Eligible Foreign Account is an Account which is owing from an Account Debtor which does not have its principal place of business in the United States but which otherwise satisfies the criteria for eligibility set forth in the definition of “Eligible Accounts.”
Eligible Foreign Account means an Account that (a) qualifies as an Eligible Account without regard to clause (i) of Section 1.6 and (b) is an obligation of an Account Debtor located in a foreign country (excluding Canada).
Eligible Foreign Account means an Account of any Borrower with respect to which an Eligible Foreign Account Debtor is the Account Debtor and that would constitute an Eligible Account but for clause (g) of the definition of “Eligible Accounts”, so long as such Account satisfies each of the following criteria: (i) such Account is at all times billed and payable in Dollars, (ii) all payments in respect of such Account are made by such Eligible Foreign Account Debtor to the applicable Borrower in the United States or to an account located in the United States that is subject to a Deposit Account Control Agreement (subject to the post-closing timing requirement specified in Section 6.10(h) of this Agreement) and (iii) such Account is subject to a first priority valid and perfected security interest of the Administrative Agent in the United States; provided that such Borrower shall, promptly upon request of the Administrative Agent, execute and deliver, or cause to be executed and delivered to the Administrative Agent such agreements, documents and instruments as may be required by the Administrative Agent to perfect the security interest of the Administrative Agent in such Account in accordance with the applicable laws of the jurisdiction of formation of such Eligible Foreign Account Debtor and take, or cause to be taken, such other and further actions as the Administrative Agent may request to enable the Administrative Agent, as secured party with respect thereto, to collect such Account under the applicable laws of such jurisdiction of formation.
Examples of Eligible Foreign Account in a sentence
All sales and other transactions underlying or giving rise to each Eligible Account and Eligible Foreign Account shall comply in all material respects with all applicable laws and governmental rules and regulations.
Bank may, in its sole discretion, change the percentage of the Advance Rate for a particular Eligible Foreign Account on a case by case basis.
All sales and other transactions underlying or giving rise to each Eligible Domestic Account and Eligible Foreign Account shall comply in all material respects with all applicable laws and governmental rules and regulations.
Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are an Eligible Domestic Account and Eligible Foreign Account in any Borrowing Base Certificate.
For any Eligible Account and Eligible Foreign Account in any Borrowing Base Certificate, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such Eligible Accounts and Eligible Foreign Accounts are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be.
More Definitions of Eligible Foreign Account
Eligible Foreign Account a Foreign Account that is owed by an Account Debtor listed on Schedule 1.1C, as such Schedule may be updated from time to time in the Administrative Agent’s Permitted Discretion after written request by the Borrower.
Eligible Foreign Account means, subject to the criteria below, an account receivable of a Borrower, which (i) was generated in the Ordinary Course of Business, (ii) was generated originally in the name of a Borrower and not acquired via assignment or otherwise, (iii) is not an Eligible Domestic Account, and (iv) Agent, in its good faith credit judgment and discretion, deems to be an Eligible Foreign Account. Accounts denominated in foreign currencies shall be converted to US Dollars upon delivery by Borrowers of the current Borrowing Base Certificate at the then-current market rate approved by Agent in its reasonable discretion. The net amount of an Eligible Foreign Account at any time shall be (a) the face amount of such Eligible Foreign Account as originally billed minus all cash collections and other proceeds of such Account received from or on behalf of the Account Debtor thereunder as of such date and any and all returns, rebates, discounts (which may, at Agent’s option, be calculated on shortest terms), credits, allowances or excise taxes of any nature at any time issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with such Accounts at such time, and (b) adjusted by applying percentages (known as “Foreign Account liquidity factors”) by payor and/or payor class based upon the applicable Borrower’s actual recent collection history for each such payor and/or payor class in a manner consistent with Agent’s underwriting practices and procedures. Such Foreign Account liquidity factors may be adjusted by Agent from time to time as warranted by Agent’s underwriting practices and procedures and using Agent’s good faith credit judgment. Without limiting the generality of the foregoing, no Account shall be an Eligible Foreign Account if:
Eligible Foreign Account means an Account which is excluded from Eligible Accounts solely by application of paragraph (i), paragraph (u) and clauses (i) or (ii) of paragraph (g) of the definition of "Eligible Accounts" in this Section 1.1, in each case due solely to the fact that the Account Debtor thereon does not maintain its chief executive office in the United States or Canada or is not organized under the laws of the United States or Canada or any state or province thereof
Eligible Foreign Account means, subject to the criteria below, an account receivable of a Borrower, which (i) was generated in the Ordinary Course of Business, (ii) was generated originally in the name of a Borrower and not acquired via assignment or otherwise, (iii) is not an Eligible Domestic Account, and (iv) Agent, in its good faith credit judgment and discretion, deems to be an Eligible Foreign Account. Accounts denominated in foreign currencies shall be converted to US Dollars upon delivery by Borrowers of the current Borrowing Base Certificate at the then-current market rate approved by Agent in its reasonable discretion. The net amount of an Eligible Foreign Account at any time shall be (a) the face amount of such Eligible Foreign Account as originally billed minus all cash collections and other proceeds of such Account received from or on behalf of the Account Debtor thereunder as of such date and any and all returns, rebates, discounts (which may, at Agent’s option, be calculated on shortest terms) or credits of any nature at any time issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with such Accounts at such time, and (b) adjusted by applying percentages (known as “Foreign Account liquidity factors”) by payor and/or payor class based upon the applicable Borrower’s actual recent collection history for each such payor and/or payor class in a manner consistent with Agent’s underwriting practices and procedures. Such Foreign Account liquidity factors may be adjusted by Agent from time to time as warranted by Agent’s underwriting practices and procedures and using Agent’s good faith credit judgment. Without limiting the generality of the foregoing, no Account shall be an Eligible Foreign Account if:
Eligible Foreign Account mean an Eligible Account that is a Foreign Account.
Eligible Foreign Account means an Account owing to a Borrower (i) which meets all of the requirements of an Eligible Account other than the requirements set forth in clauses (iv)(Y) and (x) of such definition, (ii) which is due and payable within one hundred fifty (150) days past the date of the invoice and does not remain unpaid thirty (30) days after the date upon which it is due; provided, however, that with respect to Accounts with respect to which the Account Debtor is located in Saudi Arabia or Mexico, such Accounts may be due and payable within one hundred eighty (180) days past the date of the invoice but must be paid within thirty (30) days after the date upon which it is due (such Accounts due and payable after one hundred fifty (150) days past the invoice date thereof but prior to one hundred eighty (180) days past the invoice date, the “Saudi/Mexican 180 Accounts”); and provided, further, not more than $3,000,000 of the Saudi/Mexican 180 Accounts may be included as Eligible Foreign Accounts at any time, and (iii) provided the sale of goods or services giving rise to such Account is backed by (a) a letter of credit or banker's acceptance which names the Administrative Agent as the beneficiary thereof, (b) credit insurance assigned to, and issued upon terms approved by, Administrative Agent, or (c) cash against documents. Eligible In Transit Inventory shall mean, as of any date of determination, a Borrower’s Inventory that is in-transit to such Borrower (i) which has been shipped from a supplier by a common carrier which is not affiliated with the Loan Parties or such supplier, (ii) which has been shipped from any foreign location for receipt by such Borrower within sixty (60) days of the date of shipment (or such longer period of time as the Administrative Agent shall determine in its sole discretion in the case of any Inventory that has been delayed because of a customs audit or inspection), but which has not yet been received by such Borrower, (ii) for which the purchase order is in the name of such Borrower and title has passed to such Borrower, (iii) which is insured pursuant to an insurance policy reasonably acceptable to Administrative Agent and such policy has been assigned to Administrative Agent, (iv) if requested by Administrative Agent, (w) Administrative Agent shall have received a true and correct copy of the bill of lading and other shipping documents for such Inventory, and (x) if the bill of lading is negotiable, confirmation that the bill is issued in t...
Eligible Foreign Account an account of Customer for which the account debtor is QMS (Japan) or Abacus that, but for (i) such account being payable in other than U.S. dollars and (ii) the account debtor for such account not being a resident of the United States, constitutes an Eligible Account.