Eligible Account Receivable definition

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

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.

• Promptly after receiving notice or otherwise becoming aware thereof, notify the Agent in writing that (i) a Receivable that Borrower has represented or warranted to the Agent to be an Eligible Account Receivable has ceased to be an Eligible Account Receivable for any reason other than payment thereof in the ordinary course of business or (ii) any Inventory that Borrower has represented or warranted to the Agent to be Eligible Inventory has ceased to be Eligible Inventory for any reason.

More Definitions of Eligible Account Receivable

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 either Borrower to the extent arising out of completed sales by such Borrower in accordance with the terms and conditions of all purchase orders, contracts and other documents relating thereto. which, at all times until it is collected in full, continuously meets the following requirements: (a) is not subject to any claim for credit, allowance, or adjustment by the Account Debtor or any set off or counter claim; (b) arose in the ordinary course of such Borrower's business from the performance (fully completed) of services or bona fide sale of goods which have been shipped to the Account Debtor, and not more than ninety (90) days have elapsed since the performance (fully completed) of services or the sale of goods for or to the Account Debtor; provided, however, that accounts receivable due from a Local Exchange Carrier which are outstanding for more than ninety (90) days from performance but less than one hundred twenty (120) days from performance shall not be deemed ineligible if they otherwise meet the other requirements of this definition; (c) is not due from any Account Debtor with respect to which such Borrower has received any notice or has any knowledge of insolvency, bankruptcy or financial impairment; (d) is not subject to an assignment, pledge, claim, mortgage, lien, or security interest of any type except that granted to or in favor of the Bank; (e) does not relate to any goods rejected or returned, or acceptance of which has been revoked or refused; (f) is not the subject of any instrument or chattel paper offered in payment thereof; (g) has not been determined by Bank to be unsatisfactory in any respect; (h) is not a Government Account Receivable, unless Bank's security interest in such Government Account Receivable is perfected according to the Federal Assignment of Claims Act; (i) is not an account receivable due from any affiliate, shareholder or employee of a Borrower; (j) is not a Foreign Account Receivable; (k) is not evidenced by a promissory note or any other negotiable instrument; (l) is not an account receivable owed to a Borrower by an Account Debtor which has failed to pay more than 25% of its currently outstanding accounts receivable within ninety (90) days, or within one hundred twenty (120) days with respect to a Local Exchange Carrier, or service or sale of goods; (m) is not an Ameritech Residual Receivable; (n) is not a Local Exchange Carrier Receivable; and (o) is not a Xxxx South Receivable, un...

Eligible Account Receivable in this Section 1.1.

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

Eligible Account Receivable means any account receivable, net of any prepayments, progress payments, deposits and retentions, owing to the Company or any Restricted Subsidiary or to a special purpose entity upon assignment thereto by the Company or any Restricted Subsidiary in connection with a Securitization, provided that the account meets the following specifications:

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 bxxx-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.