Eligible Insured Foreign Receivables definition
Eligible Insured Foreign Receivables means each Receivable of a Borrower arising in the Ordinary Course of Business that (a) satisfies all of the criteria of Eligible Receivables, other than clause (g) of the definition of “Eligible Receivables” and (b) is credit insured (the insurance carrier, amount and terms of such insurance shall be reasonably acceptable to Agent and shall name Agent as beneficiary or loss payee, as applicable).
Eligible Insured Foreign Receivables means Accounts Receivable of a Loan Party that meet the requirements of Eligible Accounts, except: (x) clauses (ii), (v) and (vi) (without giving effect to the phrase “or constitutes Eligible Insured Foreign Receivables,” set forth therein) of such definition, provided that (i) no more than 90 days (or such longer period as the Administrative Agent may determine in its Permitted Discretion), or such other period set forth in the credit insurance relating to such Account Receivable, have elapsed from the invoice date with respect to such Account Receivable, (ii) such Account Receivable is not due or unpaid more than 60 days past the due date therefor, (iii) on and after the date that is 60 days following the Effective Date, such Account Receivable is credit insured (the insurance carrier, amount and terms of such insurance shall be reasonably acceptable to Administrative Agent and shall name Administrative Agent as beneficiary or loss payee, as applicable) and the amount of any such Account Receivable which may be applied in calculating the Borrowing Base shall be reduced to the extent the amount of such Account Receivable is not covered by credit insurance due such Account Receivable's failure to meet the requirements of clauses (ii), (v), and (vi) of the definition of Eligible Accounts Receivable, and (iv) the Account Debtor with respect to such Account Receivable is not located in a Sanctioned Country.
Eligible Insured Foreign Receivables means Receivables that meet the requirements of Eligible Receivables, except clauses (b) and (f) of such definition; provided that such Receivables are (i) credit insured (the insurance carrier, amount and terms of such insurance shall be reasonably acceptable to Agent and shall name Agent as beneficiary or loss payee, as applicable) or backed by a letter of credit reasonably acceptable to Agent and (ii) not due or unpaid more than ten (10) days after the original due date or forty five (45) days after the original invoice date.
Examples of Eligible Insured Foreign Receivables in a sentence
Revolving Advances made to Borrowers against (i) Eligible Insured Foreign Receivables owing from C.E.
More Definitions of Eligible Insured Foreign Receivables
Eligible Insured Foreign Receivables means each Receivable of a Borrower arising in the Ordinary Course of Business that (a) would be an Eligible Receivable but for clause (g) of the definition of “Eligible Receivables” and (b) is credit insured (the insurance carrier, amount and terms of such insurance shall be reasonably acceptable to Agent and shall name Agent as beneficiary or loss payee, as applicable).
Eligible Insured Foreign Receivables means, at any date of determination thereof, (which date shall be at BANK'S sole reasonable discretion) Foreign Accounts Receivable of Borrower which are unpaid for a period of (90) days or less and are insured in full by a policy issued by the American Credit Indemnity Company, provided, however, that if such company becomes unsatisfactory to BANK, in the exercise of its reasonable business judgment, another insurance company shall be substituted.
Eligible Insured Foreign Receivables means, at any date of determination thereof, (which date shall be at BANK'S sole reasonable discretion) Foreign Accounts Receivable of BORROWER which are unpaid for a period of (90) days or less and are insured in full by a policy issued by the American Credit Indemnity Company, provided, however, that if such company becomes unsatisfactory to BANK, in the exercise of its reasonable business judgment, another insurance company shall be substituted.
Eligible Insured Foreign Receivables means all Foreign Receivables which Agent would otherwise deem to be Eligible Receivables except due to clause (f) of the definition thereof which are (a) guaranteed by the Export-Import Bank of the United States in favor of Agent for its benefit and for the ratable benefit of Lenders or (b) credit insured with an insurance carrier in an amount and on terms acceptable to Agent naming Agent as beneficiary or loss payee, as applicable, thereof and (c) such Receivables are not Eligible Foreign Receivables; PROVIDED, HOWEVER, that only such portion of such Receivables which is covered by any such guaranty or insurance coverage shall be included in the calculation of Eligible Insured Foreign Receivables.