Eligible Borrower Accounts means Accounts and General Intangibles arising in the ordinary course of Borrower’s business from the sale of goods or the rendition of services, or the non-exclusive licensing of Intellectual Property, which Agent, in its Good Faith Business Judgment, shall deem eligible for borrowing. Without limiting the fact that the determination of which Accounts are eligible for borrowing is a matter of Agent’s Good Faith Business Judgment, the following (the “Minimum Eligibility Requirements”) are the minimum requirements for an Account to be an Eligible Account:
Eligible Borrower 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 Borrower Accounts if: (a) such Accounts arise from the actual and bona fide ---- ---- sale and delivery of goods by Borrower or rendition of services by Borrower in the ordinary course of its business which transactions are completed in accordance with the terms and provisions contained in any documents related thereto;
Eligible Borrower 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 Borrower Accounts if:
(a) such Accounts arise from the actual and bona fide sale and delivery of goods by Borrower or rendition of services by Borrower in the ordinary course of its business which transactions are completed in accordance with the terms and provisions contained in any documents related thereto;
(b) such Accounts are not unpaid more than (i) ninety (90) days after the date of the original invoice for them, or (ii) sixty (60) days past the original due date thereof;
(c) such Accounts comply with the terms and conditions contained in Section 7.2(c) of this Agreement;
(d) such Accounts do not arise from sales on consignment, guaranteed sale, sale and return, sale on approval, or other terms under which payment by the account debtor may be conditional or contingent;
(e) the chief executive office or, at the Lender's option, the principal place of business of the account debtor with respect to such Accounts is located in the United States of America or Canada, or, at Lender's option, if (i) either: (A) the account debtor has delivered to Borrower an irrevocable letter of credit issued or confirmed by a bank satisfactory to Lender and payable only in the United States of America and in U.S. dollars, sufficient to cover such Account, in form and substance satisfactory to Lender and, if required by Lender, the original of
Examples of Eligible Borrower Accounts in a sentence
Consign any Collateral Obligor's Inventory or sell any Collateral Obligor's Inventory on bill and hold (except as contemplated in clause (d) of the definition of Eligible Borrower Accounts), sale or return, sale on approval, or other conditional terms of sale.
The defendant pled guilty and the codefendant decided to go to trial.
More Definitions of Eligible Borrower Accounts
Eligible Borrower Accounts means Accounts and General Intangibles arising in the ordinary course of Borrower's business from the sale of goods or the rendition of services, or the non-exclusive licensing of Intellectual Property, which Agent, in its Good Faith Business Judgment, shall deem eligible for borrowing. Without limiting the fact that the determination of which Accounts are eligible for borrowing is a matter of Agent’s Good Faith Business Judgment, the following (the “Minimum Eligibility Requirements”) are the minimum requirements for an Account to be an Eligible Account:
Eligible Borrower Accounts means those Accounts, net of finance -------------------------- charges, created by Borrower in the ordinary course of business that arise out of Borrower's sale of goods or rendition of services, that strictly comply with all of Borrower's representations and warranties to Foothill. Eligible Borrower Accounts shall not include the following:
Eligible Borrower Accounts means, with respect to Borrower, the aggregate net amount of all accounts (as defined in the California Uniform Commercial Code) of Borrower, except, to the extent not already deducted, the following:
Eligible Borrower Accounts contained in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “(m) such Accounts of a single account debtor or its affiliates do not constitute more than thirty-five percent (35%) of all otherwise Eligible Accounts (but the portion of the Accounts not in excess of such percentage may be deemed Eligible Borrower Accounts); provided, that notwithstanding the foregoing, with respect to Accounts of Staples, Inc., and its subsidiaries and affiliates, such Accounts shall be Eligible Borrower Accounts if they do not constitute more than forty percent (40%) of all otherwise Eligible Accounts (but the portion of the Accounts not in excess of such percentage may be deemed Eligible Borrower Accounts).”
Eligible Borrower Accounts means those Accounts created by Borrower in the ordinary course of its business, that arise out of Borrower's sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made by Borrower in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the criteria set forth below; provided, however, that such criteria may be fixed and 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 Accounts shall be calculated net of customer deposits; provided, however, that so long as Borrower is capable of providing periodic reports detailing such deposits by customer in accordance with Section 6.2 Eligible Accounts shall be calculated net of customer deposits on a customer-by-customer basis; and (y) Eligible Accounts shall be calculated net of unapplied cash remitted to Borrower.
Eligible Borrower Accounts means those Accounts created by Borrower in the ordinary course of its business, that arise out of its sale of goods or rendition of services, that comply with each and all of the representations and warranties respecting Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one more of the criteria set forth below. Eligible Accounts shall not include the following:
Eligible Borrower 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 Borrower Accounts if: