Insured Accounts definition

Insured Accounts means any Account supported by a (i) letter of credit, (ii) bank guarantee or (iii) credit insurance, in each case, reasonably acceptable to the Administrative Agent, and in the case of clauses (i) and (ii), upon the request of the Administrative Agent during a Liquidity Period, the Borrower shall use commercially reasonable efforts to assign such letter of credit or bank guarantee to the Administrative Agent in a manner satisfactory to the Administrative Agent.
Sample 1Sample 2Sample 3
Insured Accounts is defined in the recitals to this Agreement.
Sample 1Sample 2Sample 3
Insured Accounts means Trade Accounts who meet all of the criteria to be Eligible Accounts except paragraph 5 thereof, which qualify as Eligible Accounts, as the case may be, and whose payment is insured by a receivable insurance provider reasonably acceptable to the Administrative Agent, provided that the benefits of any insurance are specifically charged to and in favour of the Finance Parties free from any other Lien (other than Permitted Liens) and any such charge is duly accepted and acknowledged by such insurance provider. Eligible Inventory, as at the date of determination, all Inventory (other than slow moving, packaging and crating supplies used or consumed in the normal course of business), raw materials, work-in-progress and finished goods of the Credit Parties (valued at the Net Orderly Liquidation Value) that meet the following criteria (provided, that such exclusion criteria may be revised from time to time by the Administrative Agent in its Permitted Discretion): 104822.00280/115572577.6305585250.30 CREDIT AGREEMENT SCHEDULE "B" - PAGE 15 1. as to which any of the representation or warranties contained herein or in any other Operative Document pertaining to such Inventory, raw material, work-in-progress or finished goods is true and correct; 2. are assets of a Credit Party to which it has good and marketable title, are freely assignable and are not subject to any Liens other than Permitted Liens, and over which the Administrative Agent has first priority Liens, other than Permitted Liens that arise by operation of Law; 3. are held on premises owned or operated by a Credit Party and located in Canada or the United States; 4. are not discontinued or excess items or used items held for resale; 5. are of good and merchantable quality, free from any material defects and are not obsolete, unsalable, shopworn, damaged, unfit for further processing or of substandard quality, in the Administrative Agent's credit judgment using its Permitted Discretion; 6. if In-Transit Inventory, such Inventory forming part of the Borrowing Base does not exceed $5,000,000 in appraised value and is (i) fully insured to the satisfaction of the Administrative Agent, (ii) is fully paid or its payment is fully backed by appropriate bills of lading properly and indicates that such Inventory is "FOB" from the supplier's location, (iii) fully covered by marine insurance reasonably acceptable to the Administrative Agent, (iv) the Credit Party retains title of said Inventory while in transit, ...
Sample 1

Examples of Insured Accounts in a sentence

  • All investments, with the exception of Federal Deposit Insurance Corporation (FDIC) Insured Accounts, Local Government Investment Pools, and Money Market Funds shall be held by a third-party custodian designated by the City Treasurer and evidenced by custodial agreements or safekeeping receipts.

  • Alliance is duly qualified or licensed to do business and is in good standing in every jurisdiction where its business (including the Business) so requires, except for such failures to be so qualified, licensed or in good standing as would not, individually or in the aggregate, be reasonably expected to have a material adverse effect on the financial condition or operation of the Business, the Alliance Funds or the Insured Accounts.

  • Neither Alliance nor, to Alliance’s Knowledge, any other party to the Deutsche Bank Agreements is in default under, or in breach or violation of, any Deutsche Bank Agreement, other than such defaults, breaches and violations as would not, individually or in the aggregate, be reasonably expected to have a material adverse effect on the financial condition or operation of the Insured Accounts, the Alliance Funds or the Business.

  • To Alliance’s Knowledge (without regard to any duty of inquiry), the Insured Accounts have been, and are, in compliance in all material respects with all Applicable Laws and, if applicable, have been, and are, duly authorized under the laws of each jurisdiction where necessary, except where failure to be in compliance, or so authorized, would not, individually or in the aggregate, be reasonably expected to have a material adverse effect on the financial condition of the Insured Accounts or the Business.

  • To Alliance’s Knowledge (with regard to any duty of inquiry), the value of the Insured Accounts has been determined and is being determined using methods that comply in all material respects with Applicable Law.

  • With this characteristic, we can see whether the annual customer demand increases or decreases.

  • Without limiting the generality of the foregoing, Alliance and Federated shall cooperate with each other preparing required Deutsche Bank Assignment Documents for the Insured Accounts, setting relevant dates and deadlines and resolving objections received in connection with such contemplated assignments.

  • To Alliance’s Knowledge (with regard to any duty of inquiry), there is no Litigation pending or threatened against any other Person before any Governmental Authority that otherwise relates to or involves the Insured Accounts (including the assets therein).

  • Insured Accounts All funds are to be maintained in fully insured bank accounts.

  • Alliance agrees that it shall retain all books and records relating to the Business, the Alliance Funds and the Insured Accounts that are not delivered to Federated or a Surviving Fund pursuant to the Transaction in accordance with Applicable Law and its respective record retention policies as presently in effect.

Related to Insured Accounts

  • Interim Accounts means the unaudited consolidated quarterly financial statements of the Issuer for the quarterly period ending on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with GAAP.

  • Excluded Accounts means (a) payroll accounts, (b) health savings accounts, worker’s compensation accounts and other employee benefits accounts, (c) payroll withholding tax accounts and other tax (including sales tax) remittance accounts and (d) any other account that is used solely as an escrow account or as a fiduciary or trust account and not otherwise prohibited under this Agreement or any other Loan Document.

  • Accounts means all presently existing and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing.