ELIGIBLE TRANSACTION means any transaction in which the Insured during the Policy Period: discounts, purchases or otherwise finances an Open Account Transaction or provides a guarantee of payment to the Seller in respect of an Open Account transaction.
Provided always, that
1. the payment obligation of the Customer to the Insured conforms with the Maximum Terms of Payment as specified in Item 9 of the Declarations;
2. the Customer is required to pay in Eligible Transaction Currency;
3. the Customer is not a subsidiary or associated company of the Insured.