Eligible Pre-Billed Receivables definition
Eligible Pre-Billed Receivables means sixty percent (60%) of the net amount of all Accounts of each Company that are only Ineligible Accounts Receivable as a result of being pre-billed and do not otherwise fall into any category listed in the definition of “Ineligible Accounts Receivable” and which (a) are invoiced in accordance with maintenance contracts that are not terminable before such Accounts could reasonably be expected to be collected, and (b) are not unpaid sixty (60) calendar days after the earlier of the original invoice date or due date.
Eligible Pre-Billed Receivables means each Account (other than Eligible Billed Accounts and Eligible Unbilled Accounts) derived from the rendering of services in the ordinary course of business by the Borrower’s AM Medica division that relate to amounts billed by the Borrower for organizing strategic medical educational meetings that are billed prior to the start date of such meetings which Lender, in its sole discretion, deems an Eligible Pre-billed Receivable and that otherwise would satisfy the criteria for Eligible Billed Receivables but for the fact that a portion of the services, for which the Account Debtor is receiving an invoice, have not been provided.