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
Agent may rely, in determining which Accounts are Eligible Domestic Accounts and Eligible UK Accounts, on all statements and representations made by Borrowers with respect thereto.
Subsection 1.1 of the Credit Agreement is hereby amended by deleting the reference to "June 30, 2002" contained in the proviso to the definition of "Eligible U.K. Accounts Receivable" and substituting "June 30, 2006" therefor.
Each of the conditions set forth in clauses (1), (2) and (3) in clause (ii) of the proviso in each of the definitions of Eligible U.K. Inventory and Eligible U.K. Accounts Receivable has been satisfied and continues to be satisfied as of the date hereof.
If Accounts in an aggregate face amount of $1,000,000 or more cease to be Eligible Domestic Accounts or Eligible UK Accounts, Borrowers shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrower has knowledge thereof.
In exercising its Permitted Discretion with respect to modifying eligibility criteria for Eligible Domestic Accounts, Eligible Domestic Inventory, Eligible UK Accounts and Eligible UK Inventory, Agent will use commercially reasonable efforts to notify Borrower Agent prior to modifying the criteria provided in the definitions thereof on the Closing Date or thereafter.
More Definitions of Eligible UK Accounts
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 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 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 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, (iii) 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 set forth in Section 8 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: