Ineligible Accounts definition
Ineligible Accounts means, with respect to the U.S. Borrowers or the Canadian Borrower and any Canadian Subsidiary Guarantors, as applicable, at any date of determination, an amount equal to the aggregate value of all Qualified Accounts of the U.S. Borrowers or the Canadian Borrower and any Canadian Subsidiary Guarantors, as applicable, described in one or more of the following clauses, without duplication:
Ineligible Accounts shall include the following Accounts:
Ineligible Accounts has the meaning specified in Section 1.7.
Examples of Ineligible Accounts in a sentence
Bank reserves the right, upon notice, in its sole discretion, to amend the terms of the Ineligible Accounts at any time.
The list of Removed Accounts described in Section 2 of this Assignment is, as of the Removal Commencement Date, true and complete in all material respects; provided, however, that in the event that the removal on such Removal Date relates solely to Ineligible Accounts, the Seller shall be deemed to make only the representations and warranties contained in paragraph 5(a) above.
The list of Removed Accounts described in Section 2 of this Reassignment is, as of the Removal Commencement Date, true and complete in all material respects; provided, however, that in the event that the removal on such Removal Date relates solely to Ineligible Accounts, the Seller shall be deemed to make only the representations and warranties contained in paragraph 5(a) above.
CREDIT LINE ADDITIONAL PROVISIONS 12 3.1. Ineligible Accounts 12 3.2. Reimbursement for Charges 13 3.3. Lockbox and Special Account 13 3.4. Collections 13 3.5. Application of Remittances and Credits 14 3.6. Power of Attorney 14 3.7. Concentration Accounts 15 Section 4.
Provided, however, that in the event that the removal on such Removal Date relates solely to Ineligible Accounts, World Omni shall be deemed to make only the representations and warranties contained in paragraph 5(a) above.
More Definitions of Ineligible Accounts
Ineligible Accounts shall have the meaning set forth in Section 3.d.iii.
Ineligible Accounts means all Accounts not subject to Bank's first and prior lien and security interest and such assets deemed from time to time to be, in the sole judgment of the Bank, ineligible for purposes of determining the Borrowing Base; Memo A/R and Evaluation A/R shall be Ineligible Accounts. "'Memo' and 'Evaluation' A/R" shall include all Accounts of the type typically referred to as such by Borrower prior to the Effective Date, and any accounts which do not represent payments finally earned or which result from a sale subject to product evaluation by the buyer. Outstanding Loans, interest and fees counted against Total Availability on Accounts Receivable and Inventory shall use Bank's standard estimation provided by Bank to Borrower.
Ineligible Accounts means and include the following Accounts:
(1) Accounts that do not conform with the criteria set forth for Eligible Accounts;
(2) An Account owing by any account debtor for which the Lender has deemed fifty percent (50%) or more of the account debtor’s other Accounts to be non-Eligible; however, for purposes of this category of Ineligible Accounts, each Government Contract shall be treated as an individual Customer;
(3) Government Accounts arising under Government Contracts which contain an express prohibition against assignment of the Borrower’s rights to Payment;
(4) The last payment due on a Government Account, unless such Government Account arises from a Government Contract which is a “fixed price contract” (as defined in the Federal Acquisition Regulations) which does not include any provision for progress payments, incentive arrangements or price redetermination;
(5) Contra Accounts; provided, that the portion of the Accounts owing by a single Customer to Borrower which exceeds the amounts owing by the Borrower to such Customer shall not constitute an Ineligible Account as long as such portion of the Accounts would not otherwise be Ineligible Accounts as defined under this Agreement;
(6) Accounts receivable from Affiliates or subsidiaries of the Borrower;
(7) Accounts for which Borrower has not submitted an invoice to a Customer requesting payment for goods or services provided by Borrower, including without limitation, progress payments, retainages, milestones, and final payments; or
(8) Any Account deemed by the Lender, in the exercise of its sole and absolute discretion, to be an Ineligible Account because of uncertainty as to the creditworthiness of the Customer or because the Lender otherwise considers the collateral value thereof to the Lender to be impaired or its ability to realize such value to be insecure.
Ineligible Accounts means: (a) Accounts created from the sale of goods and services on non-standard terms and/or that allow for payment to be made more than thirty (30) days from date of sale; (b) Accounts unpaid more than ninety (90) days from date of invoice; (c) all Accounts of any Account Debtor if fifty percent (50%) or more of the outstanding balance of such Accounts are unpaid more than ninety (90) days from the date of invoice; (d) Accounts for which the Account Debtor is an officer, director, shareholder, partner, member, owner, employee, agent, parent, Subsidiary, or Affiliate of, or is related to, Borrower or has common shareholders, officers, directors, owners, partners or members with Borrower; (e) consignment sales; (f) Accounts for which the payment is or may be conditional; (g) Accounts for which the Account Debtor is not a commercial or institutional entity or is not a resident of the United States or Canada; (h) Accounts with respect to which any warranty or representation provided in Section 8.19 is not true and correct; (i) Accounts which represent goods or services purchased for a personal, family or household purpose; (
Ineligible Accounts means: (a) Accounts created from the sale of goods and services on non-standard terms and/or that allow for payment to be made more than thirty (30) days from date of sale; (b) Accounts unpaid more than ninety (90) days from date of invoice; (c) all Accounts of any Account Debtor if fifty percent (50%) or more of the outstanding balance of such Accounts are unpaid more than ninety (90) days from the date of invoice; (d) Accounts for which the Account Debtor is an officer, director, shareholder, partner, member, owner, employee, agent, parent, Subsidiary, or Affiliate of, or is related to, Borrower or has common shareholders, officers, directors, owners, partners or members with Borrower; (e) consignment sales; (f) Accounts for which the payment is or may be conditional; (g) Accounts for which the Account Debtor is not a commercial or institutional entity or is not a resident of the United States or Canada; (h) Accounts with respect to which any warranty or representation provided in Section 7.19 is not true and correct; (i) Accounts which represent goods used for demonstration purposes or loaned by Borrower to another party; (j) Accounts which are progress payment, barter, or contra accounts; and (k) any and all other Accounts which DFS deems to be ineligible.
Ineligible Accounts shall be as defined in Schedule A.
Ineligible Accounts means, without duplication,