Eligible Billed Accounts definition

Eligible Billed Accounts means those Accounts created by a Borrower in the ordinary course of its business, that arise out of such Borrower’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any information with respect to the Borrowers’ business or assets of which Agent becomes aware after the Closing Date, including any field examination performed by (or on behalf of) Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Billed Accounts shall be calculated net of customer deposits, unapplied cash, taxes, finance charges, service charges, discounts, credits, allowances, and rebates. Eligible Billed Accounts shall not include the following:

Eligible Billed Accounts means those Accounts created by a Borrowing Base Party in the ordinary course of its business, that arise out of such Borrowing Base Party’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any information with respect to the Borrowing Base Parties’ business or assets of which Agent becomes aware after the Closing Date, including any field examination performed by (or on behalf of) Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Billed Accounts shall be calculated net of customer deposits, unapplied cash, taxes, finance charges, service charges, discounts, credits, allowances, and rebates. Eligible Billed Accounts shall not include the following:

Eligible Billed Accounts means, collectively, Eligible Canadian Billed Accounts and Eligible US Billed Accounts.

Examples of Eligible Billed Accounts in a sentence

• The amount of any Availability Reserve established by the Administrative Agent shall (x) have a reasonable relationship to the event, condition or other matter which is the basis for such reserve as determined by the Administrative Agent in good faith and (y) not be duplicative of any other factor then in existence pursuant to the criteria contained in Eligible Billed Accounts, Eligible Unbilled Accounts, Eligible Inventory or Eligible Frac Iron.

• As of each date reported by Borrowers, all Accounts which any Borrower has then reported to Agent as then being Eligible Accounts comply in all respects with the criteria for eligibility set forth in the respective definitions of Eligible Billed Accounts and Eligible Unbilled Accounts.

• As of each date reported by Borrowers, all Accounts which any Borrower has then reported to Agent as then being Eligible Accounts comply in all respects with the criteria for eligibility set forth in the respective definitions of Eligible Billed Accounts, Eligible Billed Aged Accounts, Eligible Billed Cross-Aged Accounts, Eligible Unbilled Accounts, and Eligible Uninvoiced Accounts, as applicable.

• If Accounts in an aggregate face amount of $1,000,000 or more cease to be Eligible Billed Accounts and Eligible Unbilled Accounts, Borrower Agent shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrower has knowledge thereof.

• As used herein, the following terms have the meanings set forth below: Accounts Formula Amount: (a) 85% of the Value of Eligible Billed Accounts plus (b) 75% of the Value of Eligible Unbilled Accounts, provided that the amount in this clause (b) shall not exceed 25% of the Borrowing Base.

More Definitions of Eligible Billed Accounts

Eligible Billed Accounts means Eligible Accounts other than Eligible Unbilled Accounts.

Eligible Billed Accounts means those Accounts created by any Designated Loan Party in the ordinary course of its business, that arise out of such Designated Loan Party’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Billed Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit performed by Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Billed Accounts shall be calculated net of customer deposits and unapplied cash. Eligible Billed Accounts shall not include the following:

Eligible Billed Accounts means Eligible Accounts for which an invoice has been issued.

Eligible Billed Accounts is hereby amended by deleting subsection (i) in its entirety and inserting the following new subsection (i) in replacement thereof:

Eligible Billed Accounts means those Accounts of the Borrower and its Domestic Subsidiaries that arise in the ordinary course of business; provided that subject to the exercise of its Permitted Discretion, Agent may change the standards of eligibility by giving Borrower thirty (30) days prior written notice. Unless otherwise agreed to by Agent, Eligible Billed Accounts shall not include the following:

Eligible Billed Accounts means and include, each Account of a Borrower arising in the ordinary course of business and which Lender, in its sole credit judgment, shall deem to be an Eligible Account, based on such considerations as Lender may from time to time deem appropriate. An Account shall not be deemed eligible unless such Account is subject to Lender’s first priority perfected security interest and no other Lien (other than Liens permitted pursuant to Section 6.02), and is evidenced by an invoice or other documentary evidence satisfactory to Lender. In addition, no Account shall be an Eligible Account if:

Eligible Billed Accounts means, as of the relevant date of determination, those trade accounts owned solely by Borrower, evidenced by Borrower's standard invoice therefor, payable in cash in U.S. dollars and which arise out of an outright, bona fide, lawful and final sale of finished goods Inventory or the provision of services in each case in the ordinary course of Borrower's business as presently conducted by it to a Person who has issued a valid and binding purchase order therefor to Borrower, and with respect to which the services covered thereby have been rendered and accepted by the account debtor or its designee or the finished goods Inventory covered thereby have been delivered to the account debtor or its designee and accepted by such account debtor or designee, (a) that are due and payable within 30 days after the invoice date therefor, (b) that are subject to the first priority security interest of Lender, (c) that are not subject to any Lien of any other Person except to the extent, if applicable, of any Permitted Liens, (d) that strictly comply with all of Borrower's warranties and representations to Lender in the Loan Documents, and (e) with regard to which Borrower strictly complies with its covenants with Lender in the Loan Documents; provided that Eligible Billed Accounts shall not include the following: