Eligible Installment Sales Accounts definition

Eligible Installment Sales Accounts means at any time, the Accounts of the Loan Parties which the Administrative Agent determines in its Permitted Discretion (following (to the extent practicable) reasonable prior notice to, and consultation with, the Borrower, and in any event exercised consistent with past practice with respect to the Accounts of the Loan Parties) are eligible as the basis for the extension of Revolving Loans and the issuance of Letters of Credit. Without limiting the Administrative Agent’s Permitted Discretion provided herein, Eligible Installment Sales Accounts shall not include any Account:
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Eligible Installment Sales Accounts at any time, the Accounts of the Loan Parties which the Administrative Agent determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans, Swingline Loans, Protective Advances and the issuance of Letters of Credit. Without limiting the Administrative Agent’s discretion provided herein, Eligible Installment Sales Accounts shall not include any Account:
Sample 1
Eligible Installment Sales Accounts means at any time, the Accounts of the Loan Parties which the Administrative Agent determines in its Permitted Discretion (following (to the extent practicable) reasonable prior notice to, and consultation with, the Borrower, and in any event exercised consistent with past practice with respect to the Accounts of the Loan Parties) are eligible as the basis for the extension of Revolving Loans and the issuance of Letters of Credit. Without limiting the Administrative Agent’s Permitted Discretion provided herein, Eligible Installment Sales Accounts shall not include any Account: (a) which is not subject to a first priority (subject to Permitted Encumbrances) perfected security interest in favor of the Administrative Agent on behalf of the Secured 24
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More Definitions of Eligible Installment Sales Accounts

Eligible Installment Sales Accounts at any time, the Accounts of the Loan Parties which the Administrative Agent determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans, Swingline Loans, Protective Advances and the issuance of Letters of Credit. Without limiting the Administrative Agent’s discretion provided herein, Eligible Installment Sales Accounts shall not include any Account: (a) which is not subject to a first priority perfected security interest in favor of the Administrative Agent; (b) which is subject to any Lien other than (i) a Lien in favor of the Administrative Agent and (ii) a Permitted Encumbrance which does not have priority over the Lien in favor of the Administrative Agent; (c) (i) which is unpaid more than 30 days after the original due date therefor (“Overage”) (when calculating the amount under this clause (i), for the same Account Debtor, the Administrative Agent shall include the net amount of such Overage and add back any credits, but only to the extent that such credits do not exceed the total gross receivables from such Account Debtor), or (ii) which has been written off the books of the Borrower or other applicable Loan Party or otherwise designated as uncollectible; (d) with respect to which any covenant, representation or warranty contained in this Agreement or in the Guarantee and Collateral Agreement has been breached or is not true; (e) which does not arise from the sale of goods in the ordinary course of business; 12 509265-1832-141352041-Active.21575686.1328267668.14
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Related to Eligible Installment Sales Accounts

  • Qualified Account means an Account of Borrower generated in the ordinary course of Borrower's business from the sale of goods, which Lender, in its sole and reasonable credit judgment, deems to be a Qualified Account. Without limiting the generality of the foregoing, no Account shall be a Qualified Account if: (a) the Account remains unpaid more than one hundred twenty (120) days past the claim or invoice date (but in no event more than one one hundred thirty-five (135) days after the applicable goods have been sold; (b) the Account is subject to any defense, set-off, counterclaim, deduction, discount, credit, chargeback, freight claim, allowance, or adjustment of any kind; (c) any part of any goods the sale of which has given rise to the Account has been returned, rejected, lost, or damaged; (d) if the Account arises from the sale of goods by Borrower, the sale was not an absolute sale, or the sale was made on consignment or on approval or on a sale-or-return basis, or the sale was made subject to any other repurchase or return agreement, or the goods have not been shipped to the Account Debtor or its designee; (e) the Account is subject to a lien other than a Permitted Lien; (f) Borrower knows or should have known of the bankruptcy, receivership, reorganization, or insolvency of the Account Debtor; (g) the Account is evidenced by chattel paper or an instrument of any kind, or has been reduced to judgment; (h) the Account is an Account of an Account Debtor having its principal place of business or executive office outside the United States; (i) the Account Debtor is an Affiliate or Subsidiary of Borrower; (j) more than ten percent (10%) of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account are outstanding more than one hundred fifty (150) days past their invoice date; (j) fifty percent (50%) or more of the aggregate unpaid Accounts from any single Account Debtor are not deemed Qualified Accounts under this Agreement; (k) the total unpaid Accounts of the Account Debtor exceed twenty percent (20%) of the net amount of all Qualified Accounts; (l) any covenant, representation or warranty contained in the Loan Documents with respect to such Account has been breached; or (m) the Account fails to meet such other specifications and requirements which may from time to time be established by Lender.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.