Qualified Accounts definition

Qualified Accounts means Accounts which are and at all times continue to be acceptable to the Bank in its sole discretion. Standards of acceptability include but are not limited to the following conditions:

Qualified Accounts means, with respect to any Borrower or Canadian Credit Party, all Accounts that are directly created by such Borrower or Canadian Credit Party in the ordinary course of business arising out of the sale of goods or rendition of services by such Borrower or Canadian Credit Party and for which an invoice has been sent to the applicable Account Debtor; provided that, except during a period of 90 days after a business acquisition with respect to Accounts acquired in such business acquisition that, taken together with Qualified Inventory acquired in such business acquisition, do not exceed 10% of the applicable Borrowing Base immediately prior to such business acquisition, no Accounts acquired in connection with a business acquisition shall be considered for inclusion as Qualified Accounts until the Acquired Accounts Eligibility Requirement with respect to such Accounts shall have been satisfied.

Qualified Accounts means an account receivable, net of any prepayments, progress payments, deposits and retention, owing to Borrower which meets the following specifications at the time it came into existence and continues to meet such specifications until it is collected in full:

Examples of Qualified Accounts in a sentence

• Thereafter, no further Qualified Accounts shall be admitted thereto, and all of the assets then held in an Investment Fund shall thereupon be deemed to be transferred to a liquidating account as provided in Section 5.4 hereof and shall be held and disposed of as provided therein.

• The purpose of the International Equity Index Funds is to provide Qualified Accounts with a vehicle for collective investment and reinvestment in foreign equity securities with the objective of approximating before fees and expenses the capitalization-weighted total rate of return of the MSCI EAFE Index by investing in such securities in substantially the same percentages as the Index.

• The purpose of the Large Company Growth Funds is to provide Qualified Accounts with a vehicle for collective investment and reinvestment primarily in a portfolio of domestic common stocks, preferred stocks, and debt securities that are convertible to common stocks, of companies the majority of which have a market capitalization falling within the range of the Russell 1000 Growth Index, with a view to producing long-term capital appreciation.

• The purpose of the Large Company Value Funds is to provide Qualified Accounts with a vehicle for collective investment and reinvestment primarily in a portfolio of domestic common stocks, preferred stocks, and debt securities that are convertible to common stocks, of companies the majority of which have a market capitalization falling within the range of the Russell 1000 Value Index, with a view to producing long-term capital appreciation.

• The purpose of the Multi-Capitalization Growth Stock Funds is to provide Qualified Accounts with vehicles for collective investment and reinvestment in portfolios consisting primarily of stocks of companies with market capitalizations falling within the ranges of either the Russell 2500 Growth Index or the Russell 3000 Growth Index and with the objective of achieving long-term capital appreciation.

More Definitions of Qualified Accounts

Qualified Accounts means any investment account of the Borrowers and the Guarantors maintained with the Agent and subject to the Agent’s first-priority Lien and a control agreement in favor of the Agent.

Qualified Accounts means receivables under contracts which upon performance by the applicable Co-Borrower will become Eligible Accounts of such Co-Borrower.

Qualified Accounts as defined in Section 1.1(c)

Qualified Accounts means all checking or other demand deposit account, securities account, commodities account or other bank account maintained by any of the Credit Parties that are either (i) in the name of the Collateral Agent or (ii) subject to a segregated account Control Agreement in favor of the Collateral Agent; provided that the applicable depositary (if not the Administrative Agent) shall provide daily reports to the Administrative Agent setting forth the balances in such accounts (which reports may relate to the previous Business Day); provided further that, in each case, such Qualified Account is not subject to any other Lien other than Liens permitted by Section 6.2, and such Liens do not have priority over, and are junior to, the Lien of the Collateral Agent (other than (i) nonconsensual Permitted Liens arising by operation of law or (ii) Permitted Encumbrances under clause (l) of the definition thereof). To the extent any Cash or Cash Equivalents have been withdrawn from any Qualified Account, then, prior to or concurrently with either (A) a Borrowing hereunder or (B) the consummation of a transaction hereunder which requires satisfaction of the Payment Conditions, in each case subsequent to such withdrawal, then either (1) the Borrower shall deliver an updated Borrowing Base Certificate (which updated Borrowing Base Certificate shall be updated only for the withdrawal of such Cash or Cash Equivalents and which shall supersede any previously delivered Borrowing Base Certificate for the applicable period) within one Business Day or (2) the Borrower may notify the Administrative Agent of such withdrawal and in lieu of delivering the updated Borrowing Base Certificate referred to in the foregoing clause (1), the Administrative Agent shall take a Reserve in the amount of such withdrawal under the Borrowing Base; provided that such Reserve shall no longer be in effect upon the delivery of an updated Borrowing Base Certificate reflecting such withdrawal.

Qualified Accounts means Accounts which are and at all times continue to meet the following conditions:

Qualified Accounts. All Accounts of a Borrower meeting all the following specifications: (i) it is lawfully and solely owned by such Borrower and subject to no Lien, or other assignment, and such Borrower has the right of assignment thereof and the power to grant a security interest therein; (ii) it is a valid and enforceable Account, arising from the rendition of health care or temporary personnel services actually rendered by a Borrower in the ordinary course of its business; (iii) it is due and owing from a Qualified Payor that has been approved by Lender under a Qualified Payor Contract acceptable to Lender (or in the case of home health care or private duty services provided to an individual where the contract is with the individual and not the Qualified Payor, it is due and owing from such individual but is subject to reimbursement by a Qualified Payor) and is not outstanding more than one-hundred twenty (120) days from the Friday of the week in which the services are performed; (iv) it is not subject to any defense, set-off, counterclaim, deduction, discount, credit, chargeback, allowance or adjustment of any kind (provided that only the portion of the Account which is subject to any such defense, set-off, counterclaim, deduction, discount, credit, chargeback, allowance or adjustment shall not be deemed a Qualified Account); (v) it is not subject to any limitations which would make payment by a Qualified Payor conditional; (vi) the Qualified Payor is not a Subsidiary or Affiliate of any Borrower; (vii) no notice of the bankruptcy, receivership, reorganization or insolvency of the Qualified Payor has been received by any Borrower; (viii) it is not an Account from a Qualified Payor having its principal place of business or executive office outside the United States; (ix) no Borrower has received any note, trade acceptance, draft or other instrument with respect to or in payment of the Account; (x) there has been no material adverse change in the Qualified Payor's financial condition since the date of Lender's approval of such Qualified Payor; (xi) not more than fifty (50%) percent of the aggregate Accounts from the Qualified Payor obligated on the Account are outstanding more than one hundred and twenty (120) days past their invoice date; (xii) the aggregate of Accounts from the Qualified Payor does not exceed such percentage of Borrowers' total Accounts as may be established by Lender from time to time; (xiii) it meets such other specifications and requirements as may b...

Qualified Accounts means any Accounts which the Agent in its sole discretion determines to have met all of the minimum requirements set forth on Schedule 1.1(Q)(1).