Qualified Receivables. Only those billed Receivables of the Borrower (determined on the basis of generally accepted accounting principles, consistently applied) the payment of which is not in dispute which arise out of BONA FIDE sales made to customers of the Borrower (which customers are located in the United States and are unrelated to the Borrower) in the ordinary course of the Borrower's business, which remain unpaid no more than 90 days past the respective invoice dates of such Receivables and which represent product that has been shipped to the end-users (including OEMs); provided that the 90-day period described above will be deemed extended to 120 days with respect to Receivables arising from product that has been purchased by [Ingrxx-Xxxro] or [Tech Data] and has been shipped by such purchaser to one of its customers to fulfill a pending order. Unless the Bank in its sole discretion otherwise determines with respect to any Receivable, a Receivable which would otherwise be a Qualified Receivable shall be deemed not to be a Qualified Receivable (i) if the Bank does not have a fully perfected first priority security interest in such Receivable; (ii) if such Receivable is not free and clear of all interests in favor of any Person other than the Bank; (iii) if such Receivable is subject to any deduction, off-set, contra account, counterclaim or condition; (iv) if a field examination made by the Bank fails to confirm that such Receivable exists and satisfies all of the criteria set forth herein to be a Qualified Receivable; (v) if such Receivable is not properly invoiced at the date of sale; (vi) if the customer or account debtor has disputed liability or made any claim with respect to the Receivable or the merchandise covered thereby or with respect to any other Receivable due from said customer to the Borrower; (vii) if the customer or account debtor has filed a petition for bankruptcy or any other application for relief under the Bankruptcy Code or has effected an assignment for the benefit of creditors, or if any petition or any other application for relief under the Bankruptcy Code has been filed against said customer or account debtor, or if the customer or account debtor has suspended business, become insolvent, ceased to pay its debts as they become due, or had or suffered a receiver or trustee to be appointed for any of its assets or affairs; (viii) if the customer or account debtor has failed to pay other Receivables so that an aggregate of 25% of the total Receivab...
Qualified Receivables means all Receivables that are directly created by a Credit Party in the ordinary course of business arising out of the sale of Inventory by such Credit Party, which are at all times acceptable to the Collateral Agent in all respects in the exercise of its reasonable judgment and the customary credit policies of the Collateral Agent.
Qualified Receivables means the aggregate amount of accounts receivables of the Company determined in accordance with GAAP that are not more than 90 days past due.
Examples of Qualified Receivables in a sentence
The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Financing.
The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Factoring.
Reasonable suspicion may arise from “wholly lawful conduct.” Reid v.
The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness, Indebtedness in respect of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified Receivables Financing.
The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness shall not be deemed a Qualified Receivables Financing.
More Definitions of Qualified Receivables
Qualified Receivables means and includes only accounts receivable of Borrower which meet the following specifications at the time they came into existence and continue to meet the same until collected in full.
Qualified Receivables means, collectively, Accounts for which the related Account Debtor is the entity set forth on Schedule 1.01(d) and/or its Affiliates; provided that, solely for purposes of Sections 7.02(ee) and 7.05(o), “Qualified Receivables” shall include related assets that are customarily transferred in or in respect of which security interests are customarily granted in connection with asset securitization transactions or factoring transactions involving accounts receivable.
Qualified Receivables means on-time receivables with less than 90 days maturity extended to (i) clients which have a credit rating of either BBB or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa2 or higher by Xxxxx'x Investor Service Limited and (ii) Supranational Organisations.
Qualified Receivables shall include related assets that are customarily transferred in or in respect of which security interests are customarily granted in connection with asset securitization transactions or factoring transactions involving accounts receivable.
Qualified Receivables means the aggregate amount of accounts receivables of an Obligor determined in accordance with GAAP that are not more than 90 days past due.
Qualified Receivables means the right of the Company or any Restricted Subsidiary (other than Kemang) to receive scheduled instalment payments from purchasers of residential properties sold by the Company or such Restricted Subsidiary on secured loans provided by the Company or such Restricted Subsidiary in the ordinary course of business to such purchasers to fund the purchase price of such properties.
Qualified Receivables means all Accounts generated through the Havertys proprietary finance program, earned by performance, representing the bona fide amounts due to a Borrower from a customer and originated in the ordinary course of business of such Borrower, but excluding (i) Accounts that are not owned by a Credit Party or that are the subject of any Lien, other than Liens in favor of the Administrative Agent, (ii) any Accounts related to a contract with a payment that is past due for more than thirty (30) days on a contractual basis (without modification or adjustment of the original due dates), (iii) Accounts subject to counterclaims, defense, offsets or dispute, but only to the extent of such counterclaims, defense, offsets or dispute, (iv) Accounts that arises from a sale to any director, officer, other employee or Affiliate of any Credit Party, or to any entity that has any common officer with any Credit Party, (v) Accounts that do not conform to such Borrower’s credit criteria or are not creditworthy as determined by the Administrative Agent in its Permitted Discretion, (vi) Accounts owed by an account debtor that has filed for bankruptcy, is insolvent or has otherwise sought relief under any federal or state bankruptcy or insolvency laws, (vii) Accounts arising under contracts in which the first scheduled payment is more than sixty (60) days from the original date of the contract, (viii) Accounts arising under contracts with payments schedules other than monthly fully amortizing terms, (ix) Accounts under contracts which are modified or rewritten to extend the terms or reduce payments, (x) Accounts under contracts with more than two (2) extensions or missed payments during any twelve (12) month period, or Accounts under contracts on which the first payment is missed or extended, (xi) Accounts that arises with respect to goods that have not yet been delivered, or goods that are delivered on a xxxx-and-hold, cash-on-delivery basis or placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is or may be conditional, (xii) Accounts arising under contracts that mature greater than thirty-six (36) months from the date Qualified Receivables are being measured, (xiii) as to which any of the representations or warranties in the Loan Documents are untrue, and (xiv) such other ineligibility criteria as may be established by the Administrative Agent in its Permitted Discretion; provided, however, that until delivery to the Adminis...