Eligible Insured Accounts definition

Eligible Insured Accounts means Accounts covered by credit insurance acceptable to Bank.
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Eligible Insured Accounts means, an Account owing to a Canadian Borrowing Base Obligor, which satisfies all of the requirements for an Eligible Account and the payment of which has been insured by Export Development Canada (or such other receivables insurer as is approved by Canadian Agent in its discretion), with not less than 90% of the amount of such Account covered by such insurance, with Canadian Agent named as beneficiary thereunder or proceeds of which shall be assigned to Canadian Agent, and a copy of the policy under which such insurance is provided having been provided to and approved by Agent.
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Eligible Insured Accounts means, without duplication, any Eligible Account that meets the criteria for an Eligible Account (other than the criterion set forth in subsection (k)(iii) of the definition of Eligible Account) of the applicable Collateral Coverage Obligor that is the subject of accounts receivables insurance provided by EDC, provided that (i) the insurance policies relating to such Eligible Accounts are in form and substance acceptable to the Agent, and (ii) the proceeds of any insurance policy relating to such Eligible Accounts are assigned to the Agent; further provided that (x) notwithstanding subsection (c) of the definition of “Eligible Accounts”, an Eligible Insured Account shall include an Account that it is evidenced by an invoice dated not more than one hundred and eighty (180) days have passed since the invoice was issued, (y) notwithstanding subsection (f) of the definition of “Eligible Accounts”, an Eligible Insured Account shall include an Account that remains unpaid until one hundred and eighty (180) days after the date that the original invoice corresponding to such Account was issued, and (z) notwithstanding subsection (g) of the definition of “Eligible Accounts”, an Eligible Insured Account shall include Accounts from NSN that comprise an amount equal up to eighty percent (80%) of the Collateral Coverage Obligors’ aggregate Eligible Accounts owing from all Account Debtors.
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Examples of Eligible Insured Accounts in a sentence

  • The Agent shall have received evidence reasonably satisfactory to it that the Credit Parties have obtained the accounts receivable insurance policies from EDC in connection with the Eligible Insured Accounts required by Section 6.6 and that such insurance policies are in full force and effect.

  • Borrower agrees that any Property included in a Borrowing Base Report delivered to Lender pursuant to Section 5.1(d) hereof (a) shall constitute Eligible Insured Accounts Receivable, Eligible Accounts Receivable, Eligible Grain Inventory or Eligible Non-Grain Inventory, as applicable; and (b) shall not be included in more than one (1) category of Borrowing Base Factors on such Borrowing Base Report.

  • The principal component of each payment is equal to five percent of the original amount borrowed in connection with the Optional Incremental Term Loan.• Permits the Company to guarantee up to $3,000,000 of CVS Ferrari S.R.L debt to HSBC Bank plc UK.• Expands the definition of the Canadian Borrowing Base to add a provision which allows the Company to borrow 90% of Eligible Insured Accounts, which includes foreign accounts that were previously excluded from the borrowing base.


More Definitions of Eligible Insured Accounts

Eligible Insured Accounts means Eligible Accounts due from one or more Foreign Account Debtors if such Accounts are covered by an Acceptable Credit Insurance Policy.
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Eligible Insured Accounts means the Net Invoice Value of Eligible Shipments as defined in the Insolvency Risk Insurance Policy.
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Eligible Insured Accounts means, without duplication, any Eligible Account that meets the criteria for an Eligible Account (other than the criterion set forth in subsection (k)(iii) of the definition of Eligible Account) of the applicable Borrowing Base Obligor that is the subject of accounts receivables insurance provided by EDC, provided that (i) the insurance policies relating to such Eligible Accounts are in form and substance acceptable to the Agent, and (ii) the proceeds of any insurance policy relating to such Eligible Accounts are assigned to the Agent; further provided that:
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Related to Eligible Insured Accounts

  • Covered Account means an Account established by a financial intermediary for another as the owner of record on the Fund Registry and through which such owner of record has the ability to conduct transactions in Fund shares directly with and through BNYM.

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Designated Accounts means any and all unsecured credit facilities (including without limitation unsecured card or non-card credit facility) that you have with the Participating FIs and excludes joint accounts, any renovation loan, education loan, credit facility granted for businesses or business purposes and such other credit facility that is excluded under the MAS regulations relating to unsecured credit facilities to individuals.

  • Custodial Accounts Each custodial account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Purchasing and Servicing Agreement or Servicing Agreement, as applicable.

  • Eligible Account Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company the short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company) have the highest short-term ratings of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC or the SAIF (to the limits established by the FDIC or the SAIF, as applicable) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with (a) the trust department of a federal or state chartered depository institution or (b) a trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

  • 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.

  • Mortgagor Accounts As defined in Section 3.07(a) of this Agreement.

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • Qualified Account means an Account owing solely to the Company which meets the following requirements at the time it comes into existence and continues to meet the same until collected in full: (a) it arose from the performance of services by the Company, or from a bona fide sale or lease of goods, which have been delivered or shipped to an Account debtor in the United States, to Volvo, or a foreign debtor which has issued a transferable letter of credit acceptable to the Bank to secure payment, and for which the Company has genuine invoices, shipping documents or receipts; (b) it is not more than 60 days past due; (c) it is not owed by an Account debtor which has 50% or more of its aggregate dollar amount of Accounts owed to the Company unpaid more than 90 days past the earlier of performance of the services, delivery of goods or date(s) of invoice; (d) it is owned by the Company and not subject to any assignment, claim, lien, encumbrance or security interest whatsoever other than those securing the Company's obligations to the Bank; (e) it is a valid and legally enforceable obligation of an Account debtor which is (i) satisfactory to the Bank, (ii) not an Affiliate of the Company and (iii) not the United States of America or any department, agency or instrumentality thereof unless the Company has complied with the Assignment of Claims Act of 1940, to the satisfaction of the Bank; (f) it is not subject to setoff, counterclaim, credit allowance, or adjustment by the Account debtor thereunder, except for discount for prompt payment, or to any claim by such Account debtor denying liability thereunder in whole or in part, and such Account debtor has not refused to accept and has not returned or offered to return any of the goods which are subject to such Account; (g) it arose in the ordinary course of the Company's business and in compliance with all Requirements of Law; (h) the Company has no notice or knowledge of the bankruptcy, insolvency, or similar proceeding of the Account debtor thereunder, or of the inability of the Account debtor thereunder to pay its debts as they become due, or of anything which might impair the credit standing of the Account debtor; (i) it is assignable to the Bank and it does not arise out of a contract or order which by its terms forbids or makes void or unenforceable the assignment by the Company to the Bank of the Account arising with respect thereto; (j) it is not evidenced by instruments or chattel paper unless the same has been endorsed and delivered to the Bank; (k) it does not arise from a sale on consignment, sale on return, bill and hold sale or any other type of conditional sale except as perxxxxed in writing by the Bank; and (l) it is certified by the Company within fifteen days after the end of each month (or at such more frequent intervals as the Bank shall request) as to the amount thereof and all other matters set forth herein or reasonably required by the Bank. A Qualified Account which subsequently fails to meet any of the foregoing requirements, shall forthwith cease to be a Qualified Account.

  • Linked Account means any controlled disbursement account, controlled balance account or other deposit account maintained by a Collection Account Bank for the Parent, the Performance Guarantor, the Servicer, any Originator or any Affiliate thereof and linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled balance arrangement.

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

  • Eligible Unbilled Accounts means Accounts of the Obligors that does not qualify as an Eligible Account solely because (a) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (b) the services giving rise to such Account have not been performed and billed to the Account Debtor and, in either case, so long as such Accounts have not been unbilled for more than thirty (30) days. For the avoidance of doubt, at such time as an Account is billed to the Account Debtor it shall no longer be an “Eligible Unbilled Account”.

  • Retirement Accounts has the meaning ascribed thereto in Section 2.1(F)(7) hereof.

  • Excess Loss Account has the meaning set forth in Reg. Section 1.1502-19.

  • Eligible Investments Any one or more of the following obligations or securities:

  • Servicing Accounts The account or accounts created and maintained pursuant to Section 3.08.

  • Eligible Accounts means Accounts which arise in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3. Bank reserves the right at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include:

  • Investment Account As defined in Section 3.12(a).

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

  • Insured Amounts means, with respect to any Distribution Date, the Deficiency Amount for such Distribution Date.

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Management Accounts means, in relation to any Reporting Period, the Franchisee’s management accounts which: (a) comply with paragraph 3.10 of Schedule 13 (Information and Industry Initiatives); and (b) are required to be delivered to the Secretary of State by the Franchisee in accordance with paragraphs 3.2 and 3.3 of Schedule 13 (Information and Industry Initiatives);

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Issuer Accounts means, collectively, the Excess Funding Account, the Collection Account and any Supplemental Issuer Account, including any Sub-Accounts thereof.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Separate Accounts means the accounts which are to be prepared for each