Eligible Unbilled Accounts definition
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”.
Eligible Unbilled Accounts means, with respect to each Credit Party, each Account of a Credit Party that would be an Eligible Account but for the fact that such Account has not been invoiced, in each case arising in the ordinary course of business, and which the Administrative Agent, in its judgment, exercised in its Permitted Discretion, shall not deem (in a notice to the Company) to be excluded as ineligible; provided that, no more than thirty (30) days have elapsed from the date on which the goods or services to which such Account related were delivered or performed.
Eligible Unbilled Accounts means Accounts owned by a Loan Party that would meet all of the criteria of “Eligible Accounts” other than clause (o) of the definition thereof. In addition, no Account shall be an Eligible Unbilled Account unless such Account:
Examples of Eligible Unbilled Accounts in a sentence
The amount of any Availability Reserve established by the Administrative Agent shall (x) have a reasonable relationship to the event, condition or other matter which is the basis for such reserve as determined by the Administrative Agent in good faith and (y) not be duplicative of any other factor then in existence pursuant to the criteria contained in Eligible Billed Accounts, Eligible Unbilled Accounts, Eligible Inventory or Eligible Frac Iron.
More Definitions of Eligible Unbilled Accounts
Eligible Unbilled Accounts means Accounts (which are Eligible Accounts except for their failure to comply with clause (o) of the definition of “Eligible Accounts”) (a) which have not been billed but for which services have been rendered, (b) which have not been billed solely because either (i) the services were rendered pursuant to a customer agreement which provides for monthly billing at a date other than month-end, or (ii) the services were rendered pursuant to a customer agreement which provides for billing at the completion of the rental term, and such rental term has not yet ended, and (c) which shall be billed not more than 30 days after such Account is first included on the Borrowing Base Certificate or otherwise reported to the Agent as Collateral.
Eligible Unbilled Accounts means at any time of determination and subject to the criteria set forth in the definition of Eligible Billed Account (other than the disqualification in subsection (xxi) thereof as to the Account not having been “billed”), an Account of a Borrower (excluding all Eligible Billed Accounts), which was generated by a Borrower in the Ordinary Course of Business but not yet billed, and which Agent, in its Permitted Discretion, deems to be an Eligible Unbilled Account, provided, no Account that arises from services provided more than 60 days prior to the date of determination shall qualify as an Eligible Unbilled Account unless (i) Agent has been provided with supporting documentation relating to such Account, (ii) such account will be billed in the next billing cycle for such Account Debtor and (iii) such Account does not arise from services provided more than 60 days prior to the end of the month during which such services were rendered.
Eligible Unbilled Accounts are Accounts for which the Account Debtor has not been invoiced or where goods or services have not yet been rendered to the Account Debtor but are otherwise Eligible Accounts; provided such Accounts are billed and goods and services will have been rendered to the applicable Account Debtor within fifteen (15) days of delivery of the applicable Borrowing Base Certificate and which must thereafter satisfy all of the requirements of Eligible Accounts.
Eligible Unbilled Accounts means any Account of a Borrower or Borrowing Base Guarantor that arises from the sale of Inventory by such Borrower or Borrowing Base Guarantor, where such Inventory has been shipped but an invoice in respect of such sale has not been issued to the relevant Account Debtor; provided that such Account shall cease to constitute an Eligible Unbilled Account if an invoice in respect of such sale has not been issued to the relevant Account Debtor prior to the 30th day after the date of sale of such Inventory.
Eligible Unbilled Accounts means, collectively, Accounts due from customers of a Loan Party or from OWN Program Equipment Inventory Owners for services that have already been fully performed or products that have already been completely delivered that would satisfy the definition of Eligible Invoiced Accounts, except that invoices for such amounts have not yet been billed to such customers or OWN Program Equipment Inventor Owners, as applicable, in the ordinary course of business. Eligible Unbilled Accounts shall not include any Account that (a) has been included in the Borrowing Base for more than thirty (30) days after such Account is first included in any Borrowing Base, (b) arises out of or in respect of such Loan Party’s renting or leasing of Equipment Inventory or Parts and Tools Inventory, in each case, to the extent not invoiced within thirty (30) days following the applicable start date of such rental or lease, (c) Accounts arising out of or in respect of such Loan Party’s renting or leasing of Equipment Inventory or Parts and Tools Inventory to the extent not invoiced within fifteen (15) days following the applicable rental or lease end date or (d) Accounts arising out of or in respect of (i) such Loan Party’s sale of Equipment Inventory or Parts and Tools Inventory (including any sale of Equipment in connection with any OWN Program Transfer), (ii) vehicle or equipment service and maintenance in respect of Equipment owned by a third party or Equipment leased or rented by a Loan Party to its customers, (iii) telematics sales or service or (iv) transactions (other than the renting or leasing of Equipment Inventory or Parts and Tools Inventory) with customers or OWN Program Equipment Inventory Owners in the ordinary course of business. For the avoidance of doubt, Eligible Unbilled Accounts shall be without duplication of and shall not include any Eligible Invoiced Accounts or Eligible Investment Grade Accounts. If any Eligible Unbilled Account at any time ceases to be an Eligible Unbilled Account, such amount due shall promptly be excluded from the calculation of Eligible Unbilled Accounts.
Eligible Unbilled Accounts an Account of any Borrower (i) for which the applicable Borrower intends to send a bill or invoice for the goods or services giving rise to such Account within thirty (30) days of the date of the applicable Borrowing Base Certificate, (ii) which would otherwise constitute an Eligible Account but for the fact that such Account does not comply with clause (ii), (iii), (xii) or (xv) of the definition thereof, and (iii) the eligibility of which to be billed within such period of thirty (30) days is not subject to completion of any further performance by the applicable Borrower.
Eligible Unbilled Accounts an Account owing to a Borrower which, at the time of determination and as determined by Agent in its Permitted Discretion, (a) would be an Eligible Account but for the fact that it then remains unbilled and is not the subject of an invoice and (b) is a right to payment for the sale of Eligible Inventory which (i) has been delivered to the applicable Account Debtor within the immediately preceding 30 days and (ii) is not then included in the determination of the Inventory Formula Amount or (x) with respect to the Borrowing Base, any other component of the Borrowing Base and (y) with respect to the FILO Borrowing Base, any other component of the FILO Borrowing Base. "Eligible Vessel Carrier" - any vessel carrier listed on Schedule 1.1H or any other vessel carrier approved from time to time by Agent in its Permitted Discretion.