Eligible Foreign Accounts Receivable means any Eligible Accounts Receivable with respect to which the Account Debtor is located outside of Canada or the United States.
Eligible Foreign Accounts Receivable means the gross amount of the Company's account receivable, payable in United States currency, due from customers residing in other than the United States of America and Canada but that conform to the warranties contained herein and at all times continue to be acceptable to the Agent in the exercise of its reasonable business judgment, and that are either guaranteed by The CIT Group/Commercial Services, Inc. or another third party acceptable to the Lenders with the Company's rights with respect to such guarantees assigned to the Agent for the benefit of the Lenders, or covered by credit insurance acceptable to the Lenders with the Company's rights with respect to such insurance assigned to the Agent for the benefit of the Lenders, less, without duplication, the sum of a) any returns, discounts, claims, credits and allowances of any nature (whether issued, owing, granted or outstanding) and b) reserves for: i) sales to any foreign government or to any agency, department or division thereof; ii) accounts that remain unpaid more than ninety (90) days from invoice date; iii) contras; iv) sales to any subsidiary or to any company affiliated with the Company in any way; v) bill xxx hold (deferred shipment) or consignment sales; vi) sales to any customer which is a) insolvent, b) the debtor in any bankruptcy, insolvency, arrangement, reorganization, receivership or similar proceedings under any foreign, federal or state law, c) negotiating, or has called a meeting of its creditors for purposes of negotiating, a compromise of its debts or d) in the Agent's reasonable business judgment, financially unacceptable to the Agent or has a credit rating unacceptable to the Agent; vii) all sales to any customer if fifty percent (50%) or more of either x) all outstanding invoices or y) the aggregate dollar amount of all outstanding invoices, are unpaid more than ninety (90) days from invoice date; viii) all deposits due customer; ix) Flooring Accounts; x) any other reason deemed necessary by the Agent in its reasonable business judgment and which are customary either in the commercial finance industry or in the lending practices of the Lenders; and xi) in the Agent's reasonable business judgment, an amount representing, historically, two hundred percent (200%) of returns, discounts, claims, credits and allowances. EQUIPMENT shall mean all present and hereafter acquired machinery, equipment, furnishings and fixtures, and all additions, substitutions and replacements thereof,...
Eligible Foreign Accounts Receivable means any and all Receivables which (a) with respect to “cost-plus” or “time and materials” type contracts, represent amounts due and owing for products actually delivered or services actually performed or rendered by or on behalf of a Borrower to or for the benefit of a Foreign Account Debtor pursuant to such contract(s), and with respect to “fixed-price” type contracts, represent amounts due and owing from a Foreign Account Debtor on a percentage-of-completion or milestone billing basis in accordance with such contract(s); (b) are outstanding less than ninety-one (91) days from the date of original invoice; (c) are owing from a Foreign Account Debtor deemed acceptable by the Agent from time to time, in its sole and absolute discretion (including, without limitation, as of the Restatement Date, the Foreign Account Debtors listed on Schedule D hereto); and (d) are not otherwise Ineligible Receivables.
Examples of Eligible Foreign Accounts Receivable in a sentence
As used in this Agreement, the term “Borrowing Base” means the sum of (a) 80 percent of Eligible Domestic Accounts Receivable at the time in question, (b) 90 percent of Eligible Foreign Accounts Receivable at the time in question, and (c) 50 percent of Eligible Inventory at the time in question, provided, however, that the aggregate amount of Advances supported by Eligible Inventory shall not exceed $4,000,000 at any time.
Promptly after receiving notice or otherwise becoming aware thereof, notify Lender in writing that a Receivable that Borrower has represented or warranted to Lender to be an Eligible Accounts Receivable or Insured Eligible Foreign Accounts Receivable or Uninsured Eligible Foreign Accounts Receivable has ceased to be such a Receivable for any reason other than payment thereof in the ordinary course of business.
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.
Amounts available under the $1,500,000 revolver are limited to the amount available based on the level of Tangible Net Worth, as defined, and to 60% of Eligible Domestic Accounts Receivable plus 40% of Eligible Foreign Accounts Receivable, as defined ($1,150,000 and $1,164,000 at December 31, 1997 and March 31, 1998, respectively).
More Definitions of Eligible Foreign Accounts Receivable
Eligible Foreign Accounts Receivable. Eligible Domestic Accounts Receivable" shall mean 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 Foreign Accounts Receivable means invoices for international shipments and services not more than sixty (60) days past due and otherwise reasonably acceptable to the Lenders.
Eligible Foreign Accounts Receivable means the accounts receivable of Borrower and the Subsidiaries due from Persons not residents of the United States, excluding the following: (a) accounts receivable that have been outstanding in excess of 90 days from the date of invoice, (b) all accounts receivable from any single customer of Borrower or any of the Subsidiaries if 10 percent or more of such customer's accounts owed to Borrower or any of the Subsidiaries are ineligible for any reason, (c) accounts receivable due from officers, employees, or Affiliates of Borrower, (d) accounts receivable that are partially or wholly subject to the right of setoff, (e) accounts receivable resulting from COD sales, finance charges, and consignments, (f) accounts receivable that constitute any retainage, (g) accounts receivable that constitute dated billxxxx xxxer than approved by U. S. Bank in writing, (h) accounts receivable in which any Person other than U. S. Bank has a security interest, and (i) all accounts receivable from any single customer of Borrower or any of the Subsidiaries in excess of 10 percent of the aggregate amount of Eligible Accounts Receivable. Notwithstanding the foregoing, "Eligible Foreign Accounts Receivable" shall not include any accounts receivable unless and until U. S. Bank holds a first, valid, binding, and perfected security interest in any such accounts receivable. There shall be no duplication between Eligible Foreign Accounts Receivable and Eligible Accounts Receivable.
Eligible Foreign Accounts Receivable means at any date of determination thereof (which date shall be selected in BANK's sole reasonable discretion) all Foreign Accounts Receivable of AESP/MIAMI which are from Canadian sources and which are not Eligible Insured Foreign Receivables and which are unpaid for a period of less than ninety (90) days from the date of original invoices which are issued to solvent going concerns. There shall be excepted from Eligible Foreign Accounts Receivable all receivables from subsidiaries, affiliated companies, or entities related to BORROWER.
Eligible Foreign Accounts Receivable means those Accounts arising in the ordinary course of business with respect to the sale of goods or rendering of services by Borrower or its Affiliates from Persons (other than Subsidiaries or Affiliates) domiciled outside of the United States of America which are not more than 60 days past due and which have been outstanding for not more than 120 days from invoice date in which the Bank has a first priority security interest, which are covered by insurance protecting the Bank against political and commercial risks on terms reasonably acceptable to the Bank and which are otherwise satisfactory to the Bank in its reasonable discretion, provided, that, if fifty (50%) percent or more of the Accounts due from an Account Debtor are deemed by the Bank to be ineligible, then all Accounts from such Account Debtor shall be deemed ineligible. Credits associated with past due ineligible Accounts shall not reduce the total of all such ineligible accounts. "Eligible Inventory" shall mean all unencumbered inventory or work-in-process and finished goods (other than slow-moving, obsolete or consigned inventory or office supplies) from time to time on hand in which the Bank has a first priority security interest and which is otherwise satisfactory to the Bank in its sole discretion, valued at the lower of (a) cost, (b) market value, or (c) the valuation consistent with that employed in the preparation of the financial statements of the Borrower referred to in this Agreement. "Environmental Laws" shall mean any federal, state or local statute or regulation relating to hazardous or toxic wastes or substances or the removal thereof. "Eurodollar Loans" shall mean Loans hereunder that bear interest for the Interest Period applicable thereto at a rate of interest based upon the Adjusted Libor Rate. "Eurodollar Reserve Percentage" shall mean for any day that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement for a member bank of the Federal Reserve System in New York City with deposits exceeding one billion dollars in respect of "Eurocurrency liabilities" (or in respect of any other category of liabilities which includes deposits by reference to which the interest rate on Eurodollar Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of the Bank to Unite...
Eligible Foreign Accounts Receivable means the accounts receivable of Borrower and the Subsidiary Guarantors that satisfy the criteria for qualification as “Eligible Domestic Accounts Receivable” other than being due from a Person that is not a resident of the United States, provided that such accounts are (a) covered by credit insurance acceptable to Administrative Agent, (b) supported by letter(s) of credit acceptable to Administrative Agent, (c) supported by a guarantee from the Export-Import Bank of the United States in form acceptable to Administrative Agent, or (d) are otherwise approved by Administrative Agent on a case-by-case basis in its sole discretion.
Eligible Foreign Accounts Receivable means at any date of determination thereof (which date shall be selected in Lender's sole reasonable discretion) all Foreign Accounts Receivable of Borrower which are Eligible Receivables and which are not Eligible Insured Foreign Accounts Receivables. There shall be excepted from Eligible Foreign Accounts Receivable all receivables from Subsidiaries or Affiliates of Borrower.