Eligible Credit Insured Accounts definition

Eligible Credit Insured Accounts. Eligible Accounts with respect to which the applicable Account Debtor is organized or has its principal offices or assets outside the United States, Canada or other Account Debtor Approved Country but which is supported by a letter of credit (delivered to and directly drawable by Agent) or credit insurance satisfactory in all respects to Agent and is subject to such assignments and endorsements issues for the benefit of Agent, which are in form and substance satisfactory to Agent. Eligible Inventory: Inventory owned by a Borrower that Agent, in its Permitted Discretion, deems to be Eligible Inventory. Without limiting the foregoing, no Inventory shall be Eligible Inventory unless it (a) is finished goods or raw materials, and not work-in-process, packaging or shipping materials, labels, samples, display items, bags, replacement parts or manufacturing supplies; (b) is not held on consignment, nor subject to any deposit or down payment; (c) is in new and saleable condition and is not damaged, defective, shopworn or otherwise unfit for sale; (d) is not slow-moving, perishable, obsolete or unmerchantable, and does not constitute returned or repossessed goods; (e) meets all standards imposed by any Governmental Authority, has not been acquired from a Person that is the target of any Sanction or on any specially designated nationals list maintained by OFAC, and does not constitute hazardous materials under any Environmental Law; (f) conforms with the covenants and representations herein; (g) is subject to Agent’s duly perfected, first priority Lien, and no other Lien; (h) is within the continental United States or Canada with respect to U.S. Borrowers and the Netherlands with respect to Dutch Borrower, is not in transit except between locations of Borrowers, and is not consigned to any Person; (i) is not subject to any warehouse receipt or negotiable Document; (j) is not subject to any License or other arrangement that restricts such Borrower’s or Agent’s right to dispose of such Inventory, unless Agent has received an appropriate Lien Waiver; and (k) is not located on leased premises or in the possession of a warehouseman, processor, repairman, mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent and Charges Reserve has been established; and (l) is reflected in the details of a current perpetual inventory report.
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Eligible Credit Insured Accounts means an Account (other than an Eligible Investment Grade Account) that (a) satisfies all of the criteria set forth in the definition of Eligible Accounts other than clause (f) of such definition and (b) is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to Agent; 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 Credit Insured Accounts shall be calculated net of customer deposits and unapplied cash.
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Eligible Credit Insured Accounts means each Account of each Company which conforms to the following criteria: (a) the Account Debtor is not located in the United States, the United Kingdom or Canada, (b) such Account is insured a minimum of ninety-five (95%) under an Ex-Im Bank Multi-Buyer Export Credit Insurance Policy issued by the Export-Import Bank of the United States, with such coverages, terms and amounts acceptable to Calliope in its sole and absolute discretion, which credit insurance policy has been assigned to Calliope on terms and conditions acceptable to Calliope in its sole and absolute discretion and (c) except for the failure to comply with subsection (j) of such definition, is otherwise deemed an “Eligible Account” hereunder.
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Examples of Eligible Credit Insured Accounts in a sentence

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

  • Agent may rely, in determining which Accounts are Eligible Accounts, Eligible Credit Insured Accounts or Eligible Non-Credit Insured Accounts, on all statements and representations made by Borrowers with respect thereto.


More Definitions of Eligible Credit Insured Accounts

Eligible Credit Insured Accounts means Accounts of Borrower which, but for the subsection (vii) of the definition of “Eligible Accounts,” would constitute Eligible Accounts, provided such Accounts are insured pursuant to credit insurance satisfactory to Lender in all respects.
Sample 1
Eligible Credit Insured Accounts means each Account of each Company which conforms to the following criteria: (a) the Account Debtor is not located in the United States, the United Kingdom or Canada, (b) such Account is insured a minimum of ninety-five (95%) under an Ex-Im Bank Multi-Buyer Export Credit Insurance Policy issued by the Export-Import Bank of the United States (the “Credit Insurance Policy”), with such coverages, terms and amounts acceptable to the Agent in its sole and absolute discretion, which Credit Insurance Policy has been assigned to the Agent on terms and conditions acceptable to the Agent in its sole and absolute discretion and (c) except for the failure to comply with subsection (j) of such definition, is otherwise deemed an “Eligible Account” hereunder. For the avoidance of doubt, “Eligible Credit Insured Accounts” shall include Accounts due from Elumina Iberica, S.A. in an aggregate amount of up to $1,000,000 so long as such Accounts are covered by the Credit Insurance Policy, such Credit Insurance Policy shall be in full force and effect, and no event shall have occurred which Agent has determined in the exercise of its reasonable discretion would have an adverse effect on the status of the Credit Insurance Policy.
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Related to Eligible Credit Insured Accounts

  • Eligible Credit Support means Eligible Collateral and Other Eligible Support.

  • Eligible Credit Card Receivables means at the time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Credit Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a Borrower from a credit card payment processor and/or credit card issuer, and in each case originated in the ordinary course of business of such Borrower, and (ii) is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (k) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Borrower may be obligated to rebate to a customer, a credit card payment processor, or credit card issuer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Loan Parties to reduce the amount of such Credit Card Receivable. Any Credit Card Receivables meeting the foregoing criteria shall be deemed Eligible Credit Card Receivables but only as long as such Credit Card Receivable is not included within any of the following categories, in which case such Credit Card Receivable shall not constitute an Eligible Credit Card Receivable:

  • Eligible Unbilled Accounts means Accounts of the Obligors that does not qualify as an Eligible Account solely because (a) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (b) the services giving rise to such Account have not been performed and billed to the Account Debtor and, in either case, so long as such Accounts have not been unbilled for more than thirty (30) days. For the avoidance of doubt, at such time as an Account is billed to the Account Debtor it shall no longer be an “Eligible Unbilled Account”.

  • Secured Cash Management Obligations means Obligations under Secured Cash Management Agreements.

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Applicable Credit Support Percentage As defined in Section 4.02(e).

  • Cash Management Accounts means the bank accounts of each Loan Party maintained at one or more Cash Management Banks listed on Schedule 8.01.

  • Available Credit means, at any time, (a) the then effective Revolving Credit Commitments minus (b) the aggregate Revolving Credit Outstandings at such time.

  • Bank Product Amount shall have the meaning set forth in the definition of Bank Product.

  • Eligible Financial Institution means, as of the date of any assignment as contemplated in Section 8.07(a)(i), a commercial bank or financial institution (i) with a credit rating on its long-term senior unsecured debt of either (a) “AA-” or better from S&P or (b) “Aa3” or better from Xxxxx’x; and (ii) having shareholders' equity of not less than $5,000,000,000.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Foreign Account means an Account in which Foreign Currencies or Securities are held by the Custodian for the benefit of clients whether in comingled accounts or accounts designated for each beneficial owner as is required under the regulatory jurisdiction where the Foreign Account is established.

  • Cash Management Obligation means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person under or in respect of a Cash Management Agreement.

  • Bank Credit Facility means any credit agreement or working capital facility among the Company and/or its Subsidiaries and one or more lenders, as such credit agreement or working capital facility may be amended, renewed, extended, substituted, refinanced, restructured, replaced, supplemented or otherwise modified (including with other lenders) from time to time, regardless of whether any other credit agreement or working capital facility or any portion thereof was outstanding or in effect at the time of such amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplement or modification.

  • Cash Management Obligations means obligations owed by the Borrower or any Restricted Subsidiary to any Lender or any Affiliate of a Lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds.

  • Service credit month means a full service credit month or an

  • Designated Accounts means any and all unsecured credit facilities (including without limitation unsecured card or non-card credit facility) that you have with the Participating FIs and excludes joint accounts, any renovation loan, education loan, credit facility granted for businesses or business purposes and such other credit facility that is excluded under the MAS regulations relating to unsecured credit facilities to individuals.

  • UK Financial Institutions means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • Eligible Currency means any currency other than Dollars (i) that is readily available, (ii) that is freely traded, (iii) in which deposits are customarily offered to banks in the London interbank market, (iv) that is convertible into Dollars in the international interbank market and (v) as to which a Dollar Equivalent Amount may be readily calculated. If, after the designation by the Revolving Credit Lenders of any currency as an Agreed Currency, (x) currency control or other exchange regulations are imposed in the country in which such currency is issued with the result that different types of such currency are introduced, (y) such currency is, in the reasonable determination of the Administrative Agent, no longer readily available or freely traded or (z) in the reasonable determination of the Administrative Agent, a Dollar Equivalent Amount of such currency is not readily calculable, the Administrative Agent shall promptly notify the Lenders and the Company, and such currency shall no longer be an Agreed Currency until such time as all of the Revolving Credit Lenders agree to reinstate such currency as an Agreed Currency and promptly, but in any event within five Business Days of receipt of such notice from the Administrative Agent, the Borrower shall repay all Loans in such affected currency or convert such Loans into Loans in Dollars or another Agreed Currency, subject to the other terms set forth in Article II.

  • Applicable Creditor has the meaning assigned to such term in Section 9.14(b).

  • Original Applicable Credit Support Percentage With respect to each of the following Classes of Subordinated Certificates, the corresponding percentage described below, as of the Closing Date: Class M...................4.25% Class B-1.................2.30% Class B-2.................1.50% Class B-3.................1.00% Class B-4.................0.55% Class B-5.................0.20%

  • Facility LC Collateral Account is defined in Section 2.20.11.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Applicable Credit Rating For any long-term deposit or security, a credit rating of "AAA" in the case of S&P or "Aaa" in the case of Xxxxx'x. For any short-term deposit or security, a rating of "A-l+" in the case of S&P or "P-1" in the case of Xxxxx'x.

  • Overdraft Obligations means, with respect to any Portfolio, the amount of any outstanding Overdraft(s) provided by the Custodian to such Portfolio together with all accrued interest thereon.

  • Credit Enhancement Percentage For any Distribution Date, the percentage equivalent of a fraction, the numerator of which is the sum of the aggregate Certificate Principal Balances of the Mezzanine Certificates and the Class CE Certificates, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, calculated after taking into account distributions of principal on the Mortgage Loans and distribution of the Principal Distribution Amount to the Certificates then entitled to distributions of principal on such Distribution Date.