ELIGIBLE CORPORATE RECEIVABLES definition
ELIGIBLE CORPORATE RECEIVABLES. Such of a Borrower's accounts receivable arising in the ordinary course of that Borrower's business for goods sold and/or services rendered by the Borrower which Accounts and accounts receivable have been determined by the Administrative Agent to be satisfactory and have been earned by performance and are owed to that Borrower by such of that Borrower's Account Debtors as the Administrative Agent determines to be satisfactory, in that Agent's discretion in each instance as to which Accounts, the Collateral Agent has a perfected security interest which is prior and superior to all security interests, claims, and all Encumbrances.