Ineligible Account. An Account excluded from the definition of Net Outstanding Amount of Base Accounts under this Agreement. Ineligible Account Party. Any account debtor or consolidated group on a consolidated basis which has 35% or more of its aggregate Accounts owing to a Borrower excluded from the definition of "Net Outstanding Amount of Base Accounts" pursuant to any of the provisions of that definition; provided, that, amounts that are secured by a letter of credit shall be included in the Net Outstanding Amount of Base Accounts to the extent otherwise permitted in the definition thereof even if the account debtor would otherwise be ineligible. Initial Financial Statement. See Section 4.7.
Ineligible Account. Each Account if (a) it is unpaid for more than 60 days after the original due date, or more than 90 days after the original invoice date; (b) 50% or more of the Accounts owing by the Account Debtor are not Eligible Accounts under the foregoing clause; (c) when aggregated with other Accounts owing by the Account Debtor, it exceeds 15% of the aggregate Eligible Accounts (or such higher percentage as Agent may establish for the Account Debtor from time to time in its sole discretion); (d) it does not conform with a covenant or representation herein; (e) it is owing by a creditor or supplier, or is otherwise subject to a potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense, chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof); (f) an Insolvency Proceeding has been commenced by or against the Account Debtor (unless Agent is satisfied in its sole discretion with such Account Debtor’s ability to pay Accounts arising post-petition and elects in its sole discretion to permit such Accounts to remain eligible hereunder); or the Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, or is not Solvent; (g) it is owing by a Government Authority, unless the Account Debtor is the United States or any department, agency or instrumentality thereof and the Account has been assigned to Agent in compliance with the Assignment of Claims Act; (h) it is not subject to a duly perfected, first priority Lien in favor of Agent, or is subject to any other Lien; (i) the goods giving rise to it have not been delivered to and accepted by the Account Debtor, the services giving rise to it have not been accepted by the Account Debtor, or it otherwise does not represent a final sale; (j) it is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment; (k) its payment has been extended, the Account Debtor has made a partial payment (unless the unpaid portion is approved to remain eligible by Agent in its sole discretion), or it arises from a sale on a cash-on-delivery basis; (l) it arises from a sale to an Affiliate, or from a sale on a xxxx-and-hold, guaranteed sale, sale-or-return, sale-on-approval, consignment, or other repurchase or return basis; (m) it represents a progress billing or retainage; (n) it includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof; or ...
Ineligible Account. An Account that does not satisfy the criteria to be an Eligible Account.
Ineligible Account. An Account that does not satisfy the criteria to be an Eligible Account. Initial Account: An Account identified on the Schedule of Accounts as in the Pool of Accounts as of the Initial Cut-Off Date. Initial Closing Date: February 12, 2010. Initial Cut-Off Date: January 4, 2010.
Ineligible Account. In the event that Company shall offer and sell to Factor an Account that is or becomes an Ineligible Account or otherwise becomes uncollectible, Company shall immediately (or it cannot be effected by book entry settlement within 5 days of request) repurchase said Account from Factor for the "Replacement Amount" which shall be equal to the Purchase Price plus and Reimbursable Costs (as defined in subsection 4.1.6 below) then outstanding, whereupon Factor shall reassign such Account to Company and thereafter Factor will pay to Company any proceeds from the collection of such Purchased Account Factor may have received after Factor has received payment in full from Company of the Repayment Amount, and provided there are no subsequent lienors claiming an interest therein and Company has no other outstanding obligations to Factor hereunder or under any other agreement between Factor and Company.
Ineligible Account. An Account that does not satisfy the criteria to be an Eligible Account. Initial Account: An Account identified on the Schedule of Accounts as in the Pool of Accounts as of the Initial Cut-Off Date.
Ineligible Account. A Compromised Payment Card Account with respect to which claims of the financial institution that issued the Compromised Payment Card Account against Target relating to the Data Breach have been released.
