Eligible UK Accounts definition
Eligible UK Accounts means the Eligible Accounts owned by an Eligible U.K. Loan Party.
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
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.
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.
As to each Account that is identified by an Obligor as an Eligible US Account, Eligible PR Account, or a Eligible UK Account in a borrowing base report submitted to Agent, such Account is not excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible US Accounts, Eligible PR Accounts, or a Eligible UK Accounts, as applicable.
As to each Account that is identified by Borrower as an Eligible Account in a borrowing base report submitted to Lender, such Account is not excluded as ineligible by virtue of one or more of the excluding criteria set forth in the definitions of Eligible Domestic Accounts or Eligible UK Accounts, as applicable.
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.
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 the UK Borrowers, the Accounts of any UK Borrower which the Administrative Agents, in their 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 any UK Borrower hereunder, based on such considerations as the Administrative Agents may from time to time reasonably deem appropriate. An Account shall not be deemed eligible unless such Account is evidenced by an invoice, ▇▇▇▇ of lading or other documentary evidence satisfactory to the Administrative Agents. Without limiting the Administrative Agents' discretion provided herein, Eligible UK 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:
Eligible UK Accounts means those Accounts created by Subsidiary Borrower in the ordinary course of its business, that arise out of its sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made by Subsidiary Borrowers under the Subsidiary 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 fixed and revised from time to time by Lender in Lender's Permitted Discretion to address the results of any audit performed by Lender from time to time after the Closing Date. Eligible UK Accounts shall not include the following:
Eligible UK Accounts set forth in Section 8 of the Loan Agreement is hereby amended and restated in its entirety to read as follows: