Bona Fide Eligible Accounts Sample Clauses
The 'Bona Fide Eligible Accounts' clause defines which accounts are considered valid and acceptable for specific contractual purposes, such as collateral or receivables in a financing arrangement. Typically, this clause outlines criteria that accounts must meet—such as being genuine, not subject to dispute, and owed by creditworthy customers—to qualify as eligible. By clearly specifying what constitutes an eligible account, the clause ensures that only reliable and collectible accounts are included, thereby reducing risk and providing clarity for both parties in the agreement.
Bona Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The property and services giving rise to such Eligible Accounts has been delivered or rendered to the account debtor or to the account debtor’s agent for immediate and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account.
Bona Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The property giving rise to such Eligible Accounts has been delivered to the account debtor or to the account debtor's agent for immediate shipment to and unconditional acceptance by the account debtor or as otherwise instructed by Account Debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account.
Bona Fide Eligible Accounts. The Eligible Accounts identified in the Borrowing Base Certificate most recently delivered to Bank are bona fide existing obligations. The Borrowing Base Certificate most recently delivered to Bank pursuant to this Agreement correctly identifies in all material respects those Accounts of Borrower and Parent that are Eligible Accounts as of the date of such Borrowing Base Certificate.
Bona Fide Eligible Accounts. The Exim Eligible Foreign Accounts are bona fide existing obligations. The property giving rise to such accounts has been delivered to the account debtor or to the account debtor’s agent for immediate shipment to and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Exim Eligible Foreign Account.
Bona Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The service or property giving rise to such Eligible Accounts has been performed or delivered to the account debtor or to the account debtor's agent for immediate shipment to and unconditional acceptance by the account debtor. No Borrower has received notice of actual or imminent Insolvency Proceeding of any account debtor whose accounts are included in any Borrowing Base Certificate as an Eligible Account. The amount of each Eligible Account represented by either Borrower as owing to such Borrower is the correct amount actually and unconditionally owing except for cash discounts granted by such Borrower in the ordinary course of such Borrower's business and is not subject to any setoffs, credits, defenses or countercharges.
Bona Fide Eligible Accounts. 22 5.5 Merchantable Inventory . . . . . . . . . . . . . . 22 5.6 Name; Location of Chief Executive Office . . . . .
Bona Fide Eligible Accounts. The Eligible Accounts are bone tide existing obligations. The property and services giving rise to such Eligible Accounts have been delivered or rendered to the account debtor or to the account debtor agent for immediate and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account."
8. The following new paragraphs are hereby added to the end of Section 6.3 of the Agreement: "Within fifteen (15) days after the last day of each month and together with any Advance request pursuant to Section 2.1.1, Borrowers shall each deliver to Servicing Agent a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit F hereto. Lenders shall have a right from time to time initially and thereafter to audit each of Borrower's Accounts and appraise Collateral at such Borrower's expense, provided that such audits will be conducted no more often than every twelve (12) months unless an Event of Default has occurred and is continuing."
9. Section 6.9 of the Agreement is hereby replaced in its entirety with the following:
Bona Fide Eligible Accounts. The Eligible Accounts (as defined in the Senior Loan Agreement) are bona fide existing obligations. The service or property giving rise to such Eligible Accounts has been performed or delivered to the account debtor or to the account debtor's agent for immediate shipment to and unconditional acceptance by the account
Bona Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The property giving rise to such Eligible Accounts has been delivered to the account debtor or to the account debtor's agent for immediate shipment to and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account. Merchantable Inventory. All Inventory is in all material respects of good and marketable quality, free from all material defects. Name; Location of Chief Executive Office. Except as disclosed in the Schedule, Borrower has not done business under any name other than that specified on the signature page hereof. The chief executive office of Borrower is located at the address indicated in Section 10 hereof.
Bona Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The property and services giving rise to such Eligible Accounts has been delivered or rendered to the account debtor or to the account debtor's agent for immediate and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account. Merchantable Inventory. All Inventory is in all material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made.