Eligible Leadtech Accounts. Means all Leadtech Accounts, arising out of the sale or lease of goods or rendition of services by Leadtech occurring after the consummation of the Leadtech Acquisition Documents, net of any credits, but excluding any of the following: (i) that portion of Leadtech Accounts unpaid 90 days or more after the invoice date; (ii) that portion of Leadtech Accounts that is disputed or subject to a claim of offset or a contra
... account; (iii) that portion of Leadtech Accounts not yet earned by the final delivery of goods or rendition of services, as applicable; (iv) Leadtech Accounts owed by any unit of government whether foreign or domestic; (v) Leadtech Accounts owed by an account debtor located outside the United States which are not (A) backed by a bank letter of credit 2 naming the Lender as beneficiary or assigned to the Lender, in the Lender's possession or control, and with respect to which a control agreement concerning the letter-of-credit rights is in effect, and acceptable to the Lender in all respects, in its sole discretion, or (B) covered by a foreign receivables insurance policy acceptable to the Lender in its sole discretion; (vi) Leadtech Accounts owed by an account debtor that is insolvent, the subject of bankruptcy proceedings or has gone out of business; (vii) Leadtech Accounts owed by a shareholder, Subsidiary, Affiliate, officer or employee of any of the Borrowers or Leadtech; (viii) Leadtech 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; (ix) that portion of Leadtech Accounts that has been restructured, extended, amended or modified; (x) that portion of Leadtech Accounts that constitutes advertising, finance charges, service charges or sales or excise taxes; (xi) Leadtech Accounts owed by an account debtor, regardless of whether otherwise eligible, if 25% or more of the total amount due under Leadtech Accounts from such debtor is ineligible under clauses (i), (ii), or (ix) above; and (xii) Leadtech Accounts, or portions thereof, otherwise deemed ineligible by the Lender in its sole discretion.
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