Exim Eligible Foreign Accounts definition
Exim Eligible Foreign Accounts is defined in the EXIM Loan Agreement.
Exim Eligible Foreign Accounts means those Accounts payable in United States Dollars that arise in the ordinary course of Borrower's business and (i) with respect to which the account debtor is not a resident of the United States; (ii) that have been validly assigned or pledged to Bank in a manner satisfactory to the Bank giving the Bank a first priority perfected security interest, or its equivalent, in such Accounts, (iii) comply with all of Borrower's representations and warranties to Bank, and (iv) that either (A) the Bank approves on a case by case basis or (B) are supported by letter(s) of credit acceptable to Bank; standards of eligibility may be fixed revised from time to time by Bank in Bank's reasonable judgment and upon notification thereof to the Borrower in accordance with the provisions hereof. Exim Eligible Foreign Accounts shall not include the following:
Exim Eligible Foreign Accounts means those Accounts payable in United States Dollars that arise in the ordinary course of Borrower's business and are derived from exports originating in the United States AND (i) with respect to which the account debtor is not a resident of the United States; (ii) that have been validly assigned or pledged to Bank in a manner satisfactory to the Bank giving the Bank a first priority perfected security interest, or its equivalent, in such Accounts, (iii) comply with all of Borrower's representations and warranties to Bank, and (iv) that either (A) the Bank approves on a case by case basis (which shall be required with respect to those Account with a balance more than 25% concentration of total foreign Accounts on open account terms) or (B) are supported by letter(s) of credit acceptable to Bank. Standards of eligibility may be fixed revised from time to time by Bank in Bank's commercially reasonable judgment and upon notification thereof to the Borrower in accordance with the provisions hereof. Exim Eligible Foreign Accounts shall NOT include the following:
Examples of Exim Eligible Foreign Accounts in a sentence
Notwithstanding the foregoing, it is expressly acknowledged and agreed that the security interest created in this Exim Agreement in all of the Collateral (with the exception of Exim Eligible Foreign Accounts, but only to the extent any Advances are actually made by the Bank to the Borrower based upon such Exim Eligible Foreign Accounts), is subject to and subordinate to the security interest granted to the Bank in the Domestic Agreement with respect to the Collateral.
The Exim Eligible Foreign Accounts are bona fide existing obligations.
Then Bank will not be obligated to make any further Credit Extensions to Borrower based on Exim Eligible Foreign Accounts without prior approval from Exim Bank.
Notwithstanding the foregoing, it is expressly acknowledged and agreed that the security interest created in this Agreement, only with respect to Exim Eligible Foreign Accounts (as such term is defined in the Exim Agreement), is subject to and subordinate to the security interest granted to Silicon in the Exim Agreement with respect to such Exim Eligible Foreign Accounts, but only to the extent any advances are actually made to the Borrower based upon such Exim Eligible Foreign Accounts.
For purposes of this Exim Agreement "Borrowing Base" shall mean an amount equal to the sum of (i) eighty percent (80%) of the Exim Eligible Foreign Accounts plus (ii) forty percent (40%) of the Exim Eligible Foreign Inventory.
More Definitions of Exim Eligible Foreign Accounts
Exim Eligible Foreign Accounts means those Accounts payable in United States Dollars that arise in the ordinary course of Borrower's business from Borrower's sale of Eligible Foreign Inventory (i) with respect to which the account debtor is not a resident of the United States; and (ii) that have been validly assigned and comply with all of Borrower's representations and warranties to Bank; standards of eligibility may be fixed and revised from time to time by Bank in Bank's reasonable judgment and upon notification thereof to the Borrower in accordance with the provisions hereof. Exim Eligible Foreign Accounts shall not include the following:
Exim Eligible Foreign Accounts means those Accounts payable in United States Dollars or an Acceptable Foreign Currency that arise in the ordinary course of Borrower's business and are derived from exports originating in the United States AND (i) with respect to which the account debtor is not a resident of the United States; (ii) that have been validly assigned or pledged to Bank in a manner satisfactory to the Bank giving the Bank a first priority perfected security interest, or its equivalent, in such Accounts, (iii) comply with all of Borrower's representations and warranties to Bank, and (iv) that either
Exim Eligible Foreign Accounts shall have the meaning set forth in the Exim Loan Documents.
Exim Eligible Foreign Accounts means Accounts which arise in the ordinary course of Borrower’s business from Account Debtors whose principal place of business is located outside of the United States and that meet all Borrower’s representations and warranties in Section 5.2 and conform in all respects to the EXIM Borrower Agreement, and either (a) are guaranteed by EXIM Bank, less any deductible; (b) are supported by letter(s) of credit acceptable to Bank; (c) are owing from an Account Debtor whose principal place of business is located in Canada (provided that Bank has perfected its security interest in such Account to Bank’s satisfaction), or (d) that Bank approves in writing. The following are the minimum requirements (the “Minimum EXIM Foreign Eligibility Requirements”) for an Account to be an EXIM Eligible Foreign Account. Bank reserves the right at any time after the Closing Date to adjust the Minimum EXIM Foreign Eligibility Requirements and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in writing, in no event shall EXIM Eligible Foreign Accounts include any Account:
Exim Eligible Foreign Accounts are Accounts payable in United States Dollars that arise in the ordinary course of Borrower's business from Borrower's sale of Exim Eligible Foreign Inventory (i) that the Account Debtor does not have its principal place of business in the United States and (ii) that have been assigned and comply with all of Borrower's representations and warranties in this Agreement; but Bank, in its good faith business judgment, may change eligibility standards by giving Borrower notice. Unless Bank agrees otherwise in writing, Exim Eligible Foreign Accounts will not include:
Exim Eligible Foreign Accounts are Accounts payable in United States Dollars that arise in the ordinary course of Borrower’s business from Borrower’s sale of Exim Eligible Foreign Inventory (i) that the account debtor does not have its principal place of business in the United States and (ii) that have been assigned and comply with all of Borrower’s representations and warranties in; but Silicon, in its good faith business judgment, may change eligibility standards by giving Borrower notice. Unless Silicon agrees otherwise in writing, Exim Eligible Foreign Accounts will not include:
Exim Eligible Foreign Accounts means those Accounts payable in United States Dollars that arise in the ordinary course of Borrower's business from Borrower's sale of Eligible Foreign Inventory (i) with respect to which the account debtor is not a resident of the United States; (ii) that have been validly assigned and comply with all of Borrower's representations and warranties to Bank; and (iii) (A) that are supported by one or more letters of credit issued by a financial institution acceptable to Bank on terms acceptable to Bank and Exim Bank or (B) are Accounts on open account terms approved by Bank in its sole discretion on a case by case basis; provided, that standards of eligibility may be fixed and revised from time to time by Bank in Bank's reasonable judgment and upon notification thereof to the Borrower in accordance with the provisions hereof. Exim Eligible Foreign Accounts shall not include the following: