Eligible Accounts definition

Eligible Accounts are Accounts which arise in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3. Bank reserves the right at any time and from time to time after the Effective Date, to adjust any of the criteria set forth below and to establish new criteria in its good faith business judgment. Unless Bank agrees otherwise in writing, Eligible Accounts shall not include:

Eligible Accounts means those Accounts that arise in the ordinary course of Borrower’s business that comply with all of Borrower’s representations and warranties to Bank set forth in Section 5.3; provided, that Bank may change the standards of eligibility by giving Borrower thirty (30) days prior written notice. Unless otherwise agreed to by Bank, Eligible Accounts shall not include the following:

Eligible Accounts mean, at any time, all of Borrower's Accounts which contain selling terms and conditions acceptable to Lender. The net amount of any Eligible Account against which Borrower may borrow shall exclude all returns, discounts, credits, and offsets of any nature. Unless otherwise agreed to by Lender in writing, Eligible Accounts do not include:

Examples of Eligible Accounts in a sentence

• The Member acknowledges that by providing Shared Access or their ID and Password to any other party, the Member is effectively authorizing that party to make transactions then and in the future on the Member’s Eligible Accounts, and the Member assumes any and all responsibility for any and all transactions, including transfer from your Eligible Accounts, resulting from the Member’s furnishing of their ID and Password or Shared Access to another party.

• In order to access Accounts through St. Mary’s Online Banking, the Member must have: (a) adequate software to utilize St. Mary’s Online Banking (i.e. a browser that supports "128-bit SSL" Encryption such as Microsoft Internet Explorer), (b) one or more Eligible Accounts and (c) a St. Mary’s Online Banking ID and a Password.

• If Accounts of any Loan Party Group in an aggregate face amount of $5,000,000 or more cease to be Eligible Accounts (other than as a result of the payment thereof), the Loan Party Agent shall notify the Agent of such occurrence promptly (and in any event within one (1) Business Day) after any Loan Party has knowledge thereof.

• Each Loan Party shall at all times (a) defend its title to Collateral consisting of Eligible Accounts and the Agent’s Liens therein and (b) use commercially reasonable efforts to defend its title to all other Collateral and the Agent’s Liens therein, in each case, against all Persons, claims and demands whatsoever, except Permitted Liens.

• Canadian Eligible Accounts of the Canadian Borrower and the other Canadian Domiciled Loan Parties, subject to the Lien of the Agent, owing from any Person that has a rating equal to or higher than Baa3 (or the equivalent) by Xxxxx’x or BBB- (or the equivalent) by S&P, or if the Person is not then rated by Xxxxx’x or S&P, an equivalent rating by any other rating agency.

More Definitions of Eligible Accounts

Eligible Accounts means, at any time, the Accounts of the Loan Parties which the Administrative Agent determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans, Swingline Loans and the issuance of Letters of Credit hereunder. Without limiting the Administrative Agent’s discretion provided herein, Eligible Accounts shall not include any Account:

Eligible Accounts means at anytime, an amount equal to the aggregate net invoice or ledger amount owing on all trade accounts receivable of Borrower and any Affiliates for goods sold or leased or services rendered in the ordinary course of business, in which the Lender has a perfected, first priority lien, after deducting (without duplication): (i) each such account that is unpaid 60 days or more after the original invoice date thereof, or, in the case of Lowe’s, 90 days or more after the original invoice date thereof, (ii) the amount of all discounts, allowances, rebates, credits and adjustments to such accounts (iii) the amount of all contra accounts, setoffs, defenses or counterclaims asserted by or available to the account debtors, (iv) all accounts with respect to which goods are placed on consignment or subject to a guaranteed sale or other terms by reason of which payment by the account debtor may be conditional, (v) all accounts with respect to which a payment and/or performance bond has been furnished and that portion of any account for or representing retainage, if any, until all prerequisites to the immediate payment of retainage have been satisfied, (vi) all accounts owing by account debtors for which there has been instituted a proceeding in bankruptcy or reorganization under the United States Bankruptcy Code or other law, whether state or federal, now or hereafter existing for relief of debtors, (vii) all accounts owing by any Affiliates; (viii) all accounts in which the account debtor is the United States or any department, agency or instrumentality of the United States, except to the extent an acknowledgment of assignment to Lender of such account in compliance with the Federal Assignment of Claims Act and other applicable laws has been received by Lender, (ix) all accounts due by any account debtor whose principal place of business is located outside the United States of America and its territories, (x) all accounts subject to any provision prohibiting assignment or requiring notice of or consent to such assignment, (xi) that portion of all account balances owing by any single account debtor which exceeds 25% of the aggregate of all accounts otherwise deemed eligible hereunder which are owing by all account debtors, other than Lowe’s, and (xii) any other accounts deemed unacceptable by Lender in its sole and absolute discretion; provided, however, if more than 20% of the then balance owing by any single account debtor does not qualify as an Eligible Account...

Eligible Accounts means Accounts which arise in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3. Bank reserves the right at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include:

Eligible Accounts means Accounts created by Borrower which are and continue to be acceptable to Lender based on the criteria set forth below. In general, Accounts shall be Eligible Accounts if:

Eligible Accounts means Accounts created by Borrower which are and continue to be acceptable to Agent based on the criteria set forth below. In general, Accounts shall be Eligible Accounts if:

Eligible Accounts means all unpaid Accounts, net of any credits, except the following shall not in any event be deemed Eligible Accounts:

Eligible Accounts means the Accounts of a Borrower which the Agent in the exercise of its reasonable commercial discretion determines to be Eligible Accounts. Without limiting the discretion of the Agent to establish other criteria of ineligibility, Eligible Accounts shall not, unless the Agent in its sole discretion elects, include any Account: