Eligible Accounts Receivable

Example Definitions of "Eligible Accounts Receivable"
Eligible Accounts Receivable. Means all unpaid Accounts, net of any credits, except the following shall not in any event be deemed Eligible Accounts: (a) That portion of Accounts unpaid 30 days or more after the invoice date: (b) That portion of Accounts that is disputed or subject to a claim of offset or a contra account; (c) That portion of Accounts not yet earned by the final delivery of goods or rendition of services, as applicable, by any Borrower to the customer; (d) Accounts owed by any unit of government, whether... foreign or domestic except Incentive Payments will be considered a part of Eligible Accounts as defined in this Agreement; (e) Accounts owed by an account debtor located outside the United States; (f) Accounts owed by an account debtor that is insolvent, the subject of bankruptcy proceedings or has gone out of business; (g) Accounts owed by a shareholder, Guarantor, Affiliate, officer or employee of any Borrower; (h) Accounts not subject to a duly perfected security interest in the Lender's favor or which are subject to any lien, security interest or claim in favor of any Person other than the Lender, including, without limitation, any payment or performance bond; (i) That portion of Accounts that has been restructured, extended, amended or modified; (j) That portion of Accounts that constituted advertising, finance charges, service charges or sales or excise taxes; and (k) Accounts, or portions thereof, otherwise deemed ineligible by the Lender, in its sole discretion, exercised reasonably. View More
Eligible Accounts Receivable. Means all All unpaid Accounts, net of any credits, except the following shall not in any event be deemed Eligible Accounts: Accounts Receivable: (a) That portion of Accounts unpaid 30 days or more after the invoice date: (b) That portion of Accounts that is disputed or subject to a claim of offset or a contra account; (c) That portion of Accounts not yet earned by the final delivery of goods or rendition of services, as applicable, by any Borrower to the customer; (d) Accounts owed by any unit... of government, whether foreign or domestic domestic; except Incentive Payments that Accounts due as a result of blender's or producer's tax credit or other credit from a government unit will be considered a part of deemed Eligible Accounts as defined in this Agreement; Receivable; (e) Accounts owed by an account debtor located outside the United States; (f) Accounts owed by an account debtor that is insolvent, the subject of bankruptcy proceedings or has gone out of business; (g) Accounts owed by a shareholder, member, Guarantor, Affiliate, officer or employee of any Borrower; Borrower. Notwithstanding the foregoing and subject to all other exclusions listed in the Eligible Accounts Receivable definition, (i) Accounts owed to Borrower by REG Marketing & Logistics Group, LLC ("REG Marketing") arising out of the production and/or sale of biodiesel, glycerin and fatty acids produced by Borrower at its bio-diesel production facility in Newton, Iowa, and sold to REG Marketing pursuant to that certain Contract Manufacturing Agreement dated of even date herewith, by and between REG Marketing and Borrower, and (ii) Accounts related to transactions as approved by Lender and listed on Schedule 5.02(k) of the MLA, will be deemed to be Eligible Accounts Receivable; (h) Accounts not subject to a duly perfected security interest in the Lender's favor or which are subject to any lien, security interest or claim in favor of any Person other than the Lender, including, without limitation, any payment or performance bond; (i) That portion of Accounts that has been restructured, extended, amended or modified; (j) That portion of Accounts that constituted constitutes advertising, finance charges, service charges or sales or excise taxes; and (k) Accounts, or portions thereof, otherwise deemed ineligible by the Lender, in its sole discretion, exercised reasonably. View More
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Eligible Accounts Receivable. All of Borrower's Accounts Receivable that are based on goods shipped or services rendered by Borrower and that are and continue to be acceptable to Bank in all respects. Criteria for determining eligibility may be revised by Bank at any time. Without limitation, Eligible Accounts Receivable exclude all of the following Accounts Receivable: the entire balance of any Accounts Receivable that has been due and owing for more than 90 days from the invoice date; all of the remaining Accounts... Receivable owned by an Account Debtor when this Account Debtor has been due and owing for more than 90 days from the invoice date on one account; and those Accounts Receivable which Bank in Bank's sole discretion disqualifies as an Eligible Account. View More
Eligible Accounts Receivable. The Company's Accounts Receivable that are and continue to be acceptable to you in all respects. Eligible Accounts Receivable exclude all Accounts Receivable, or the portion of any Account Receivable as indicated, that: (a) Have not been finally accepted by the Account Debtors and Guarantors without dispute, offset, defense or counterclaim for the purpose of voiding, avoiding or reducing the amount of the Accounts Receivable. (b) Are subject or will be subject to a service or maintenance... agreement or a prior claim, assignment, security interest or any type of lien, unless you consent to these interests or these interests are subordinated to your interest. (c) The portion of any Account Receivable that is subject to a credit adjustment or allowance (except for a discount for prompt payments). (d) Are subject to a return, rejection or repossession. (e) Have Account Debtors or Guarantors that cannot be identified on the Company's records. (f) Are owed by Account Debtors or Guarantors who are insolvent, subject to bankruptcy or receivership proceedings, have made an assignment for the benefit of creditors or whose credit standing is otherwise unacceptable to you and you have so notified it. (g) Have Account Debtors that are foreign governments. (h) Have Account Debtors that are not residents of the United States of America. (i) Are subject to a retainage to the extent of the retainage. (j) Have Account Debtors that are an Insider or "affiliate" of the Company, as defined by the United States Bankruptcy Code, as amended. (k) Have Account Debtors or Guarantors whose credit standing in relation to the amount of credit extended has become unsatisfactory to you. (l) The portion of any otherwise Eligible Accounts Receivable balances the payment of which is subject to withholding by the Account Debtor until the Company has completed performance of services or delivery of goods. (m) The portion of any otherwise Eligible Accounts Receivable balances which have been due and owing for more than 90 days measured from the invoice due dates and all remaining Accounts Receivable owed by these Account Debtors who are overdue on at least one of their Accounts Receivable. (n) The entire balance of any otherwise Eligible Accounts Receivable if 50 percent or more of that entire balance has been due and owing for more than 90 days from the invoice due dates. (o) The portion of any otherwise Eligible Accounts Receivable balance which is offset by a contra account owing from the Company (e.g., only the net amount due from the Account Debtor after the amount the Company owes the Account Debtor is subtracted from the amount the Account Debtor owes the Company is eligible). (p) Percent of the balance of any otherwise Eligible Accounts Receivable owed by an Account Debtor whose total Eligible Accounts Receivable balance exceeds 20 percent of the total Eligible Accounts Receivable balances owing from all Account Debtors. (q) Have arisen from sales made outside of the ordinary course of business. (r) Are not subject to the Uniform Commercial Code and for which the sales agreement or purchase orders have a non-assignability clause. (s) You, in your discretion exercised reasonably and in good faith, judge not to qualify as an Eligible Accounts Receivable View More
Eligible Accounts Receivable. All of the accounts receivable owned by Borrower, except any such account receivable as to which any exclusionary criteria apply. Lender shall have the right, at any time and from time to time after the First Amendment Date upon ten (10 days prior notice to Borrower, to establish, modify or eliminate reserves against Eligible Accounts Receivable, or, acting in its commercially reasonable good faith business judgment, to adjust or supplement any of the criteria set forth below, and to establish... new criteria, to reflect changes in the collectability or realization values of such accounts receivable arising or discovered by Lender after the First Amendment Date. In any event, Eligible Accounts Receivable shall not include (i) any accounts receivable outstanding greater than 150 days from invoice date or (ii) foreign (non-US) accounts receivable unless otherwise approved by Lender after completion of a standard field examination which shall be completed within 30 days of the First Amendment Date. View More
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