Eligible Foreign Accounts mean Accounts with respect to which the account debtor does not have its principal place of business in the United States and is not located in an OFAC sanctioned country and that are (i) insured by the Export Import Bank of the United States, (ii) generated by an account debtor with its principal place of business in Canada, provided that the Bank has perfected its security interest in the appropriate Canadian province, or (iii) approved by Bank on a case-by-case basis. All Eligible Foreign Accounts must be calculated in U.S. Dollars.
Eligible Medicare Accounts means Eligible Accounts with respect to which the account debtor is the United States government by virtue of monies owed to a Borrower for goods or services provided by such Borrower that are covered by and reimbursed under the Medicare program (Title XVIII of the Social Security Act, as amended).
EOB means the explanation of benefit from an account debtor that identifies the services rendered on account of the Accounts specified therein.
Environmental Laws mean all laws, rules, regulations, orders and the like issued by any federal, state, municipal, local, foreign, or other governmental or quasi-governmental authority or any agency pertaining to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos or other similar materials.
Equipment means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, pails and attachments in which a Borrower has any interest.
Equipment Advance(s) means a cash advance or cash advances under the Equipment Line.
Equipment Line means a Credit Extension of up to Seven Million Dollars ($7,000,000).
Equipment Maturity Date has the meaning assigned in Section 2.1.
Equity Interests mean, with respect to any Person, the capital stock, partnership, membership or limited liability company interest, or other equity securities or equity ownership interest of such Person.
ERISA means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.
Event of Default has the meaning assigned in Section 8.
Excluded Swap Obligation means, with respect to any given Borrower, any Swap Obligation, if, and to the extent that, all or a portion of the guarantee of by such Borrower of, the grant by such Borrower of a security interest to secure, or such Borrower being jointly and severally liable (or acting as a co-borrower hereunder) with respect to, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the CEA, or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof), by virtue of such Borrowers failure for any reason to constitute an eligible contract participant, as defined in Section la(18) of the CEA and the regulations thereunder, at the time such guarantee joint and several liability, co-borrower status, or such security interest grant becomes effective with respect to such related Swap Obligation (such determination being made after giving effect to any applicable keepwell, support, or other agreement for the benefit of the applicable Borrower). If any such Swap Obligation arises under a master agreement governing more than one swap, the foregoing exclusion shall apply only to those Swap Obligations that are attributable to swaps in respect of which such other Borrowers guaranteeing of, or such other Borrowers granting of a security interest or lien to secure, or such other Borrower being a co-borrower or jointly and severally liable with respect to, such swaps is or becomes illegal.
GAAP means generally accepted accounting principles, consistently applied, as in effect from time to time in the United States.
Governmental Authority means any nation or government, any federal, state, city, town, municipality, county, local or other political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality, agency or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. In no event will the term Governmental Authority include any Insurer.
June 27, 2018