Eligible Purchase Orders are binding, non-contingent and non-cancelable purchase orders issued within the previous ninety (90) days, for the delivery of goods by Borrower or the provision of services by Borrower, and which, but for the fact that an invoice has not been sent, are otherwise “Eligible Accounts.” Upon the issuance of an invoice in respect of such a purchase order, such applicable purchase order shall not be deemed to be an “Eligible Purchase Order”.
Eligible Purchase Orders are Purchase Orders received in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3, have been, at the option of Bank, confirmed in accordance with Section 2.1.1(f) and will result in the creation of an Account due and owing from Account Debtors deemed creditworthy by Bank in its sole discretion. Without limiting the fact that the determination of which Purchase Orders are eligible hereunder is a matter of Bank discretion in each instance, Eligible Purchase Orders shall not include the following Purchase Orders (which listing may be amended or changed in Bank’s discretion with notice to Borrower):
Eligible Purchase Orders means purchase orders issued in favor of Debtor and which have not expired or been cancelled, covering the purchase of goods from Debtor, issued by Buyers.
Examples of Eligible Purchase Orders in a sentence
Notwithstanding the foregoing, at any time that the aggregate outstanding principal amount of the Purchase Order Advances exceeds the Purchase Order Sublimit or the amount of Purchase Order Advances available against Eligible Purchase Orders (as determined by Bank), Borrower shall immediately pay to Bank the excess.
Borrower will deliver an Invoice Transmittal for each Eligible Account it offers, and, if at such time Borrower is Borrowing Base Eligible, Borrower shall also deliver a Borrowing Base Certificate for Eligible Accounts, Eligible Inventory, and Eligible Purchase Orders it offers.
Notwithstanding the foregoing, at all times that Borrower is not Sublimit Uncapped Eligible, the aggregate outstanding principal balance of the sum of (A) Inventory Advances used to finance Eligible Inventory, plus (B) Purchase Order Advances used to finance Eligible Purchase Orders may not exceed sixty percent (60%) of the aggregate outstanding principal balance of all Credit Extensions.
Subject to the terms of this Agreement, at all times that Borrower is Borrowing Base Eligible, Borrower may request that Bank finance specific Eligible Purchase Orders on an aggregate basis.
In addition, upon Bank’s request, Borrower shall deliver to Bank any contracts, purchase orders, or other underlying supporting documentation with respect to such Eligible Accounts, Eligible Inventory, and Eligible Purchase Orders.
More Definitions of Eligible Purchase Orders
Eligible Purchase Orders are Purchase Orders made by Borrower in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties, and are otherwise acceptable to Bank in all respects. The determination of which Purchase Orders are eligible hereunder is a matter of Bank’s discretion in each instance.
Eligible Purchase Orders are signed and accepted Purchase Orders received in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3, and will result in the creation of an Eligible Account due and owing from Account Debtors deemed creditworthy by Bank in its good faith business judgment. Without limiting the fact that the determination of which Purchase Orders are eligible hereunder is a matter of good faith business judgment of the Bank in each instance, Eligible Purchase Order shall not include the following Purchase Orders (which listing may be amended or changed in Bank’s good faith business judgment):
Eligible Purchase Orders means and includes each Purchase Order which conforms to the following criteria: (a) a Purchase Order that relates to products that would be included within the definition of “Eligible Inventory” if such products were owned by a Company, and (b) is otherwise satisfactory to Laurus as determined by Laurus in the exercise of its sole discretion. In the event Company requests that Laurus include within Eligible Purchase Orders certain Purchase Orders of one or more of Company’s acquisition targets, Laurus shall at the time of such request consider such inclusion, but any such inclusion shall be at the sole option of Laurus and shall at all times be subject to the execution and delivery to Laurus of all such documentation (including, without limitation, guaranty and security documentation) as Laurus may require in its sole discretion.
Eligible Purchase Orders. “Financed Purchase Order Balance”; “Letter of Credit Application”; “Letter of Credit Reserve”; “Net Cash” and “Purchase Orders”.
Eligible Purchase Orders means purchase orders for Borrower Products substantially in form and substance as provided in Exhibit J or otherwise acceptable to Agent, arising in the ordinary course of Borrower’s business, that have been submitted to Agent. Agent reserves the right at any time following the completion of an audit or field examination of Borrower’s purchase orders for Borrower Products the results of which reflect a material change to the make-up of Borrower’s purchase orders for Borrower Products from the make-up of Borrower’s purchase orders for Borrower Products on or prior to the Closing Date of most recent audit or field examination, to adjust any of the criteria set forth below and to establish new criteria in its good faith credit judgment upon providing Borrower five (5) days’ prior written notice of such new criteria. Should qualifying purchase orders be canceled, they shall no longer be considered Eligible Purchase Orders or be considered eligible for inclusion in the Borrowing Base. Unless otherwise agreed by Agent, Eligible Purchase Orders shall not include the following:
Eligible Purchase Orders means purchase orders received by each Borrower for the purchase of Finished Goods from customers (i) credit approved by Montcap, (ii) for which the mix of customers and products is acceptable to Montcap and (iii) for which Montcap is satisfied that the Borrower will be able to respect the delivery date stipulated in the purchase orders by shipping all the products referred to in the purchase orders;
Eligible Purchase Orders are Purchase Orders aged less than 90 days received by Borrower in the Ordinary Course of Business of Borrower that are approved by Lender in Lender’s sole discretion but specifically excluding any Purchase Orders which include Inventory for which Lender has made an Advance supported by Eligible Inventory; provided, however, that an Eligible Purchase Order stops being a Eligible Purchase Order upon the earliest of the following: (a) such Eligible Purchase Order becomes an Eligible Account; (b) Lender determines in its sole discretion that such Eligible Purchase Order no longer qualifies as an Eligible Purchase Order; or (c) 90 days elapses from the date of such Eligible Purchase Order. Without limiting the generality of the foregoing, no Purchase Order shall be an Eligible Purchase Order unless (a) Borrower has irrevocably directed the applicable customer to make payments of all amounts due Borrower to a deposit account subject to a Control Agreement, (b) Lender shall be satisfied with the supplier of the products relating to such Purchase Order, (c) Lender has taken such action as it chooses to verify information contained on the Notice of Advance including the accuracy and reasonableness of the date by which the products are to be delivered and the validity of the Purchase Order (which verification may include, without limitation, direct confirmation from the applicable customer and any vendors and any such verification action or lack thereof shall not relieve Borrower from any of its obligations or representations under any Loan Document), (d) if so requested by Lender, Borrower shall have obtained a waiver and release of Lender by the applicable customer of any and all liability for breach of any and all express or implied warranties or product liability claims with respect to the products to be delivered in connection with the Purchase Order or the use and distribution thereof, (e) the Purchase Order shall be for goods which do not require any further processing after they have been delivered by the supplier thereof, (f) the Purchase Order is not a Cancelled Purchase Order, (g) the Purchase Order, the products relating thereto and the proceeds thereof are free and clear of all Liens other than the Permitted Liens described in clause (e) of the definition thereof in favor or carriers or warehousemen, (h) the products relating to such Purchase Order are deliverable pursuant to documents, instruments, and statements in form and substance satisfactory to ...