSTEMS, ALL MANUFACTURED BY THE BORROWER, SUCH ACCOUNTS CONSISTING SOLELY OF PROGRESS BILL▇▇▇▇ ▇▇▇ WITH RESPECT TO SUCH SYSTEMS, RETROFITS AND SUBSYSTEMS THAT HAVE BEEN SHIPPED TO THE ACCOUNT DEBTOR, BUT NOT FINALLY ACCEPTED BY THE ACCOUNT DEBTOR, PROVIDED THAT THE PAYMENT OF THE PROGRESS BILLING DUE SHALL BE SECURED BY A LETTER OF CREDIT IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE LENDER, WHICH LETTER OF CREDIT, DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, SHALL BE IN THE LENDER'S POSSESSION WITH ALL DOCUMENTS AND CERTIFICATES REQUIRED FOR DRAWING THEREUNDER.
Eligible Progress Billing means an Account Receivable which represents a scheduled billing under the terms of a valid contract for goods sold or services rendered by Borrower in respect of interim or partial performance under such contract and with respect to which the Account Debtor thereof has not terminated or threatened to terminate such contract or withheld or threatened to withhold payment thereunder.