Prime Accounts definition

Prime Accounts means those Accounts of Borrower that meet all of the following criteria:

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Prime Accounts means Accounts created by Borrower which: (a) are acceptable to Lender; (b) are credit worthy; (c) have been validly assigned to Lender; (d) as of the date of determination, are not more than sixty (60) days past due or remain uncollected more than ninety (90) days from the date of each invoice; and (e) strictly comply with all Borrower's warranties and representations to Lender. "Value" shall mean the lower of cost or fair market value. "Inventory" shall mean all of Borrower's now owned and hereafter existing or acquired raw materials, work in process, finished goods and all other inventory of whatsoever kind or nature (or as described in any Financing Statement which Lender has been authorized to file) wherever located and including but not limited to inventory located at 4900 HOPYARD BOULEVARD, SUITE 200, PLEASANTON, CALIFORNIA 94588, whi▇▇ ▇▇ ▇▇▇▇▇▇▇▇'▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ (▇▇▇ "▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇ffice"), and 1515 HANCOCK STREET, QUINCY, MASSACHUSETTS 02169 AND 14673 MIDWAY RO▇▇, ▇▇▇▇▇ ▇▇▇, ADDISON, TEXAS 75001 (collectively the "▇▇▇▇▇▇▇▇"). ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇t at any time now or hereafter be stored with a landlord, bailee, warehouseman, or similar party without Lender's prior written consent.

Examples of Prime Accounts in a sentence

All Accounts against which Borrower seeks Advances from Lender are now Prime Accounts and Borrower shall only seek Advances against Accounts if such Accounts are believed by Borrower to be Prime Accounts as defined above.
Employee acknowledges that he will have acquired and/or have access to confidential and proprietary information regarding the Company’s business dealings with, and business strategies concerning, its national or regional accounts (a/k/a Key Accounts, Prime Accounts, and National Accounts).
Employee acknowledges that Employee will have acquired and/or have access to confidential and proprietary information regarding the Company’s business dealings with, and business strategies concerning, its national or regional accounts (a/k/a Key Accounts, Prime Accounts, and National Accounts).
Employee acknowledges that she will have acquired and/or have access to confidential and proprietary information regarding the Company’s business dealings with, and business strategies concerning, its national or regional accounts (a/k/a Key Accounts, Prime Accounts, and National Accounts).
In determining whether to reduce the Borrowing Base and/or institute reserves against the Borrowing Base, Lender may consider events, conditions, contingencies, or risks that are also considered in determining Prime Accounts or Eligible Inventory.
All Accounts against which Borrower seeks Advances from Lenders are now Prime Accounts and Borrower shall only seek Advances against Accounts if such Accounts are believed by Borrower to be Prime Accounts as defined above.
This Paragraph shall not preclude Colorado Prime from making available Colorado Prime Accounts or from accepting credit plans that can be used for purchases from a broad range of merchants, such as, but not limited to, Visa, MasterCard, American Express, Diners Club, Carte Blanche and Discover Card.
Employee acknowledges that he will have acquired and/or have access to confidential and proprietary information regarding the Company’s business dealings with, and business strategies concerning, its national or regional accounts (a/ka Key Accounts, Prime Accounts, and National Accounts).
In the event that the balance owing under this Agreement exceeds the Maximum Amount, or in the event that said balance exceeds the percentage set forth above of the Value of Prime Accounts as determined by Lender, Borrower understands and agrees that Lender shall make no further Advances to the Borrower unless and until Borrower pays Lender the amount of such excess (each an “Overadvance”), and Borrower hereby promises to pay the Overadvance to Lender upon Lender’s demand.
Any separate agreements or special conditions governing SMART Prime Accounts shall apply in addition to this Storage Agreement.

More Definitions of Prime Accounts

Prime Accounts means those Accounts of Borrower arising from services provided, and invoiced, directly to financial institutions (including CIT) (“Financial Institution Accounts”) (but excluding any Accounts of Borrower arising from services provided, or invoiced, to non-financial institutions (“Non-Financial Institution Accounts”) whose business or assets are being appraised, monitored, liquidated or otherwise), and which Financial Institution Accounts meet all of the following criteria: . . .” Subparagraph (u.) of the definition of “Prime Accounts” is amended to read as follows: “(u.) are not Accounts which in the aggregate from one Account Debtor constitute twenty-five percent (25%) of total Accounts (the “Concentration Limit”) (excepting therefrom the Accounts of Account Debtor Bank of America where a Concentration Limit of thirty-five percent (35%) shall apply), but the portion not in excess of the Concentration Limit shall be eligible for consideration as Prime Accounts;”

Prime Accounts is amended to read as follows: ““Prime Accounts” means those Accounts of Borrower arising from services provided, and invoiced, directly to financial institutions (including CIT) (“Financial Institution Accounts”) (but excluding any Accounts of Borrower arising from services provided, or invoiced, to non-financial institutions (“Non-Financial Institution Accounts”) whose business or assets are being appraised, monitored, liquidated or otherwise), and which Financial Institution Accounts meet all of the following criteria: . . .” Subparagraph (u.) of the definition of “Prime Accounts” is amended to read as follows: “(u.) are not Accounts which in the aggregate from one Account Debtor constitute twenty-five percent (25%) of total Accounts (the “Concentration Limit”) (excepting therefrom the Accounts of Account Debtor Bank of America where a Concentration Limit of thirty-five percent (35%) shall apply), but the portion not in excess of the Concentration Limit shall be eligible for consideration as Prime Accounts;”

Prime Accounts means accounts (as defined above in Paragraph 5) which: (a) are acceptable to you; (b) have been validly assigned to you; (c) as of the date of determining whether an account is "prime," is not more than sixty (60) days past due; and (d) strictly comply with all our warranties and representations to you; the term "inventory" means all goods as defined by Section 9109(4) of the California Commercial Code and now owned or hereafter acquired by us (or as described in any financing statement which you have been authorized to file) and/or now or hereafter located on our premises at ▇▇▇ ▇▇▇▇▇▇▇'▇ ▇▇▇▇▇▇ ▇▇▇▇., ▇▇▇. ▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇, or wherever located; and the term "value" means the lower of cost or fair market value.

Prime Accounts are not Accounts with respect to which the Account Debtor is a resident of a country other than i) the United States of America unless (1) Borrower has obtained foreign credit insurance insuring the Accounts of such an applicable foreign Account Debtor (the “Foreign Accounts”), with BFI to be named as a loss payee under such foreign credit insurance, and with the insurer and the form and content of the insurance policy and the loss payee endorsement in favor of BFI to be acceptable to BFI, (2) all other criteria set forth in this definition of “Prime Accounts” have been met, (3) such Foreign Accounts are remitted to Lender in U.S. Dollars and (4) Advances against such Foreign Accounts shall not exceed the aggregate amount of Four Hundred Thousand and 00/100 Dollars ($400,000.00) at any given time; or ii) Canada (Accounts with respect to Account Debtors residing in Canada being referred to collectively as the “Canadian Accounts”), which shall be considered Prime Accounts providing: (1) such Canadian Accounts otherwise qualify as Prime Accounts; (2) Such Canadian Accounts are payable and paid in Canadian Dollars but remitted to Lender in U.S. Dollars; (3) Advances against such Canadian Accounts shall not exceed the aggregate amount of One Million and 00/100 Dollars ($1,000,000.00) at any given time; and (4) Borrower shall, on the first working day of each consecutive week, sweep to Lender all payments received by the Canadian Accounts during the prior week.”

Prime Accounts. (w) Borrower has advised Lender of two (2) seasonal dating programs. The Snow Program (the “Snow Program”) consists of i) invoices issued in the months of August and September, all with due dates of January 15th; and ii) invoices issued in the months of October, November, and December, all with due dates of February 15th. The March Madness Program (the “March Program”) consists of invoices issued in March, all with due dates on or after July 1st. Lender shall deem such invoices under the Snow Program and the March Program to be Prime Accounts under the following terms: the period of time from the date of each invoice through and including fifteen (15) days beyond the due date shall be considered the “Billing Period.” Invoices shall be considered consigned during the period of time from the date of the invoice up to but not including the final ninety (90) days (the “Final Ninety Days”) of the Billing Period (the “Consigned Period”). Provided that the invoices are in all other respects Prime Accounts, Lender shall make such sums available to Borrower at the following advance rates: (i) eighty percent (80%) of the face amount of each invoice during the Consigned Period; and (ii) eighty percent (80%) of the face amount of each invoice during the Final Ninety Days.”

Prime Accounts means Accounts created by Borrower which: a. are acceptable to Lender; b. are creditworthy; c. have been validly assigned to Lender; d. as of the date of determination, are not more than sixty (60) days past due or remain uncollected more than ninety (90) days from the date of each invoice; and e. strictly comply with all Borrower's warranties and representations to Lender. "Value" shall mean the lower of cost or fair market value. "Premises" shall mean 6601 Owens Drive, Su▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇, California 94588, the Borrower's chief executive office (the "Chief Executive Office"), and 14679 Midway Road, S▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇reet, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Borrower's additional place(s) of business, collectively. The Inventory and Equipment shall not at any time now or hereafter be stored with a landlord, bailee, warehouseman, or similar party without Lender's prior written consent.