Eligible Credit Card Receivable means, as of any date of determination, a Credit Card Receivable that is subject to a first priority Lien in favor of Agent and which are not any of the following:
Eligible Credit Card Receivable means a Credit Card Receivable of any Loan Party that has been earned by performance and represents the bona fide amounts due to such Loan Party from a Credit Card Issuer or Credit Card Processor, and in each case is originated in the ordinary course of business of such Loan Party, except any Credit Card Receivable to which any of the exclusionary criteria set forth below applies as determined by Lead Borrower and/or the Administrative Agent in its Permitted Discretion (with concurrent written notice to Lead Borrower) at any time and from time to time after the Closing Date; provided, however, that no Credit Card Receivables of an Acquired Entity or Business shall be Eligible Credit Card Receivables until such time as the Administrative Agent shall have received and be satisfied in its Permitted Discretion with the results of a field examination with respect thereto, such field exam to be conducted at the Borrowers’ expense. Without limiting the generality of the foregoing, no Credit Card Receivable shall be an Eligible Credit Card Receivable if:
Eligible Credit Card Receivable means any Credit Card Receivable that has been earned and represents the bona fide amounts due to a Borrower from a credit card processor and/or credit card issuer, and in each case originated in the ordinary course of business of the relevant Borrower, which Receivable, unless otherwise approved by the Agent in its Permitted Discretion, meets all of the following requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22:
Examples of Eligible Credit Card Receivable in a sentence
Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party.
In determining the amount to be so included in the calculation of the value of an Eligible Credit Card Receivable, the face amount thereof shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all customary fees and expenses in connection with any credit card arrangements and (ii) the aggregate amount of all cash received in respect thereof but not yet applied by the applicable Loan Party to reduce the amount of such Eligible Credit Card Receivable.
If any Credit Card Receivable at any time ceases to be an Eligible Credit Card Receivable, then such Credit Card Receivable shall promptly be excluded from the calculation of the Borrowing Base.
Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, a Credit Card Receivable shall indicate no Person other than a Loan Party as payee or remittance party, it being understood that Credit Card Receivables governed by credit card processing arrangements of SHC and its Subsidiaries pursuant to which the Loan Parties also obtain services shall not, if they otherwise satisfy the requirements of this definition, be disqualified.
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More Definitions of Eligible Credit Card Receivable
Eligible Credit Card Receivable means, the gross amount of Credit Card Receivables of Borrowers that are subject to a valid, first priority and fully perfected security interest in favor of the Agent for itself and the Secured Parties, which conform to all applicable warranties contained herein, less, without duplication, (a) the sum of all Credit Card Receivables: (i) for which Agent has not received a Credit Card Acknowledgment within 60 days after the date hereof if the Credit Card Agreement exists on the date hereof (or if the Credit Card Agreement is entered into after the date hereof, no later than sixty days after the date of such Credit Card Agreement or such later date as is acceptable to Agent); provided that in the case of Credit Card Receivables owing by American Express, a Borrower shall use commercially reasonable efforts to obtain a Credit Card Acknowledgement from American Express and in the event, after such commercially reasonable efforts, a Credit Card Acknowledgement is not obtained from American Express, American Express’ receipt of notice of Agent’s first priority security interest in the monies due and to become due to a Borrower shall satisfy the requirement for Agent to receive a Credit Card Acknowledgement with respect to Credit Card Receivables owing by American Express, and (ii) which are unpaid more than five (5) Business Days after the date of the sale of Inventory giving rise to such Credit Card Receivable, and (b) amounts owing to Credit Card Issuers or Credit Card Processors in connection with the Credit Card Agreements.
Eligible Credit Card Receivable means a Credit Card Receivable with respect to which the Eligibility Criteria with respect to Credit Card Receivables set forth on Part B of Annex Care satisfied as of the applicable date of determination.
Eligible Credit Card Receivable means, as of the date of determination thereof, Accounts due to a Borrower on a non-recourse basis (other than standard chargebacks and standard fees due to the Credit Card Issuer or Credit Card Processor) from (i) Visa, MasterCard, American Express Co., or Discover, and (ii) other Credit Card Issuers and/or Credit Card Processors reasonably acceptable to Agent as arise in the ordinary course of business for the purchase of merchandise or services which have been earned by performance; provided that, none of the following shall be deemed to be Eligible Credit Card Receivables:
Eligible Credit Card Receivable means Accounts due to the Borrower or a Guarantor on a non-recourse basis from Household or any third party administering a Permitted Credit Card Program for the Borrower or a Guarantor and from Visa, Mastercard, American Express Co., Discovercard, and other major credit card issuers reasonably acceptable to the Agent as arise in the ordinary course of business, which have been earned by performance and are deemed by the Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing Base. Without limiting the foregoing, none of the following shall be deemed to be Eligible Credit Card Receivables, unless the Agent and the Majority Lenders in their reasonable discretion agree:
Eligible Credit Card Receivable means each Credit Card Receivable that is, and at all times continues to be, acceptable to the Agent in all respects. Criteria for eligibility may be established and revised from time to time by the Agent in its reasonable business judgment. In general, a Credit Card Receivable of the Borrower will be deemed eligible if at the time of determination such Credit Card Receivable meets the following criteria:
Eligible Credit Card Receivable means all of the Credit Card Receivables of each Loan Party that arise in the ordinary course of their business, that have been earned by performance, that comply in all material respects with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluded criteria set forth below. In determining the amount to be included, Eligible Credit Card Receivables shall be calculated net of customer deposits, unapplied cash, bonding subrogation rights to the extent not cash collateralized, any and all returns, accrued rebates, discounts (which may, in the Administrative Agent’s Permitted Discretion, be calculated on shortest terms), credits, allowances or sales or excise taxes of any nature at any time issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with such Accounts at such time. Eligible Credit Card Receivables shall not include the following:
Eligible Credit Card Receivable means those Credit Card Receivables originated by a Borrower in the ordinary course of its business, that arise out of such Borrower’s sale of goods or rendition of services, which the Administrative Agent, in its Permitted Discretion, deems to be an Eligible Credit Card Receivable. Without limiting the generality of the foregoing, no Credit Card Receivable shall be an Eligible Credit Card Receivable if: