Eligible Foreign Accounts

Eligible Foreign Accounts. Are Accounts for which the Account Debtor has a place of business in the United Kingdom and are: (1) covered by credit insurance satisfactory to Bank, less any deductible; or (2) supported by letter(s) of credit acceptable to Bank; or (3) that Bank approves in writing.

Eligible Foreign Accounts. Means Accounts due and owing by an account debtor located outside the United States; but excluding any Accounts having any of the following characteristics: (i) (A) That portion of Accounts (other than dated Accounts) unpaid 120 days or more after the invoice date, (B) that portion of dated Accounts unpaid more than 60 days after the stated due date, and (C) that portion of Accounts that do not provide for payment in full within 180 days after the shipment date; (ii) That portion of Accounts... related to goods or services with respect to which the Borrower has received notice of a claim or dispute, which are subject to a claim of offset or a contra account, or which reflect a reasonable reserve for warranty claims or returns; (iii) That portion of Accounts not yet earned by the final delivery of goods or rendition of services, as applicable, by the Borrower to the customer; (iv) That portion of Accounts for which an invoice has not been sent to the applicable account debtor; (v) Accounts owed by any unit of government; (vi) Accounts owed by an account debtor that is insolvent, the subject of bankruptcy proceedings or has gone out of business; 3 (vii) Accounts owed by an Owner, Subsidiary, Affiliate, Officer or employee of the Borrower; (viii) Accounts not subject to a duly perfected security interest in the Lender's favor or which are subject to any Lien in favor of any Person other than the Lender; (ix) That portion of Accounts that has been restructured, extended, amended or modified; (x) That portion of Accounts that constitutes advertising, finance charges, service charges or sales or excise taxes; (xi) That portion of Accounts owed by an account debtor that is not an Approved Buyer; (xii) Accounts denominated in any currency other than United States dollars, Canadian dollars, Swiss francs, Japanese yen, United Kingdom pounds sterling or European Union euros; (xiii) Accounts with respect to which the Borrower has not instructed the Account debtor to pay the Account to the Collateral Account; (xiv) Accounts owed by debtors located in countries not acceptable to the Lender in its sole discretion; (xv) Accounts owed by an account debtor, regardless of whether otherwise eligible, if 15% or more of the total amount due under Accounts from such debtor is ineligible under clauses (i), (ii) or (ix) above; and (xvi) Accounts otherwise deemed unacceptable to the Lender in its sole discretion. View More

Eligible Foreign Accounts. Accounts with respect to which the account debtor does not have its principal place of business in the United States and that (i) are supported by one or more letters of credit in an amount and of a tenor, and issued by a financial institution, acceptable to Senior Lender, (ii) covered in full by credit insurance satisfactory to Senior Lender, less any deductible, or (iii) that Senior Lender has approved on a case-by-case basis. Lender hereby approves Perkins Engines Company Limited as an... "Eligible Foreign Account" for all purposes under the Agreement View More