Qualified Account means an Account owing solely to the Company which meets the following requirements at the time it comes into existence and continues to meet the same until collected in full: (a) it arose from the performance of services by the Company, or from a bona fide sale or lease of goods, which have been delivered or shipped to an Account debtor in the United States, to Volvo, or a foreign debtor which has issued a transferable letter of credit acceptable to the Bank to secure payment, and for which the Company has genuine invoices, shipping documents or receipts; (b) it is not more than 60 days past due; (c) it is not owed by an Account debtor which has 50% or more of its aggregate dollar amount of Accounts owed to the Company unpaid more than 90 days past the earlier of performance of the services, delivery of goods or date(s) of invoice; (d) it is owned by the Company and not subject to any assignment, claim, lien, encumbrance or security interest whatsoever other than those securing the Company's obligations to the Bank; (e) it is a valid and legally enforceable obligation of an Account debtor which is (i) satisfactory to the Bank, (ii) not an Affiliate of the Company and (iii) not the United States of America or any department, agency or instrumentality thereof unless the Company has complied with the Assignment of Claims Act of 1940, to the satisfaction of the Bank; (f) it is not subject to setoff, counterclaim, credit allowance, or adjustment by the Account debtor thereunder, except for discount for prompt payment, or to any claim by such Account debtor denying liability thereunder in whole or in part, and such Account debtor has not refused to accept and has not returned or offered to return any of the goods which are subject to such Account; (g) it arose in the ordinary course of the Company's business and in compliance with all Requirements of Law; (h) the Company has no notice or knowledge of the bankruptcy, insolvency, or similar proceeding of the Account debtor thereunder, or of the inability of the Account debtor thereunder to pay its debts as they become due, or of anything which might impair the credit standing of the Account debtor; (i) it is assignable to the Bank and it does not arise out of a contract or order which by its terms forbids or makes void or unenforceable the assignment by the Company to the Bank of the Account arising with respect thereto; (j) it is not evidenced by instruments or chattel paper unless the same has been endorsed and...
Qualified Account means either (a) a segregated account (including a securities account) with a Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Note Rating Agency in one of its generic rating categories which signifies investment grade.
Qualified Account means an account described in clauses (i), (ii), (iii), (iv), (v), (vi), or (vii) that follow, and that otherwise meets the requirements of clauses (viii)-(xi).
Examples of Qualified Account in a sentence
In addition, to the extent required by applicable law, the Declaration of Trust must be specifically or in substance and effect incorporated into and adopted as part of the plan or plans of which the Qualified Account is a part.
For this purpose a Qualified Account includes a custodial account that is treated as a trust under Code § 401(f), 403(b)(7), 408(h), or 457(g)(3).
In addition, to the extent required by applicable law, the Declaration of Trust must be specifically or in substance and effect incorporated into and adoptedas part of the plan or plans of which the Qualified Account is a part.
For this purpose, a Qualified Account includes a custodial account that is treated as a trust under Code § 401(f), 403(b)(7), 408(h), or 457(g)(3).
If, at any time, the institution holding the Derivative Reserve Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent) establish a new Derivative Reserve Account that is a Qualified Account and shall transfer any cash and/or investments to such new Derivative Reserve Account.
More Definitions of Qualified Account
Qualified Account as used herein, means an Account owing to Borrower which met the following specifications at the time it came into existence and continues to meet the same until it is collected in full:
Qualified Account means either (a) a segregated account with an Eligible Institution, (b) a segregated trust account with the corporate trust department of the Securities Intermediary, or (c) a segregated securities account with the Securities Intermediary.
Qualified Account means an account qualifying under section 529 of the Internal Revenue Code.
Qualified Account means either (a) a segregated account with a Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States or any one of the states thereof, including the District of Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as any of the unsecured, unguaranteed senior debt securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic credit rating categories that signifies investment grade.
Qualified Account means either (a) a segregated trust account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of the Indenture Trustee.
Qualified Account means any investment or deposit account maintained by a Loan Party with the Agent or specifically and solely used for purposes of holding such Eligible Cash On Hand and which account is subject to a deposit account control agreement reasonably acceptable to the Agent.
Qualified Account means either (a) a non-interest bearing segregated ----------------- account with an Eligible Institution, or (b) a non-interest bearing segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States or any one of the states thereof, including the District of Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic credit rating categories that signifies investment grade.