Eligible Progress Billing Accounts definition

Eligible Progress Billing Accounts means those Accounts, other than Eligible Accounts, created by each Borrower in the ordinary course of its business, which represent progress or milestone xxxxxxxx or which are otherwise conditioned upon the applicable Borrower’s completion of any further performance or service, that (a) are in accordance with the applicable billing procedures, performance thresholds and other provisions of an executed contract or other documentation satisfactory to Lender in its Permitted Discretion with the applicable Account Debtor, (b) do not require a period of more than forty-eight (48) months for the applicable Borrower to start and complete performance or service, (c) have been verified to Lender’s satisfaction pursuant to field examinations and other verifications from time to time performed on behalf of Lender pursuant to the terms of this Agreement, (d) are otherwise satisfactory to Lender in its sole discretion and (e) would otherwise constitute Eligible Accounts in all respects but for clause (p) of such definition. Without limiting the foregoing, an Account shall not be deemed an Eligible Progress Billing Account unless (a) such receivable is subject to Lender’s first priority perfected Lien and is not subject to any other Lien or (b) if such Account (i) would be deemed ineligible under any of clauses (a) through (o) or clauses (q) through (z) of the definition of “Eligible Accounts, (ii) consists of a retainage invoice or represents xxxxxxxx in excess of cost, (iii) does not comply with each of the representations and warranties respecting Eligible Accounts (without regard to whether such Account is an Eligible Account), or (iv) is otherwise deemed ineligible by Lender in its Permitted Discretion. Notwithstanding anything in this Agreement to the contrary, until such time that Borrowers have demonstrated an ability to reliably distinguish Accounts representing progress xxxxxxxx from other Accounts in their Collateral reporting in a manner satisfactory to Lender in its sole discretion, each Account that would otherwise constitute an Eligible Account under this Agreement shall be deemed an Eligible Progress Billing Account.
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Eligible Progress Billing Accounts means those Accounts, other than Eligible Accounts, created by each Borrower in the ordinary course of its business, which represent progress or milestone billings or which are otherwise conditioned upon the applicable Borrower’s completion of any further performance or service, that (i) are in accordance with the applicable billing procedures, performance thresholds and other provisions of an executed contract or other documentation satisfactory to Lender in its Permitted Discretion with the applicable Account Debtor, (ii) do not require a period of more than forty- eight (48) months for the applicable Borrower to start and complete performance or service, (iii) have been verified to Lender’s satisfaction pursuant to field examinations and other verifications from time to time performed on behalf of Lender pursuant to the terms of this Agreement, (iv) are otherwise satisfactory to Lender in its sole discretion and (v) would otherwise constitute Eligible Accounts in all respects but for the fact that the services giving rise to such Receivables have not been fully performed by the applicable Borrower and accepted by the Account Debtor. Without limiting the foregoing, an Account shall not be deemed an Eligible Progress Billing Account unless (a) such Receivable is subject to Lender’s first priority perfected Lien and is not subject to any other Lien or (b) if such Account (i) would be deemed ineligible under any of clauses (a) through (o) or clauses (q) through (z) of the definition of “Eligible Accounts, (II) consists of a retainage invoice or represents billings in excess of cost, (III) does not comply with each of the representations and warranties respecting Eligible Accounts (without regard to whether such Account is an Eligible Account), or (IV) is otherwise deemed ineligible by Lender in its Permitted Discretion. Notwithstanding anything in this Agreement to the contrary, until such time that Borrowers have demonstrated an ability to reliably distinguish Accounts representing progress billings from other Accounts in their Collateral reporting in a manner satisfactory to Lender in its sole discretion, each Account that would otherwise constitute an Eligible Account under this Agreement shall be deemed an Eligible Progress Billing Account.
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Eligible Progress Billing Accounts shall also not include any of the following:
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Examples of Eligible Progress Billing Accounts in a sentence

  • The Credit Agreement is comprised of a revolving facility in the amount of $8,000,000, subject to a borrowing base (determined based on 80% of Eligible Accounts, plus 50% of Eligible Progress Billing Accounts, plus 50% of Eligible Inventory, minus Reserves as defined in the Credit Agreement) and a term A loan in the amount of $2,000,000, payable in consecutive monthly installments of $41,667 commencing on July 1, 2017.


More Definitions of Eligible Progress Billing Accounts

Eligible Progress Billing Accounts means Accounts that are not Eligible Accounts solely as a result of being Progress Billing Accounts.
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Eligible Progress Billing Accounts means Accounts created by Parent that in each case at the time of creation and at all times thereafter satisfy the criteria set forth for “Eligible Accounts” except that such Accounts represent progress xxxxxxxx (or are otherwise conditioned upon Borrower’s satisfactory completion of any further performance under the agreement giving rise thereto).
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Eligible Progress Billing Accounts means Accounts of an Account Debtor which represent amounts billed by a Borrower to an Account Debtor under such Account Debtor’s progress-billed contract (i.e. any contract with an Account Debtor which permits the Borrower to xxxx such Account Debtor prior to the completion of such contract and (a) the Borrower has completed not less than 75% of product deliveries on such contract, and (b) the Borrower expects completion of product deliveries on such contract within thirty (30) days from the date such Account is designated as an Eligible Progress Billing Accounts by the Borrower) and which are excluded from constituting Eligible Accounts under clause (o) thereof (as a result of such Accounts constituting a progress billing), and which Accounts otherwise constitute Eligible Accounts, except as aforesaid.
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Related to Eligible Progress Billing Accounts

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

  • Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.

  • Designated Accounts as used in any security agreement means both the Designated Accounts hereunder and the “Designated Accounts” in the comparable agreement entered into with respect to any other Pledgor.

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • User Account means an account under the name of the Customer in relation to the Service subscribed by the Customer.

  • Completion Accounts has the meaning given in Paragraph 4.1, 4.2(A) or 4.2(B) (as applicable) of Part A of Schedule 8 (Completion Accounts);

  • Eligible program means a program of education or training which:

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

  • Interim Accounts means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with GAAP.

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Customer Account means an account carried by a Participant on behalf of a Customer.

  • Number of Students Who Began Program means the number of students who began the program who are scheduled to complete the program within the reporting calendar year.

  • 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”.

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

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

  • Customer Account Information means personally identifiable information including Personal Data and Consumption Data. Customer Account Information also includes information received by the Company from the customer for purposes of participating in regulated utility programs, including, but not limited to bill pay assistance, shutoff protection, renewable energy, demand-side management, load management, or energy efficiency.

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

  • Acceptable earned value management system means an earned value management system that generally complies with system criteria in paragraph (b) of this clause.

  • American Express Meeting Planner Account or “AMEX MPA” is the method by which all Master Account charges under this Agreement shall be settled with an American Express Meeting Planner Account or AMEX MPA number. The appropriate and authorized AMEX MPA number will be provided to the Contractor only when a final invoice is received, reviewed, and approved by the AOC, in accordance with the provisions of this exhibit.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

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

  • Matching Account means the account maintained on the books of the Employer for the purpose of accounting for the Matching Amount and for the amount of investment return credited thereto for each Participant pursuant to Article V.

  • Master Account Approval List means the list of Attendee reservations and Dates which the Judicial Council has authorized the Contractor to xxxx associated sleeping room charges and tax against the Judicial Council’s Master Account.