Qualified Account definition

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...

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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 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:

Examples of Qualified Account in a sentence

• 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.

• If, at any time, the institution holding the Collection 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 in writing) establish a new Collection Account that is a Qualified Account and shall transfer any cash and/or investments to such new Collection Account.

• If, at any time, the institution holding the Interest 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 Interest Reserve Account that is a Qualified Account and shall transfer any cash and/or investments to such new Interest Reserve Account.

• Qualified Account" means an Account of Borrower generated in the ordinary course of Borrower's business from the sale of goods or rendition of medical services which Lender, in its sole credit judgment, deems to be a Qualified Account.

• We further certify that as of the date hereof we have not received any notification from any of our Qualified Account Holders to the effect that the statements made by such Qualified Account Holders with respect to any portion of the part submitted herewith for exchange are no longer true and cannot be relied upon as of the date hereof.

More Definitions of Qualified Account

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 described in clauses (i), (ii), (iii), (iv), (v), (vi), or (vii) that follow, and that otherwise meets the requirements of clauses (viii)-(xi).

Qualified Account means an account qualifying under section 529 of the Internal Revenue Code.

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 a current member of one or more of the following bodies: the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Scotland, the Association of Certified Accountants, or the Institute of Chartered Accountants in Ireland.

Qualified Account means an Account of Borrower, or portion thereof, that Agent, in its reasonable credit judgment, deems to be qualified for inclusion in the Borrowing Base. Without limiting the generality of the foregoing, no Account shall be a Qualified Account if:

Qualified Account means any Account meeting all the following specifications: (i) it is lawfully owned by the Debtor and subject to no lien, security interest or prior assignment, and the Debtor has the right of assignment thereof and the power to grant a security interest therein; (ii) it is a valid and enforceable Account, representing the undisputed indebtedness of an Account Debtor to the Debtor; (iii) it is not subject to any defense, set-off, counter-claim, credit, allowance or adjustment; (iv) no substantial part of any goods, the sale of which has given rise to the Account, has been returned, rejected, lost or damaged; (v) if it arises from the sale of goods by the Debtor, such sale was an absolute sale and not on consignment or on approval or on a sale or return basis nor subject to any other repurchase or return agreement, and such goods have been shipped to the Account Debtor; (vi) if it arises from the performance of services, such services have actually been performed; (vii) it arose in the ordinary course of the Debtor's business; (viii) no notice of the Bankruptcy, receivership, reorganization, insolvency, or financial embarrassment of the Account Debtor has been received; (ix) the Account Debtor is not a subsidiary or affiliate of the Debtor, does not control the Debtor, and is not under the control of or under common control with the Debtor; and (x) the Account meets such other specifications and requirements which may from time to time be established by the Bank.