Eligible Trade Accounts means an Account as to which the following is true and accurate as of the date that such Account is included in the applicable Borrowing Base Certificate:
Eligible Trade Accounts means, at any time, each Account (other than a Credit Card Account) of a Loan Party that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Account (i) has been earned by performance and represents the bona fide amounts due to a Loan Party and in each case is originated in the ordinary course of business of such Loan Party, and (ii) in each case is not ineligible for inclusion in the calculation of the applicable Borrowing Base pursuant to any of clauses (a) through (z) below. Without limiting the foregoing, to qualify as an Eligible Trade Account, such Account shall indicate no Person other than a Loan Party as payee or remittance party. Any Account included within any of the following categories shall not constitute an Eligible Trade Account:
Eligible Trade Accounts means, at any time, each Account (other than a Credit Card Account) of a Borrower that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Account (i) has been earned by performance and represents the bona fide amounts due to a Borrower and in each case is originated in the ordinary course of business of such Borrower, and (ii) in each case is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (y) below. Without limiting the foregoing, to qualify as an Eligible Trade Account, such Account shall indicate no Person other than a Borrower as payee or remittance party. Any Account included within any of the following categories shall not constitute an Eligible Trade Account:
Examples of Eligible Trade Accounts in a sentence
For these purposes Borrowing Base, Trade Accounts Receivable and Eligible Trade Accounts Receivable will have the meaning as defined in the Loan Agreement.
As to each Account that is identified by such Borrower Party as an Eligible Trade Account or an Eligible Credit Card Account in the most recent Borrowing Base Certificate submitted to the Administrative Agent by Borrowers, such Account is not ineligible by virtue of one or more of the excluding criteria set forth in the definitions of Eligible Trade Accounts or Eligible Credit Card Accounts, as the case may be.
The value of the Eligible Trade Accounts Receivable and the Eligible Vendor Accounts Receivable will be equal to the gross book value of such accounts receivable determined in accordance with GAAP.
The property or services giving rise to such Eligible Trade Accounts and the Eligible Credit-Backed Accounts has been delivered to the account debtor or to the account debtor's agent for immediate shipment to and unconditional acceptance by the account debtor.
The Eligible Trade Accounts and the Eligible Credit-Backed Accounts are bona fide existing obligations.
More Definitions of Eligible Trade Accounts
Eligible Trade Accounts means, at any particular date, all Accounts (other than those described in the lead-in to the definition of Eligible Credit Card Accounts) of Borrowers that the Administrative Agent, in the exercise of its Permitted Discretion, determines to be Eligible Trade Accounts; provided, however, that, without limiting the right of the Administrative Agent to establish other criteria of ineligibility, Eligible Trade Accounts shall not include any of the following Accounts:
Eligible Trade Accounts all of the Accounts (other than any Credit Card Accounts and any Permitted Receivables Financing Assets) owned by any Qualified Loan Party, except any Accounts as to which any of the exclusionary criteria set forth below applies. Eligible Trade Accounts shall not include any Account of a Qualified Loan Party that:
Eligible Trade Accounts means, at any time, the Accounts, excluding any Credit Card Accounts, of a Borrower that the Administrative Agent determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans and Swingline Loans and the issuance of Letters of Credit. Without limiting the Administrative Agent’s discretion provided herein, Eligible Trade Accounts will not include any Account of a Borrower:
Eligible Trade Accounts means, those Accounts created by the U.S. Loan Parties in the ordinary course of business, that arise out of the sale of goods on a wholesale basis, that comply with each of the representations and warranties in all material respects respecting Eligible Trade Accounts made by the U.S. Loan Parties under the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the criteria set forth below; provided, however, that such criteria may be revised from time to time by the Administrative Agent in its Permitted Discretion to address the results of any Collateral monitoring or any field examination performed by the Administrative Agent or any consultant from time to time; provided further, however, that the Administrative Agent shall not add any additional eligibility criteria (or amend any then-existing eligibility criteria to make the same more restrictive) without giving at least five (5) Business Days’ prior notice to the Borrower Representative; provided further that, if after the delivery of such notice the Borrower Representative notifies the Administrative Agent that it desires to discuss the changes described therein, then the Administrative Agent will discuss such changes with the Borrower Representative, provided that nothing in this proviso shall obligate the Administrative Agent to eliminate, reduce, or delay any such changes. In determining the amount to be included, Eligible Trade Accounts shall be calculated net of customer deposits and unapplied cash remitted to a U.S. Loan Party. Without limiting the Administrative Agent’s Permitted Discretion provided herein, “Eligible Trade Accounts” shall not include any Account: (a) which is not subject to a duly perfected first priority security interest in favor of the Administrative Agent (for the benefit of the Secured Parties) (other than Permitted Liens set forth in clauses (2)(a), (3), (22), (25) and (28)(i) of the definition thereof to the extent such Permitted Liens arise under and have priority by operation of law);
Eligible Trade Accounts means those Accounts created by Borrower in the ordinary course of business, that arise out of Borrower's sale of goods or rendition of services, that strictly comply with each and all of the representations and warranties respecting Accounts made by Borrower to Foothill in the Loan Documents, and that are and at all times continue to be acceptable in all material respects to Foothill in its reasonable credit judgment, consistent with Foothill's standard credit policies; provided, however, that standards of eligibility may be fixed and revised from time to time by Foothill in Foothill's reasonable credit judgment, consistent with Foothill's standard credit policies. Eligible Trade Accounts shall not include the following:
Eligible Trade Accounts means those Accounts that arise in the ordinary course of the business of the Borrowers or a Designated Subsidiary are payable to a Borrower or a Designated Subsidiary that comply with all representations and warranties to Bank set forth in Section 5. Unless otherwise agreed to by Bank in writing, Eligible Trade Accounts shall not include the following:
Eligible Trade Accounts contained in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety, as follows: