Eligible Government Receivables means receivables arising from the bona fide sale or lease of Eligible Inventory with acceptable account debtors who are either municipal, county or state government entities with accounts that are less than ninety days old, other than unpaid settlements (commonly known as Code 3 shortages).
Eligible Government Receivables means those Receivables arising solely from purchase orders that are not due or unpaid more than ninety (90) days after the original invoice where the Customer is the United States of America, any state or local government or municipality, and any department, agency or instrumentality of any of them.
Eligible Government Receivables means, at any date of determination ------------------------------- thereof, any bona fide Account arising out of a Government Contract created or acquired by any Borrower or any Subsidiary thereof in the ordinary course of their business as presently conducted for which the Account Debtor has been billed and that (a) the applicable Borrower shall have satisfied the requirements of the Assignment of Claims Act, as amended, and any similar state legislation in respect thereof; (b) the Administrative Agent is satisfied as to the absence of set-offs, counterclaims and other defenses to payment on the part of the United States or such state governmental authority; and that
Examples of Eligible Government Receivables in a sentence
Total Eligible Government Receivables of the Company and the Corporate Guarantors $_________ 4.
An amount not to exceed the lesser of: (i) $7,500,000 at any one time outstanding (the "Maximum Non-Government Receivables Credit Limit"); or (ii) 80% (the "Percentage Advance Rate") of the amount of Borrower's Eligible Receivables (as defined in Section 8 above) excluding, however, Borrower's Eligible Government Receivables (as defined below), if any.
More Definitions of Eligible Government Receivables
Eligible Government Receivables means all Eligible Receivables representing a sale to any federal, state or local government of the United States or any department, agency, instrumentality or political subdivision thereof pursuant to contracts under which the Borrower or a Subsidiary is the prime contractor or a subcontractor with the prime contractor.
Eligible Government Receivables means Receivables otherwise eligible due from an Account Debtor which is a federal, state or local governmental agency, authority or entity.
Eligible Government Receivables means, at any time of determination thereof, all Accounts which arise out of Government Contracts, where the Company is the "prime" contractor, where all monies due thereunder may have been directly assigned to the Lender in its sole discretion in conformity with the Assignment of Claims Act of 1940, as amended and which otherwise conform to the Eligibility Standards
Eligible Government Receivables means all Receivables arising from Government Contracts which (a) represent amounts due and owing for products actually delivered or services actually performed or rendered by or on behalf of the Company or one of its Subsidiaries directly to a Governmental Authority pursuant to a Government Contract; (b) have been billed and are outstanding less than 121 days from the date of original invoice; (c) arise and are billed in the ordinary course of the Company's or one of its Subsidiaries' business; (d) are due, owing and not subject to any active defense, set-off or counterclaim; and (e) are not Ineligible Receivables; provided that in the case of a dispute in respect of a task order in connection with an Indefinite Delivery—Indefinite Quantity Contract, only the portion of the Receivable identifiable in connection with such specific task order that is in dispute shall be excluded from Eligible Government Receivables.
Eligible Government Receivables means, at any date of determination thereof, any bona fide Account arising out of a Government Contract created or acquired by any Borrower or any Subsidiary thereof in the ordinary course of their business as presently conducted for which the Account Debtor has been billed and that (a) the applicable Borrower shall have satisfied the requirements of the Assignment of Claims Act, as amended, and any similar state legislation in respect thereof; (b) the Administrative Agent is satisfied as to the absence of set-offs, counterclaims and other defenses to payment on the part of the United States or such state governmental authority; and that (c) the Account satisfies and continues to satisfy requirements contained in clauses (i) through (xii) of the definition of Eligible Commercial Receivables; provided, that with regard to clauses (iii) and (iv) of such definition, Accounts arising under Government Contracts which do not remain unpaid for a period of more than one- hundred twenty (120) days beyond the applicable invoice date shall qualify as "Eligible Government Receivables".
Eligible Government Receivables means, at any time, Government ------------------------------- Receivables so long as the following conditions have been met: (1) the Bank has received the unaudited financial statements of the Company and its Subsidiaries as at June 30, 1994 in accordance with Section 5.1(c) hereof, (2) no Default or Event of Default has occurred and is continuing, (3) all such Government Receivables are invoiced designating the Lockbox as the address for payment, and (4) the Bank has received with respect to each such Governmental Receivable all documents and instruments necessary to comply with the Assignment of Claims Act, including, without limitation, the following in form and substance acceptable to the Bank: (A) notice of assignment appropriately completed, (B) an instrument of assignment in appropriate form duly executed and acknowledged by the Company or IAC, as applicable, to be forwarded by the Bank to the appropriate contracting officer and disbursing officer (if different from the contracting officer), and (C) a true, correct and complete copy of the related contract."
Eligible Government Receivables means those Receivables arising solely from purchase orders that are not due or unpaid more than ninety(90) days after the original invoice where the Customer is the United States of America, any state or local government or municipality, and any department, agency or instrumentality of any of them.