Eligible Account Receivable definition

Eligible Account Receivable means an Account Receivable owing to the Company or any Domestic Subsidiary which meets the following requirements:

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Eligible Account Receivable as of any Borrowing Base Date, an Account Receivable as to which the following requirements have been fulfilled:

Eligible Account Receivable means an Account that is an account receivable (i.e., each specific invoice) of a Borrowing Base Company that, at all times until it is collected in full, continuously meets the following requirements:

Examples of Eligible Account Receivable in a sentence

Each Account reflected in the computations included in any Borrowing Base Certificate meets the criteria of the definition of Eligible Account Receivable or Eligible Unbilled Accounts Receivable, except as disclosed in such Borrowing Base Certificate or as disclosed in a timely manner in a subsequent Borrowing Base Certificate or otherwise in writing to Administrative Agent.
Borrower has no knowledge of any fact or circumstance not disclosed to Administrative Agent in a Borrowing Base Certificate or otherwise in writing which would impair the validity or collectibility of any Eligible Account Receivable of $50,000 or more or of Eligible Accounts Receivable which (regardless of the individual amount thereof) aggregate $250,000 or more.
If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on an otherwise Eligible Account Receivable owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to an otherwise Eligible Account Receivable, such Grantor will disclose such fact to the Collateral Agent in writing in connection with the next Borrowing Base Report.
If (i) any material discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a material amount of Eligible Accounts Receivable or (ii) to the knowledge of such Grantor, any material dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to any such Eligible Account Receivable, such Grantor will timely disclose such fact to the Administrative Agent.
If any installment on any Installment Account Receivable remains unpaid more than 31 days past its original due date, then such Installment Account Receivable shall cease to be an Eligible Account Receivable in its entirety.

More Definitions of Eligible Account Receivable

Eligible Account Receivable means an Account Receivable owing to a Borrower that meets each of the following requirements:

Eligible Account Receivable. An Account Receivable owing to the Borrower which meets the following requirements:

Eligible Account Receivable means all Accounts Receivable of the Borrower and the Guarantors which are subject to a first and prior Lien in favor of the Agent on behalf of the Banks pursuant to the Collateral Documents (reduced by the amount of any refund, rebate, allowance, discount or other concession to the account debtor in connection therewith) except for the following:

Eligible Account Receivable means an Account Receivable of BORROWER which meets each of the following requirements: (1) it is a valid, genuine and legally enforceable obligation, subject to no defense, set-off or counterclaim, of [lie account debtor or other obligor named therein or in BORROWER'S records pertaining thereto, and BORROWER has not received from the account debtor or other obligor any notification repudiating such obligation or asserting that such obligation is subject to any defense, set-off or counterclaim, or in whole or in part; (2) it is owned by BORROWER free and clear of all interest, liens, attachments, encumbrances and security interests, except the security interest grunted to the LENDER pursuant to this LOAN AGREEMENT; (3) no more than ninety (90) days have expired since the date of the invoice or invoices of not less than ninety percent (90%) in amount of all Accounts Receivable of the same Account Receivable debtor. If more than ninety (90) days have expired since the date of the invoices of ten percent (10%) or more in amount of all Accounts Receivable of the Account debtor, none of the Accounts Receivable of that debtor shall be an Eligible Account Receivable and all of the Accounts Receivable of the same account debtor shall be treated as a tainted Account Receivable; (4) BORROWER has not received notice from the LENDER that the credit of the account debtor is not satisfactory to the bank for any reason; (5) the account debtor is not a subsidiary or affiliate of company; (6) the account debtor is located in the United States of America; (7) Eligible Account Receivables shall not include any Account Receivable of the same account debtor to BORROWER in excess of fifteen percent (15%) of the then total Eligible Accounts Receivable of BORROWER determined after excluding the Account Receivable of the account debtor; (8) any and all retainage held by an account debtor of BORROWER shall not be included as a part of the balance of an Account Receivable in calculating the Borrowing Base and will be excluded from the Borrowing Base; (9) no Account Receivable of the account debtor is subject to any set off or off set by the account debtor for monies owed by BORROWER to the third party account debtor; and (10) not more than 90 days has elapsed since the date of the original invoice. In addition to the eligibility requirements set forth herein, LENDER shall have the right (in its sole discretion) with or without the consent of BORROWER (from time to time by written no...

Eligible Account Receivable in this Section 1.1.

Eligible Account Receivable means each Account of Borrower arising in the ordinary course of business and represented by an invoice of Borrower, which invoice is due and owing to Borrower, is free of any dispute and which invoice shall have all conditions precedent thereto completely fulfilled. Excluded from an Eligible Account Receivable is any Account which meets any of the following: (a) any Account that is unpaid more than ninety (90) days after the date of the invoice; (b) any Account which does not comply with the warranties set forth in Section 7.10; (c) any Account in which the Account Debtor is a parent, subsidiary or an affiliate of Borrower; and (d) all Accounts due from any one Account Debtor which HCA determines to be in excess of an acceptable percentage of the total outstanding Accounts of Borrower; (e) all Accounts due from any Account Debtor from whom twenty five (25%) percent or more of the total accounts of said Account Debtor remain unpaid more than ninety (90) days after the date of the invoice; (f) any Account in which the Account Debtor is the United States government, unless the transaction is in compliance with the Assignment of Claims Act of 1940, or any foreign government, non-United States company, or a United States company located outside of the United States; (g) any Account arising as a result of a sale to the Account Debtor on a b▇▇▇-and-hold, guaranteed sale, C.O.D., sale-and-return, sale-on-approval, consignment or any other situation where payment by the account debtor may be conditional; (h) any Account which is a contra account, including but not limited to, any Account from an Account Debtor who is also Borrower’s creditor or supplier, to the extent of the amount owing by Borrower to the Account Debtor; (i) any Account subject to third party lien rights, including but not limited to builder’s trust fund or mechanics liens; or (j) any Account or Account Debtor that is unacceptable to HCA in its sole discretion.

Eligible Account Receivable means an Account Receivable which is NOT a Disqualified Account Receivable.