Unacceptable Account means an Account which is not acceptable in WFBC’s sole discretion including but not limited to the following:
(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that Customer has directed such government agencies to make payments to a lockbox established for the benefit of WFBC);
(b) Accounts not payable in United States dollars.
(c) Accounts owed by an Account Debtor located outside the United States or Canada which are not (i) backed by a bank letter of credit naming WFBC as beneficiary, which bank letter of credit must be in WFBC’s possession and acceptable to WFBC in all respects, in its sole discretion, (ii) covered by a foreign receivables insurance policy acceptable to WFBC in its sole discretion;
(d) Accounts owed by an Account Debtor that is insolvent, the subject of an Insolvency Proceeding or has ceased doing business;
Unacceptable Account means an Account which is not acceptable in WFBC’s sole discretion including but not limited to the following:
(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that (i) WFBC has a first priority perfected security interest and (ii) such Accounts may be enforced by WFBC directly against such unit of government under all applicable laws);
(b) Accounts not payable in United States dollars;
(c) Accounts owed by an Account Debtor located outside the United States or Canada which are not (i) backed by a bank letter of credit naming WFBC as beneficiary, which bank letter of credit must be in WFBC’s possession and acceptable to WFBC in all respects, in its sole discretion, (ii) covered by a foreign receivables insurance policy acceptable to WFBC in its sole discretion;
(d) Accounts owed by an Account Debtor that is insolvent, the subject of an Insolvency Proceeding or has ceased doing business;
(e) Accounts owed by an owner, shareholder, subsidiary, affiliate, officer or employee of the Customer;
(f) Accounts which are not subject to a duly perfected security interest in WFBC’s favor or which are subject to any Lien in favor of any entity other than WFBC, including without limitation any payment or performance bond;
(g) Accounts that have been restructured, extended, amended or modified;
(h) Any Account whose sale, transfer or assignment (whether absolutely or by way of security) is limited or restricted by the terms of the contract evidencing or relating to such Account (unless such limitation or restriction has been complied with and WFBC is satisfied in its sole discretion that the sale, transfer or assignment of such Account hereunder is valid and effective);
(i) That portion of Accounts that constitutes allowances, finance charges, service charges or sales or excise taxes;
(j) Accounts that have been invoiced, paid or partially paid in advance of the full delivery and acceptance of goods or the performance and acceptance of services or in advance of the submission of the Account to WFBC.
(k) Accounts, or portions thereof, that fail to conform to the representation and warranties contained herein or are otherwise deemed unacceptable by WFBC in its sole discretion;
2.19(1) Accounts which would cause the Purchase Limit for such Account Debtor to ...
Unacceptable Account means Accounts which are not acceptable in WFBC's sole discretion including but not limited to the following Accounts:
(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that (i) WFBC has a first priority perfected security interest and (ii) such Accounts may be enforced by WFBC directly against such unit of government under all applicable laws);
(b) Accounts owed by an Account Debtor located outside the United States which are not (i) backed by a bank letter of credit naming WFBC as beneficiary or assigned to WFBC, in WFBC's possession and acceptable to WFBC in all respects, in its sole discretion or (ii) covered by a foreign receivables insurance policy acceptable to WFBC in its sole discretion; Initial: ----------- -----------
(c) Accounts owed by an Account Debtor that is insolvent, the subject of bankruptcy proceedings or have gone out of business;
(d) Accounts owed by a shareholder, subsidiary, affiliate, officer or employee of the Customer;
(e) Accounts not subject to a duly perfected security interest in WFBC's favor or which are subject to any lien, security interest or claim in favor of any Person other than WFBC including without limitation any payment or performance bond;
(f) Accounts that have been restructured, extended, amended or modified;
(g) That portion of Accounts that constitutes advertising, finance charges, service charges or sales or excise taxes;
(h) Accounts that have been invoiced, paid or partially paid in advance of the full delivery and acceptance of goods or the performance and acceptance of services or in advance of the submission of the Account to WFBC.
(i) Accounts, or portions thereof, that fail to conform to the representation and warranties contained herein or are otherwise deemed unacceptable by WFBC in its sole discretion.
Examples of Unacceptable Account in a sentence
The Customer will not make any change in the character of its business that could (a) result in a Material Adverse Effect or (b) result in a Purchased Account becoming an Unacceptable Account.
The Customer will not make any change in the character of its business that (a) would reasonably be expected to result in a Material Adverse Effect or (b) could result in a Purchased Account becoming an Unacceptable Account.
Each Account offered for sale, transfer and assignment to WFB is an Acceptable Account and conforms to the representations, warranties and terms set forth herein, and no Account offered for sale, transfer and assignment to WFB is an Unacceptable Account as set forth in subsections (a) through (w) of the definition of “Unacceptable Account” in Section 2.75.
BSP will not do this without good reason which could include: • Suspicion that You or an authorised agent have acted fraudulently;• Suspicion that an unauthorised person(s) has attempted to access Your Account(s) through BSP’s E-Channels using Your password and/or PIN;• Unacceptable Account conduct by You and/or an authorised agent;• There has been no activity on Your Account and through the use of BSP E- Channels for the last 12 months.
More Definitions of Unacceptable Account
Unacceptable Account means a Receivable purchased by the Company for which there has been an uncured breach of a representation or warranty by the client pursuant to the terms of the Purchase Agreement and a Receivable which is not included in any of the collateral coverage ratios set forth in the Note Issuance and Security Agreement.
Unacceptable Account means an Account which is not acceptable in WFBC’s sole discretion including but not limited to the following:
(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that Customer has directed such government agencies to make payments to a lockbox established for the benefit of WFBC) ;
(b) Accounts not payable in United States dollars;
(c) Accounts owed by an Account Debtor located outside the United States or Canada which are not (i) backed by a bank letter of credit naming WFBC as beneficiary, which bank letter of credit must be in WFBC’s possession and acceptable to WFBC in all respects, in its sole discretion, (ii) covered by a foreign receivables insurance policy acceptable to WFBC in its sole discretion;
(d) Accounts owed by an Account Debtor that is insolvent, the subject of an Insolvency Proceeding or has ceased doing business;
(e) Accounts owed by an owner, shareholder, subsidiary, affiliate, officer or employee of the Customer;
(f) Accounts which are not subject to a duly perfected security interest in WFBC’s favor or which are subject to any Lien in favor of any entity other than WFBC, including without limitation any payment or
Unacceptable Account means an Account which is not acceptable in WFBC’s sole discretion including but not limited to the following: 2.19
Unacceptable Account means Accounts which are not acceptable in WFBC's sole discretion including but not limited to the following Accounts:
(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that (i) WFBC has a first priority perfected security interest and (ii) such Accounts may be enforced by WFBC directly against such unit of government under all applicable laws);
Unacceptable Account means Accounts which are not acceptable in WFBC's sole discretion including but not limited to the following Accounts: 2.15(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that (i) WFBC has a first priority perfected security interest and (ii) such Accounts may be enforced by WFBC directly against such unit of government under all applicable laws); 2.15(b) Accounts owed by an Account Debtor located outside the United States which are not (i) backed by a bank letter of credit naming WFBC as beneficiary or assigned to WFBC, in WFBC's possession and acceptable to WFBC in all respects, in its sole discretion, (ii) covered by a foreign receivables insurance policy acceptable to WFBC in its sole discretion; 2.15(c) Accounts owed by an Account Debtor that is insolvent, the subject of bankruptcy proceedings or have gone out of business; 2.15(d) Accounts owed by a shareholder, subsidiary, affiliate, officer or employee of the Customer; 2.15
Unacceptable Account means Accounts which are not acceptable in WFBC's sole discretion including but not limited to the following Accounts:
(a) Accounts owed by any unit of government, whether foreign or domestic (provided, however, that there shall be included in Acceptable Accounts that portion of Accounts owed by such units of government for which the Customer has provided evidence satisfactory to WFBC that (i) WFBC has a first priority perfected security interest and (ii) such Accounts may be enforced by WFBC directly against such unit of government under all applicable laws);
(b) Accounts owed by an Account Debtor located outside the United States which are not (i) backed by a bank letter of credit naming WFBC as beneficiary or assigned to WFBC, in WFBC's possession and acceptable to WFBC in all respects, in its sole discretion, (ii) covered by a foreign receivables insurance policy acceptable to WFBC in its sole discretion;
Unacceptable Account means any Account which is not acceptable in WFBC’s commercially reasonable sole discretion including the following: