Eligible Forward Contract means a Forward Contract between the Borrower and an Approved Counterparty, subject to a first priority perfected Lien in favor of Agent.
Eligible Forward Contract a Forward Contract of a Loan Party which (a) is evidenced by a written agreement or a trade confirmation enforceable against the party thereto, (b) is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens, (c) has not been terminated and is not subject to termination by reason of a default or any other termination event thereunder, (d) the Forward Contract Counterparty thereto is not a Subsidiary or an Affiliate of any Loan Party, (e) has not been deemed ineligible as to its form by the Collateral Agent acting in its reasonable discretion (provided, that any Forward Contract of a Loan Party’s in a form previously approved by the Collateral Agent as of the Closing Date is, in form, eligible for purposes of this clause (e)), including, without limitation, by reason of failure of any such Forward Contract to contain a liquidated damages clause acceptable to the Collateral Agent in its reasonable discretion unless (i) such Forward Contract was entered into prior to the Closing Date or (ii) such Forward Contract is a renewal of a Forward Contract originally entered into prior to the Closing Date and (x) the applicable Loan Party has been unable to include such liquidated damages clause in such renewed Forward Contract after using its commercially reasonable efforts to do so and (y) the Collateral Agent, acting in its reasonable discretion, has, upon notice from the Borrower Agent’s thereof, approved such renewed Forward Contract, and (f) the Forward Contract Counterparty thereto is not a Governmental Authority unless all actions required under any applicable Assignment of Claims Act, if any, applicable to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the assignment of rights to payment thereunder or thereon to the Collateral Agent, for the ratable benefit of the Secured Parties under the Security Documents.
Eligible Forward Contract a Forward Contract of a Loan Party which (a) conforms to the Risk Management Policy, (b) is evidenced by a written agreement or a trade confirmation enforceable against the party thereto, (c) is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens, (d) has not been terminated and is not subject to termination by reason of an occurrence of a default or any other termination event having occurred thereunder, (e) the Forward Contract Counterparty thereto is not a Subsidiary or an Affiliate of any Loan Party, (f) has not been deemed ineligible as to its form by the Co-Collateral Agents acting in their sole discretion, and (g) the Forward Contract Counterparty thereto is not a Governmental Authority unless all actions required under any applicable Assignment of Claims Act, Financial Administration Act (Canada) and any other similar local, provincial, territorial laws, rules or regulations, if any, applicable to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the assignment of rights to payment thereunder or thereon to the Administrative Agent, for the ratable benefit of the Secured Parties under the Security Documents; provided that at the Co-Collateral Agents’ discretion, exercised in good faith, any Forward Contract that would otherwise be considered ineligible pursuant to this clause (g) shall not be deemed ineligible solely as a result of this clause (g).
Examples of Eligible Forward Contract in a sentence
An impairment loss is recognized when the carrying amount of an asset, registration, an Eligible Forward Contract shall be excluded from the calculation of Eligible Long Term Unrealized Forward Gain if it is not in compliance with the Risk Management Policy or is a Futures Contract.
More Definitions of Eligible Forward Contract
Eligible Forward Contract a Forward Contract of a Loan Party with a Tier 1 Counterparty or a Tier 2 Counterparty which (a) conforms to the Risk Management Policy, (b) is evidenced by a written agreement or a trade confirmation enforceable against the Tier 1 Counterparty or Tier 2 Counterparty thereto, (c) is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens, (d) has not been terminated and is not subject to termination by reason of a default or any other termination event thereunder and (e) the Forward Contract Counterparty thereto is not a Governmental Authority unless all actions required under any applicable Assignment of Claims Act, if any, applicable to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the assignment of rights to payment thereunder or thereon to the Collateral Agent, for the ratable benefit of the Secured Parties, under the Security Documents.
Eligible Forward Contract means, as of any date of determination, any contract pursuant to which (i) a customer of any Borrower has agreed to purchase corn from such Borrower or (ii) a Borrower has a right to purchase corn from a farmer, in each case, at a future date (or on an unspecified date during a future period), which contract satisfies each of the following requirements as of such date:
Eligible Forward Contract a Forward Contract of a Loan Party which (a) conforms to the Risk Management Policy, (b) is evidenced by a written agreement or a trade confirmation enforceable against the party thereto, (c) is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens, (d) has not been terminated and is not subject to termination by reason of an occurrence of a default or any other termination event having occurred thereunder, (e) the Forward Contract Counterparty thereto is not a Subsidiary or an Affiliate of any Loan Party, (f) has not been deemed ineligible as to its form by the Co-Collateral Agents acting in their sole discretion, and (g) the Forward Contract Counterparty thereto is not a Governmental Authority unless all actions required under any applicable Assignment of Claims Act, if any, applicable to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the assignment of rights to payment thereunder or thereon to the Administrative Agent, for the ratable benefit of the Secured Parties under the Security Documents.
Eligible Forward Contract a Forward Contract of a Loan Party as to which all of the following requirements have been fulfilled: (a) such Forward Contract conforms to the Risk Management Policy; (b) the Forward Contract Counterparty to such Forward Contract is not a Subsidiary of a Loan Party or an Affiliate of a Loan Party; “Eligible(c) such Forward Contract”: a Forward Contract of a Loan Party which (a) conforms to the Risk Management Policy, (b) is evidenced by a written agreement or a trade confirmation enforceable against the partyForward Contract Counterparty thereto, (c) is subject to
Eligible Forward Contract a Forward Contract of a Borrower with a Tier 1 Counterparty or a Tier 2 Counterparty which (a) conforms to the Applicable Risk Management Policy, (b) is evidenced by a written agreement or a trade confirmation enforceable against the Tier 1 Counterparty or Tier 2 Counterparty thereto, (c) is subject to a Perfected First Lien, subject only to Permitted Second Liens and Permitted Borrowing Base Liens, (d) has not been terminated and is not subject to termination by reason of a default or any other termination event thereunder and (e) the Forward Contract Counterparty thereto is not a Governmental Authority unless all actions required under any applicable Assignment of Claims Act, if any, applicable to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the assignment of rights to payment thereunder or thereon to the Collateral Agent, for the ratable benefit of the Secured Parties under the Security Documents.
Eligible Forward Contract a Forward Contract of the Borrower with a counterparty (a) which is evidenced by a written agreement or a trade confirmation enforceable against the counterparty, (b) which is subject to a Perfected Lien and no other Liens (other than Permitted Liens), (c) which has not been terminated or subject to termination by reason of a default or any other termination event thereunder, and (d) in respect of which the counterparty thereto is not a Governmental Authority unless all actions required under any Assignment of Claims Act, if any, applicable to such Forward Contract and such Governmental Authority shall have been taken to approve and permit the Collateral Agent’s Perfected Lien on the rights to payment thereunder or thereon.
Eligible Forward Contract a Forward Contract of a Loan Party as to which all of the following requirements have been fulfilled: (a) such Forward Contract conforms to the Risk Management Policy; (b) the Forward Contract Counterparty to such Forward Contract is not a Subsidiary of a Loan Party or an Affiliate of a Loan Party; (c) such Forward Contract is evidenced by a written agreement or a trade confirmation enforceable against the Forward Contract Counterparty thereto; (d) (i) such Forward Contract is subject to a Perfected First Lien, subject only to Permitted Borrowing Base Liens, and (ii) (A) the grant of the Perfected First Lien over such Forward Contract is not prohibited by any contract, agreement or instrument evidencing or governing such Forward Contract, (B) the grant of the Perfected First Lien over such Forward Contract does not terminate such Forward Contract or give any other party thereto or to any such contract, agreement or instrument the right to terminate such Forward Contract or such party’s obligations under any such Forward Contract or (C) if the grant of the Perfected First Lien over such Forward Contract is only permitted under the terms of any contract, agreement or instrument evidencing or governing such Forward Contract with the consent of any other Person party thereto, such consent has been obtained, unless, in the case of any of sub-clauses (A) through (C) of this clause (ii), any such prohibition, limitation or restriction would be ineffective under applicable Law (including as provided under Sections 9-406 and 9-408 of the UCC or Section 40(4) of the Personal Property Security Act of Ontario (or the corresponding Section of such other applicable PPSA) as from time to time in effect in the applicable jurisdiction)); (e) such Forward Contract has not been terminated and is not currently subject to termination by reason of any default, other termination event or other similar event having occurred thereunder; (f) if the Forward Contract Counterparty to such Forward Contract is a Chapter 11 Debtor, such Forward Contract was entered into after the Petition Date of such Forward Contract Counterparty or has been assumed by such Forward Contract Counterparty; (g) the Forward Contract Counterparty to such Forward Contract is not in contractual default on any other obligations to any Loan Party (other than (i) any amounts subject to a good faith dispute under the applicable contract and (ii) with respect to any Forward Contract Counterparty that is a Chapter 1...