AGAINST BORROWER'S ELIGIBLE
ACCOUNTS RECEIVABLE TO A PERCENTAGE APPROPRIATE TO REFLECT SUCH ADDITIONAL
DILUTION AND/OR ESTABLISH RESERVES AGAINST BORROWER'S ELIGIBLE ACCOUNTS
RECEIVABLE.
8.5
"CLOSING DATE" MEANS THE DATE ON WHICH THE FIRST CREDIT EXTENSION
IS MADE.
8.6
"COLLATERAL" MEANS ALL PROPERTY SECURING THE OBLIGATIONS.
8.7
"COLLATERAL DOCUMENTS" MEANS THOSE SECURITY AGREEMENT(S), DEED(S)
OF TRUST, GUARANTEE(S), SUBORDINATION AGREEMENT(S), INTERCREDITOR AGREEMENT(S),
AND OTHER CREDIT SUPPORT DOCUMENTS AND INSTRUMENTS REQUIRED BY THE TRADE BANK TO
EFFECT THE COLLATERAL AND CREDIT SUPPORT REQUIREMENTS SET FORTH IN THE
SUPPLEMENT WITH RESPECT TO THE FACILITY.
8.8
"CREDIT" MEANS ANY DISCOUNT, ALLOWANCE, CREDIT, REBATE, OR
ADJUSTMENT GRANTED BY BORROWER WITH RESPECT TO AN ACCOUNT RECEIVABLE.
8.9
"CREDIT EXTENSION" MEANS EACH EXTENSION OF CREDIT UNDER THE
FACILITY (WHETHER FUNDED OR UNFUNDED), INCLUDING, BUT NOT LIMITED TO, (A) THE
ISSUANCE OF SIGHT OR USANCE COMMERCIAL LETTERS OF CREDIT OR COMMERCIAL LETTERS
OF CREDIT SUPPORTED BY BACK-UP LETTERS OF CREDIT, (B) THE ISSUANCE OF STANDBY
LETTERS OF CREDIT, (C) THE ISSUANCE OF SHIPPING GUARANTEES, (D) THE MAKING OF
REVOLVING CREDIT WORKING CAPITAL LOANS, (E) THE MAKING OF LOANS AGAINST IMPORTS
FOR LETTERS OF CREDIT, (F) THE MAKING OF CLEAN IMPORT LOANS OUTSIDE LETTERS OF
CREDIT, (G) THE MAKING OF ADVANCES AGAINST EXPORT ORDERS, (H) THE MAKING OF
ADVANCES AGAINST EXPORT LETTERS OF CREDIT, (I) THE MAKING OF ADVANCES AGAINST
OUTGOING COLLECTIONS, (J) THE MAKING OF TERM LOANS, AND (K) THE ENTRY INTO
FOREIGN EXCHANGE CONTRACTS.
8.10
"CREDIT LIMIT" MEANS, WITH RESPECT TO THE ANY FACILITY, THE AMOUNT
SPECIFIED UNDER THE COLUMN LABELED "CREDIT LIMIT" IN THE SUPPLEMENT FOR THAT
RELATED FACILITY.
8.11
"CREDIT SUBLIMIT" MEANS, WITH RESPECT TO ANY SUBFACILITY, THE
AMOUNT SPECIFIED AFTER THE NAME OF THAT SUBFACILITY UNDER THE COLUMN LABELED
"CREDIT SUBLIMIT" IN THE SUPPLEMENT FOR THE RELATED FACILITY.
8.12
"DOLLARS" AND "$" MEANS UNITED STATES DOLLARS.
8.13
"ELIGIBLE ACCOUNTS RECEIVABLE" MEANS THOSE ACCOUNTS RECEIVABLE
WHICH HAVE BEEN CREATED IN THE ORDINARY COURSE OF BORROWER'S BUSINESS AND UPON
WHICH BORROWER'S RIGHT TO RECEIVE PAYMENT IS ABSOLUTE AND NOT CONTINGENT UPON
THE FULFILLMENT OF ANY CONDITIONS WHATSOEVER, AND SHALL NOT INCLUDE:
(A)
ANY ACCOUNT WHICH IS PAST DUE NINETY (90)
DAYS AFTER THE INVOICE DATE WITH RESPECT TO ACCOUNTS RECEIVABLE WITH PAYMENT
TERMS OF NET THIRTY (30) OR NET SIXTY (60) CALENDAR DAYS FROM INVOICE DATE AND
THIRTY (30) DAYS AFTER THE DUE DATE WITH RESPECT TO ACCOUNTS RECEIVABLE WITH
PAYMENT TERMS OF NET 90 CALENDAR DAYS FROM INVOICE DATE;
10
(B)
ANY ACCOUNT FOR WHICH THERE ARE ANY RIGHT OF
SETOFF, DEFENSE OR DISCOUNT (EXCEPT REGULAR DISCOUNTS ALLOWED IN THE ORDINARY
COURSE OF BUSINESS TO PROMOTE PROMPT PAYMENT) OR FOR WHICH ANY DEFENSE OR
COUNTERCLAIM HAS BEEN ASSERTED;
(C)
ANY ACCOUNT WHICH REPRESENTS AN OBLIGATION
OF ANY STATE OR MUNICIPAL GOVERNMENT OR OF THE UNITED STATES GOVERNMENT OR ANY
POLITICAL SUBDIVISION THEREOF;
(D)
ANY ACCOUNT WHICH REPRESENTS AN OBLIGATION
OF AN ACCOUNT DEBTOR LOCATED IN A FOREIGN COUNTRY AND WHICH IS NOT INSURED UNDER
A CREDIT INSURANCE POLICY ACCEPTABLE TO TRADE BANK.
(E)
ANY ACCOUNT WHICH