Eligible Billed Receivables definition

Eligible Billed Receivables means each Account arising in the ordinary course of Borrower’s business from the sale of goods or rendering of Services which Lender, in its sole discretion, deems an Eligible Receivable unless:

Eligible Billed Receivables means Eligible Receivables that have been billed to the appropriate Account Debtor, are aged less than 90 days from the date of the initial invoice. For the purposes of this definition, the term “initial invoice” shall mean the first invoice relating to the applicable goods shipped or services rendered, and not any subsequent invoice relating thereto.

Eligible Billed Receivables means, as to Credit Parties, on a consolidated basis and without duplication, all Receivables of such Persons, in each case reflected on its books in accordance with GAAP which conform to the representations and warranties in Article IV hereof and in the Security Documents to the extent such provisions are applicable to the Receivables, and each of which meets all of the following criteria on the date of any determination:

Examples of Eligible Billed Receivables in a sentence

• In addition, if Accounts of Borrower in an aggregate face amount in excess of $500,000 become ineligible because they fall within one of the specified categories of ineligibility set forth in the definition of Eligible Billed Receivables or Eligible Unbilled Receivables, Borrower shall notify Agent of such occurrence within two (2) Business Days following its discovery of such occurrence and the Borrowing Base shall thereupon be adjusted to reflect such occurrence.

• With each such delivery of a Borrowing Base Certificate, the Borrower shall deliver to the Agent an aging of the Eligible Billed Receivables, so that the Agent can adjust the amount of such Receivables that are outstanding more than 90 days after their invoice date, in relation to the amount of such aged Receivables reflected in the immediately preceding Borrowing Base Certificate delivered by the Borrower to the Agent.

• In addition, if Accounts of Borrower in an aggregate face amount in excess of $100,000 become ineligible because they fall within one of the specified categories of ineligibility set forth in the definition of Eligible Billed Receivables or Eligible Unbilled Receivables, Borrower shall notify Lender of such occurrence on the first Business Day following such occurrence and the Borrowing Base shall thereupon be adjusted to reflect such occurrence.

• Subject to the provisions of this Agreement, Borrower may request Advances under the Revolving Facility up to and including the value, in U.S. Dollars, of Eighty-Five percent (85%) of the Borrowing Base for Eligible Billed Receivables plus Sixty percent (60%) of the Borrowing Base for Eligible Unbilled Receivables minus, if applicable, amounts reserved pursuant to this Agreement (such calculated amount being referred to herein as the "Availability").

• In the event that the results of such examination are not satisfactory to the Required Lenders as determined in their sole discretion, then the Lenders shall have the right, notwithstanding anything to the contrary contained herein and by giving notice to the Borrower, to reduce the percentages for which Eligible Billed Receivables and Eligible Unbilled Receivables are included in the Borrowing Base.

More Definitions of Eligible Billed Receivables

Eligible Billed Receivables as of a particular time shall mean all accounts receivable then outstanding for inventory and other goods, merchandise and tangible assets and properties sold or services rendered in the ordinary course of the Borrower's business (as then conducted) (collectively, the "Products") as determined in accordance with GAAP and that qualify for eligibility as determined from time to time by the Lender in its sole and absolute discretion. However, no account receivable will be included in Eligible Receivables where: (a) the invoice is more than 90 days past due; (b) a final invoice has not been issued; (c) delivery of the invoiced Product(s) has not been completed; (d) the invoice is conditional, permits returns or restricts collection rights or assignments in any respect; (e) the invoice permits payment (i) more than 30 days after the invoice date, (ii) in any currency other than United States Dollars, or (iii) at any location outside the United States; (f) the obligation to pay is evidenced by chattel paper or any note or other instrument (unless duly endorsed and delivered to the Lender or Senior Lender); (g) the invoiced Product(s) have been rejected, returned or disputed in any way, whether in whole or in part, or the customer has attempted to renegotiate the invoiced price, other than because of mistake or in accordance with the customary credit and collection practices of the Borrower; (h) the customer has asserted any right or reduction, setoff, recoupment, counterclaim or defense; (i) the account receivable is one in which the Lender does not have a perfected first priority security interest; (j) the invoice or corresponding account receivable is the subject of any financing statement, lien or other encumbrance other than in favor of the Lender; (k) the customer and its affiliates account for more than 25% of all of the Borrower's accounts receivable then outstanding if and to the extent the Lender determines such concentration poses a credit risk; (l) the customer or any affiliate has a history of late payments, returns, rejections, SPAR ESOP Revolving Credit Agreement renegotiations or disputes; (m) the customer is an affiliate of the Borrower or any Surety; (n) the customer is any governmental authority; (o) the customer is located outside the United States; (p) the customer does not meet the established credit standards of the Borrower or the Lender; (q) the customer has taken or committed any of the actions specified in Section 8.01(g) hereof in resp...

Eligible Billed Receivables means all rights to payment due to the Borrower which (a) constitute an “account” as defined in the Uniform Commercial Code as in effect in the applicable jurisdiction; (b) represent amounts due and owing (i) for products actually delivered or services actually performed or rendered by or on behalf of the Borrower pursuant to a written contract or written agreement now or hereafter entered into by the Borrower and a Person which is not an Affiliate of the Borrower, or (ii) as interim bxxxxxxx or progress payments in accordance with fixed price contracts between the Borrower and a Person which is not an Affiliate of the Borrower; (c) have been properly billed; (d) arise in the ordinary course of the Borrower’s business; (e) are not subject to any defense, set-off or counterclaim; and (f) are not Ineligible Receivables.

Eligible Billed Receivables means each Account arising in the ordinary course of Borrower’s business, which meets the following criteria:

Eligible Billed Receivables means each Account (other than Eligible Unbilled Receivables, which Eligible Unbilled Receivables shall become Eligible Billed Receivables only upon satisfaction of the terms of this definition of Eligible Billed Receivables) arising in the ordinary course of any Borrower's business from the sale of goods or rendering of services which Agent, in its Permitted Discretion, deems an Eligible Billed Receivable unless:

Eligible Billed Receivables means all billed accounts receivable of each of the Borrower and each Domestic Subsidiary that is a party to the

Eligible Billed Receivables means all rights to payment due to the Borrower which (a) constitute an “account” as defined in the Uniform Commercial Code as in effect in the

Eligible Billed Receivables means each Account (other than Eligible Unbilled Receivables) arising in the ordinary course of Borrowers’ business, which meets the following criteria: