Eligible UK Accounts means Accounts which meet all of the requirements of “Eligible Borrower Accounts”, except for the fact that (i) they arise in the ordinary course of the UK Sub’s business, (ii) they are owing to the UK Sub, (ii) they are owing from an Account Debtor located outside the United States, and (iv) they are owing in British Pounds; provided that Eligible UK Accounts may not constitute more than 30% of the total of Eligible Borrower Accounts and Eligible UK Accounts.
Eligible UK Accounts. Eligible Accounts owing to UK Borrower. Eligible UK In-Transit Inventory: Inventory owned by a UK Borrower that would be Eligible Inventory if it were not subject to a Document and in transit from with respect to a UK Revolver Loan, a foreign location to a location of the applicable UK Borrower within the United Kingdom that Agent, in its Permitted Discretion, deems to be Eligible UK In-Transit Inventory. Without limiting the foregoing, no Inventory shall be Eligible UK In-Transit Inventory unless it (a) is subject to a negotiable Document showing Agent (or, with the consent of Agent, the UK Borrower) as consignee, which Document is in the possession of Agent or such other Person as Agent shall approve; (b) is fully insured in a manner satisfactory to Agent; (c) is not sold by a vendor that has a right to reclaim, divert shipment of, repossess, stop delivery, claim any reservation of title or otherwise assert Lien rights against the Inventory, or with respect to whom UK Borrower is in default of any obligations; (d) is subject to purchase orders and other sale documentation satisfactory to Agent, and title has passed to UK Borrower; (e) is shipped by a common carrier that is not affiliated with the vendor and is not subject to Sanctions or any specially designated nationals list maintained by OFAC; and (f) is being handled by a customs broker, freight-forwarder or other handler that has delivered a Lien Waiver. Eligible UK Inventory: Eligible Inventory of UK Borrower.
Examples of Eligible UK Accounts in a sentence
UK Accounts Formula Amount: 85% of the Value of Eligible UK Accounts.
UK Dilution Reserve: a reserve established by Agent in its Permitted Discretion if the Dilution Percent of UK Borrower for any period exceeds such Dilution Percent in existence on the Restatement Effective Date, which reserve shall be in an amount equal to 1.0% of Eligible UK Accounts for each whole percentage point (or fraction thereof) that Dilution Percent of UK Borrower exceeds such percentage.
UK Borrowing Base: on any date of determination, an amount equal to the result of (i) 95% of the Value of Eligible UK Accounts, plus (ii) the UK Inventory Formula Amount, minus (iii) the UK Availability Reserve, minus (iv) Reserves in respect of the UK Borrowing Base.
UK Dilution Reserve: a reserve established by Agent in its Permitted Discretion in an amount equal to 1.0% of Eligible UK Accounts of a UK Borrowing Base Party for each whole percentage point (or fraction thereof) that the Dilution Percent of such UK Borrowing Base Party exceeds 5.0%.
More Definitions of Eligible UK Accounts
Eligible UK Accounts means Accounts which meet all of the requirements of “Eligible Borrower Accounts”, except for the fact that (i) they arise in the ordinary course of the UK Sub’s business, (ii) they are owing to the UK Sub, (ii) they are owing from an Account Debtor located outside the United States, and (iv) they are owing in British Pounds (“Minimum UK Eligibility Requirements; provided that Eligible UK Accounts may not constitute more than 30% of the total of Eligible Borrower Accounts and Eligible UK Accounts. Agent may, from time to time, in its Good Faith Business Judgment, revise the Minimum UK Eligibility Requirements, upon 30 days prior written notice to Borrower.
Eligible UK Accounts means the lesser of $3,500,000 or sixty five percent (65%) of UK Accounts; provided, that Bank has perfected its first priority security interest in the assets of MIVA UK, and provided further that the standards of eligibility may be fixed and revised from time to time by Bank in Bank’s reasonable judgment and upon notification thereof to Borrower in accordance with the provisions hereof. Unless otherwise agreed to by Bank, Eligible UK Accounts shall not include the following:
Eligible UK Accounts with respect to the UK Borrower at any date, the amount equal to the aggregate gross amount of accounts receivable ("Accounts") reflected on its receivable aging detail or other analogous statement (without reduction for reserves) of the UK Borrower on such date that have been invoiced and represent the bona fide sale and delivery of merchandise, in each case in the ordinary course of business of the UK Borrower in connection with its trade operations. Unless otherwise approved from time to time in writing by the Agent, no Account shall be an Eligible UK Account if:
Eligible UK Accounts means and includes, with respect to UK Borrower, each Account of UK Borrower and which UK Administrative Agent, in its Permitted Discretion, shall deem to be eligible as the basis for the extension of UK Revolving Loans and the issuance of Letters of Credit for the account of the UK Borrower hereunder, based on such considerations as UK Administrative Agent may from time to time reasonably deem appropriate. An Account shall not be deemed eligible unless such Account is evidenced by an invoice, xxxx of lading or other documentary evidence satisfactory to UK Administrative Agent. Without limiting the UK Administrative Agent's discretion provided herein, Eligible UK Accounts shall not include any Account:
Eligible UK Accounts are accounts which arise in the ordinary course of Borrower's business for goods sold or services rendered, which are and remain acceptable to Lender for lending purposes, which are owing by account debtors having their chief executive office and principal place of business in the United Kingdom and which would otherwise qualify as Eligible Domestic Accounts except for the location of the chief executive office or principal place of business of the account debtors with respect thereto. General criteria for Eligible UK Accounts may be revised from time to time by Lender, in its sole judgment, on fifteen (15) days' prior written notice to Borrower.
Eligible UK Accounts means all Accounts arising in the ordinary ---------------------- course of the U.K. Borrower's business, but excluding interest, late charges, penalties, collection costs and other sums due or payable in respect thereof, upon which the Security Interest constitutes a first-ranking, duly registered and perfected lien ranking in priority to all other Liens and that are not ineligible as the basis for U.K. Revolving Loans and/or Letters of Credit, based on the following criteria and on such other criteria as the Agent may from time to time establish in the exercise of its Permitted Discretion. Without intending to limit the Agent's Permitted Discretion to establish other criteria of eligibility, Eligible U.K. Accounts shall not include any Account:
Eligible UK Accounts means all UK Accounts created or acquired by any UK Multicurrency Credit Party which satisfy and continue to satisfy (as determined by the Agents in their reasonable judgment) each of the following requirements: