Protected Debt definition

Protected Debt. An Unpaid Debt about which You have Told Us owing by a Customer to which We have given a Covered Limit and which Debt falls within such Covered Limit on the basis set out in Condition 3 and in relation to which:- (A) none of Your Promises to Us has been broken; (B) the period for payment is not greater than the Maximum Payment Period; (C) when You Tell Us about the Debt the Customer is not Insolvent and nor has any event occurred which is described in Condition 6.1(E)(x), Condition 6.1(E)(xiii) or in the second sentence of Condition 15.2; (D) the Debt is not to be paid under an irrevocable or confirmed letter of credit; (E) the supply or hire of goods or supply of services to the Customer can all be ended by You by giving less than 3 months’ notice; (F) the Debt is not due from any Government Department, Local Authority or statutory body or agency or any organisation controlled (directly or indirectly) by any such entity; (G) at the time the relevant Protected Event occurs the Debt is more than the Minimum Protection Limit; (H) there has been no material change in the information which You gave to Us at the time of You asking Us to set or alter the Covered Limit and You have not knowingly hidden any material fact which would have influenced Our decision to set or alter the Covered Limit for the Customer; (I) You have not asked Us not to claim payment of any Debt from the Customer; (J) You have not failed to comply with any condition We impose when setting the Covered Limit; (K) an invoice is raised and delivered by You to the Customer (or, where self-billing by the Customer has been permitted by Us, by the Customer to You) within 10 Working Days from the date on which the relevant goods are delivered to the Customer or the relevant services are completed; (L) the Debt is not payable before the delivery or hiring of the goods or provision of the services to which it relates have been completed; (M) You have not Told Us about such Debt separately pursuant to Condition 2.2; (N) non-payment is not caused by:- (i) the effects of radiation, explosion or other hazard/contamination arising from nuclear sources (or other toxic, explosive or other hazardous properties from nuclear sources) or reaction or radioactive contamination or the use, handling or transportation of radioactive materials; (ii) war, invasion, act of a foreign enemy or civil war; (iii) any law which prohibits or prevents the carrying out of the Transaction (if any) or obligation under which the D...
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Protected Debt means a Notified Debt which is within a Debtor Credit Limit.
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Protected Debt. An Unpaid Debt about which You have Told Us owing by a Customer to which We have given a Covered Limit and which Debt falls within such Covered Limit on the basis set out in Condition 3 and in relation to which: (A) none of Your Promises to Us has been broken; (B) the period for payment is not greater than the Maximum Payment Period; (C) when You Tell Us about the Debt the Customer is not Insolvent; (D) the Debt is not to be paid under an irrevocable or confirmed letter of credit;
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Examples of Protected Debt in a sentence

  • If such attempted payment covered more than one Protected Debt the Covered Limit will automatically reduce to the lowest limit for that Customer when We received any Debt Schedule on which any such Protected Debt was included.

  • Santander will use the Conversion Rate on the day Santander credits either the Remittance or the Purchase Price of a Protected Debt to the Sales Ledger.

  • American Can Co.,278 U.S. 245 (1929) ................................................................

Related to Protected Debt

  • Permitted Debt means any Financial Indebtedness:

  • Contribution Indebtedness means Indebtedness, Disqualified Stock or Preferred Stock of an Issuer or any Subsidiary Guarantor in an aggregate principal amount not greater than the aggregate amount of cash contributions (other than Excluded Contributions) made to the capital of such Issuer or such Guarantor after the Issue Date, provided that:

  • Funded Debt means all Indebtedness of the Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including Indebtedness in respect of the Loans.

  • Acquisition Indebtedness any Indebtedness of the Company or any of its Subsidiaries that has been issued for the purpose of financing, in whole or in part, a Material Acquisition and any related transactions or series of related transactions (including for the purpose of refinancing or replacing all or a portion of any pre-existing Indebtedness of the Company, any of its Subsidiaries or the person(s) or assets to be acquired); provided that (a) the release of the proceeds thereof to the Company and its Subsidiaries is contingent upon the consummation of such Material Acquisition and, pending such release, such proceeds are held in escrow (and, if the definitive agreement (or, in the case of a tender offer or similar transaction, the definitive offer document) for such acquisition is terminated prior to the consummation of such Material Acquisition or if such Material Acquisition is otherwise not consummated by the date specified in the definitive documentation relating to such Indebtedness, such proceeds shall be promptly applied to satisfy and discharge all obligations of the Company and its Subsidiaries in respect of such Indebtedness) or (b) such Indebtedness contains a “special mandatory redemption” provision (or other similar provision) or otherwise permits such Indebtedness to be redeemed or prepaid if such Material Acquisition is not consummated by the date specified in the definitive documentation relating to such Indebtedness (and if the definitive agreement (or, in the case of a tender offer or similar transaction, the definitive offer document) for such Material Acquisition is terminated in accordance with its terms prior to the consummation of such Material Acquisition or such Material Acquisition is otherwise not consummated by the date specified in the definitive documentation relating to such Indebtedness, such Indebtedness is so redeemed or prepaid within 90 days of such termination or such specified date, as the case may be).

  • Permitted Indebtedness means, without duplication, each of the following: