Eligible Foreign Accounts Receivable definition
Eligible Foreign Accounts Receivable means any Eligible Accounts Receivable with respect to which the Account Debtor is located outside of Canada or the United States.
Eligible Foreign Accounts Receivable means any and all Receivables which (a) with respect to “cost-plus” or “time and materials” type contracts, represent amounts due and owing for products actually delivered or services actually performed or rendered by or on behalf of a Borrower to or for the benefit of a Foreign Account Debtor pursuant to such contract(s), and with respect to “fixed-price” type contracts, represent amounts due and owing from a Foreign Account Debtor on a percentage-of-completion or milestone billing basis in accordance with such contract(s); (b) are outstanding less than ninety-one (91) days from the date of original invoice; (c) are owing from a Foreign Account Debtor deemed acceptable by the Agent from time to time, in its sole and absolute discretion (including, without limitation, as of the Restatement Date, the Foreign Account Debtors listed on Schedule D hereto); and (d) are not otherwise Ineligible Receivables.
Eligible Foreign Accounts Receivable means invoices for international shipments and services not more than sixty (60) days past due and otherwise reasonably acceptable to the Lenders.
Examples of Eligible Foreign Accounts Receivable in a sentence
Such loans and advances shall be in amounts up to: A) eighty-five percent (85%) of the outstanding Eligible Domestic Accounts Receivable of the Company, B) eighty-five percent (85%) of the outstanding Eligible Foreign Accounts Receivable of the Company, and C) twenty-five percent (25%) of Eligible Domestic Finished Goods, at lower of cost or market, but not to exceed the Inventory Sub-Limit from time to time in effect.
Promptly after receiving notice or otherwise becoming aware thereof, notify Lender in writing that a Receivable that Borrower has represented or warranted to Lender to be an Eligible Accounts Receivable or Insured Eligible Foreign Accounts Receivable or Uninsured Eligible Foreign Accounts Receivable has ceased to be such a Receivable for any reason other than payment thereof in the ordinary course of business.
As used in this Agreement, the term “Borrowing Base” means the sum of (a) 80 percent of Eligible Domestic Accounts Receivable at the time in question, (b) 90 percent of Eligible Foreign Accounts Receivable at the time in question, and (c) 50 percent of Eligible Inventory at the time in question, provided, however, that the aggregate amount of Advances supported by Eligible Inventory shall not exceed $4,000,000 at any time.
More Definitions of Eligible Foreign Accounts Receivable
Eligible Foreign Accounts Receivable. Eligible Domestic Accounts Receivable" shall mean invoices for domestic shipments and services less than ninety (90) days old and otherwise reasonably acceptable to the Lenders. "Eligible Foreign Accounts Receivable" shall mean invoices for international shipments and services not more than sixty (60) days past due and otherwise reasonably acceptable to the Lenders.
Eligible Foreign Accounts Receivable means, any Account meeting all of the criteria set forth in the definition of Eligible Domestic Accounts Receivable (other than the requirement set forth in clause (e)(ii) thereof), originating from an Account Debtor organized under the laws of Canada, Germany, the United Kingdom, or Australia (or any political subdivision of any of the foregoing, located in any such jurisdiction or whose principal place of business or substantially all of its assets is located in any such jurisdiction), and that the Administrative Agent determines in its sole discretion shall be treated as an "Eligible Foreign Account Receivable" for purposes hereof. "Eligible Inventory" means, at the time of any determination thereof, without duplication, the Inventory Value of all Inventory of the Borrower at the time of such determination that is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (o) below, minus any reserve otherwise deemed by the Administrative Agent in its sole discretion to be ineligible for inclusion in the calculation of the Borrowing Base. Without limiting the foregoing, to qualify as "Eligible Inventory" no Person other than the Borrower shall have any direct or indirect ownership, interest or title to such Inventory and no Person other than the Borrower, shall be indicated on any purchase order or invoice with respect to such Inventory as having or purporting to have an interest therein. Standards of eligibility may be fixed from time to time by the Administrative Agent in the exercise of its sole discretion, with any changes in such standards to be effective three Business Days after delivery of notice thereof to the Borrower. Unless otherwise from time to time approved in writing by the Administrative Agent, no Inventory shall be deemed Eligible Inventory if, without duplication: (a) it is not owned solely by the Borrower or the Borrower does not have sole and good, valid and unencumbered title thereto; or (b) it is not located in the United States; or (c) it is located in a third party warehouse or is located at a closed facility owned or leased by the Borrower (other than Inventory approved by the Administrative Agent in its sole discretion and subject to reserves as determined by the Administrative Agent in its sole discretion); or
Eligible Foreign Accounts Receivable means the accounts receivable of Borrower and the Subsidiaries due from Persons not residents of the United States, excluding the following: (a) accounts receivable that have been outstanding in excess of 90 days from the date of invoice, (b) all accounts receivable from any single customer of Borrower or any of the Subsidiaries if 10 percent or more of such customer's accounts owed to Borrower or any of the Subsidiaries are ineligible for any reason, (c) accounts receivable due from officers, employees, or Affiliates of Borrower, (d) accounts receivable that are partially or wholly subject to the right of setoff, (e) accounts receivable resulting from COD sales, finance charges, and consignments, (f) accounts receivable that constitute any retainage, (g) accounts receivable that constitute dated ▇▇▇▇▇▇▇▇ other than approved by U. S. Bank in writing, (h) accounts receivable in which any Person other than U. S. Bank has a security interest, and (i) all accounts receivable from any single customer of Borrower or any of the Subsidiaries in excess of 10 percent of the aggregate amount of Eligible Accounts Receivable. Notwithstanding the foregoing, "Eligible Foreign Accounts Receivable" shall not include any accounts receivable unless and until U. S. Bank holds a first, valid, binding, and perfected security interest in any such accounts receivable. There shall be no duplication between Eligible Foreign Accounts Receivable and Eligible Accounts Receivable.
Eligible Foreign Accounts Receivable means at any date of determination thereof (which date shall be selected in BANK's sole reasonable discretion) all Foreign Accounts
Eligible Foreign Accounts Receivable means, any Account meeting all of the criteria set forth in the definition of Eligible Domestic Accounts Receivable (other than the requirement set forth in clause (e)(ii) thereof), originating from an Account Debtor organized under the laws of Canada, Germany, the United Kingdom, or Australia (or any political subdivision of any of the foregoing, located in any such jurisdiction or whose principal place of business or substantially all of its assets is located in any such jurisdiction), and that the Administrative Agent determines in its sole discretion shall be treated as an "Eligible Foreign Account Receivable" for purposes hereof.
Eligible Foreign Accounts Receivable means receivables from customers located outside of the United States of America for which credit support is provided by Export Letters of Credit which have been provided to the Lender for negotiation.
Eligible Foreign Accounts Receivable means the accounts receivable of Borrower and the Subsidiary Guarantors that satisfy the criteria for qualification as “Eligible Domestic Accounts Receivable” other than being due from a Person that is not a resident of the United States, provided that such accounts are (a) covered by credit insurance acceptable to Administrative Agent, (b) supported by letter(s) of credit acceptable to Administrative Agent, (c) supported by a guarantee from the Export-Import Bank of the United States in form acceptable to Administrative Agent, or (d) are otherwise approved by Administrative Agent on a case-by-case basis in its sole discretion.