Eligible Domestic Accounts Receivable definition
Eligible Domestic Accounts Receivable means any Eligible Accounts Receivable with respect to which the Account Debtor is located in Canada or the United States.
Eligible Domestic Accounts Receivable means Accounts of the Borrowers, invoiced from operations in the United States, payable in Dollars and meeting the criteria specified below. In determining the amount to be so included, the face amount of such Accounts shall exclude any such Accounts that the Administrative Agent determines to be ineligible in its Permitted Discretion. Unless otherwise approved in writing by the Administrative Agent, no Account of a Borrower shall be deemed to be an Eligible Domestic Account Receivable if:
Eligible Domestic Accounts Receivable means an account receivable owing ------------------------------------- to either Borrower which met the following specifications at the time it came into existence and continues to meet the same until it is collected in full:
Examples of Eligible Domestic Accounts Receivable in a sentence
Such loans and advances shall be in amounts up to: A) eighty-five percent (85%) of the outstanding Eligible Domestic Accounts Receivable of the Company, B) eighty-five percent (85%) of the outstanding Eligible Foreign Accounts Receivable of the Company, and C) twenty-five percent (25%) of Eligible Domestic Finished Goods, at lower of cost or market, but not to exceed the Inventory Sub-Limit from time to time in effect.
The books and records of Borrower and all records pertaining to Eligible Domestic Accounts Receivable and Eligible Domestic Inventory are located at the office location for such Borrower listed on Exhibit N.
Notwithstanding the foregoing, all Accounts of any single Account Debtor and its Affiliates that in the aggregate exceed (i) 20% in respect of an Account Debtor whose securities are rated Investment Grade or (ii) 10% in respect of all other Account Debtors, of the total amount of all Accounts at the time of any determination shall be deemed not to be "Eligible Domestic Accounts Receivable" to the extent of such excess.
The Administrative Agent shall have received (i) field examinations with respect to the Borrowers’ Eligible Domestic Accounts Receivable and certain other matters and (ii) an appraisal with respect to the Eligible Rental Equipment in form and substance reasonably satisfactory to the Administrative Agent.
Borrowings under the Line of Credit Note will be based on a Borrowing Base formula and at no time will the outstanding principal balance of the Loan exceed the lesser of (1) $10,000,000.00 or (2) the sum of 80% of Eligible Domestic Accounts Receivable plus 40% of Eligible Inventory (which inventory portion of the Loan will be capped at $4,000,000.00) minus the aggregate face amount of all outstanding Letters of Credit as hereinafter defined.
More Definitions of Eligible Domestic Accounts Receivable
Eligible Domestic Accounts Receivable means the gross amount of the Company’s Trade Accounts Receivable that are subject to a valid, exclusive, first priority and fully perfected security interest in favor of CIT, which conform to the warranties contained herein and at all times continue to be acceptable to CIT in the exercise of its reasonable business judgment, less, without duplication, the sum of: (a) any returns, discounts, claims, credits and allowances of any nature (whether issued, owing, granted, claimed or outstanding), and (b) reserves for any such Trade Accounts Receivable that arise from or are subject to or include: (i) sales to the United States of America, any state or other governmental entity or to any agency, department or division thereof, except for any such sales as to which the Company has complied with the Assignment of Claims Act of 1940 or any other applicable statute, rules or regulation, to CIT’s satisfaction in the exercise of its reasonable business judgment; (ii) foreign sales, other than sales which otherwise comply with all of the other criteria for eligibility hereunder and are secured by letters of credit (in form and substance satisfactory to CIT) issued or confirmed by, and payable at, banks having a place of business in the United States of America; (iii) Accounts that are more than 60 days past due; (iv) Accounts that remain unpaid more than ninety (90) days from invoice date (except for those such Accounts which are less than $300,000 in the aggregate and which do not remain unpaid more than one hundred fifty (150) days from invoice date); (v) contra accounts; (vi) sales to any subsidiary, or to any company affiliated with the Company in any way; (vii) ▇▇▇▇ and hold (deferred shipment) or consignment sales; (viii) sales to any customer which is (A) insolvent or (B) the debtor in any bankruptcy, insolvency, arrangement, reorganization, receivership or similar proceedings under any federal or state law or (C) negotiating, or has called a meeting of its creditors for purposes of negotiating, a compromise of its debts or (D) financially unacceptable to CIT or has a credit rating unacceptable to CIT; (ix) all sales to any customer if fifty percent (50%) or more of the aggregate dollar amount of all outstanding invoices to such customer are more than 60 days past due or remain unpaid more than ninety (90) days from invoice date (except for those such Accounts which are less than $300,000 in the aggregate and which do not remain unpaid more than one hundred fif...
Eligible Domestic Accounts Receivable means invoices for domestic shipments and services less than ninety (90) days old and otherwise reasonably acceptable to the Lenders. "Eligible Foreign Accounts Receivable" shall mean invoices for international shipments and services not more than sixty (60) days past due and otherwise reasonably acceptable to the Lenders.
Eligible Domestic Accounts Receivable means, at the time of any determination thereof, each Account that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Account (i) has been invoiced to, and represents the bona fide amounts due to the Borrower from, the purchaser of goods or services, in each case originated in the ordinary course of business of the Borrower and (ii) is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (r) below or otherwise deemed by the Administrative Agent in its sole discretion to be ineligible for inclusion in the calculation of the Borrowing Base as described below. Without limiting the foregoing, to qualify as Eligible Domestic Accounts Receivable, an Account shall indicate no Person other than the Borrower (including the M&M Aerospace division of the Borrower and including any other name under which the Borrower conducts its business) as payee or remittance party. In determining the amount of any Account to be included as an "Eligible Domestic Account Receivable", the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (x) 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 the Borrower, as applicable, may be obligated to rebate to a customer pursuant to the terms of any agreement or understanding (written or oral)), (y) the aggregate amount of all limits and deductions provided for in this definition and elsewhere in this Agreement and (z) the aggregate amount of all cash received in respect of such Account but not yet applied by the Borrower to reduce the amount of such Account. Standards of eligibility (including the standards of eligibility set forth in clauses (a) through (r) below) may be fixed from time to time by the Administrative Agent in the exercise of its sole discretion, with any changes in such standards to be effective three Business Days after delivery of notice thereof to the Borrower. Unless otherwise approved from time to time in writing by the Administrative Agent, no Account shall be an Eligible Domestic Account Receivable if, without duplication:
Eligible Domestic Accounts Receivable means "Eligible Domestic Accounts Receivable" as defined in the CIT Financing Agreement.
Eligible Domestic Accounts Receivable means at any time the aggregate amount of the Borrower's Accounts Receivable, excluding the following:
Eligible Domestic Accounts Receivable means, as of any date of determination and without duplication, all Eligible Accounts Receivable owing by an account debtor located within the United States to a Loan Party but excluding in any event (a) Eligible Accounts Receivable which are not subject to a perfected, first priority Lien in favor for the Administrative Agent to secure the Obligations, (b) Eligible Accounts Receivables which are more than 90 days past due (net of reserves for bad debts in connection with any such Eligible Accounts Receivables), or (c) 100% of the book value of any Eligible Accounts Receivable that are not otherwise excluded by clause (b) above but are owing from an account debtor with respect to which more than 50% of the total book value of Eligible Accounts Receivable owing from such account debtor are excluded by clause (b) above.
Eligible Domestic Accounts Receivable means those net trade billed Accounts that arise in the ordinary course of Borrower’s business from sales of Borrower’s products that comply with all of Borrower’s representations and warranties to Bank set forth in Section 5.3 that are aged less than ninety (90) days from the invoice date but excluding royalties, license and milestone payments.