Credit Card Receivables. As of the time when each of its Accounts is included in the Borrowing Base as an Eligible Credit Card Receivable, such Account and all records, papers and documents relating thereto (a) are genuine and correct in all material respects, (b) represent the legal, valid and binding obligation of the Account Debtor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, evidencing indebtedness unpaid and owed by such Account Debtor, arising out of the performance of labor or services or the sale, lease, license, assignment or other disposition and delivery of the goods or other property listed therein or out of an advance or a loan, and (c) are in all material respects in compliance and conform with all applicable material federal, state and local Laws and applicable Laws of any relevant foreign jurisdiction.
Credit Card Receivables. (a) No amount payable to such Grantor under or in connection with any Credit Card Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Agent to the extent required pursuant to SECTION 4.4(a) of this Agreement.
Credit Card Receivables. All proceeds of credit card receivables shall be deposited into a Specified Deposit Account. No Grantor shall, nor shall any Grantor permit any of its Subsidiaries to, enter into or amend or modify any credit card processing agreement or similar agreements or documentation to which it is a party which requires the counterparties thereto to deliver proceeds of credit card receivables to deposit accounts other than a Specified Deposit Account.
Credit Card Receivables. (i) Each Grantor shall keep and maintain at its own cost and expense complete records of each Credit Card Receivable, in a manner consistent with prudent business practice, including, without limitation, records of all payments received, all credits granted thereon, all merchandise returned and all other documentation relating thereto. Each Grantor shall, at such Grantor’s sole cost and expense, upon Agent’s demand made at any time after the occurrence and during the continuance of any Event of Default, deliver all tangible evidence of all Credit Card Receivables, including, without limitation, all documents evidencing such Credit Card Receivables and any books and records relating thereto to Agent or to its representatives (copies of which evidence and books and records may be retained by such Grantor). Upon the occurrence and during the continuance of any Event of Default, Agent may transfer a full and complete copy of any Grantor’s books, records, credit information, reports, memoranda and all other writings relating to the Credit Card Receivables to and for the use by any Person that has acquired or is contemplating acquisition of an interest in the Credit Card Receivables or Agent’s security interest therein in accordance with applicable Requirements of Law without the consent of any Grantor.
Credit Card Receivables. Servicer shall manage, service, administer, and collect the Credit Card Receivables in accordance with the respective provisions of the Credit and Collection Policy, as in effect from time to time, with the goal of achieving the projections in the applicable Portfolio Budget.
Credit Card Receivables. (i) As of the time when any of its Credit Card Receivables is included in the Borrowing Base as an Eligible Credit Card Receivable, each Grantor shall be deemed to have represented and warranted that such Credit Card Receivable, and all records, papers and documents relating thereto (x) are genuine and correct and in all material respects what they purport to be, (y) represent the legal, valid and binding obligation of the Account Debtor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Requirements of Law relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, evidencing indebtedness unpaid and owed by such Account Debtor, arising out of the performance of labor or services or the sale, lease, license, assignment or other disposition and delivery of the goods or other property listed therein or out of an advance or a loan, and (z) are in all material respects in compliance and conform with all applicable Requirements of Law.
Credit Card Receivables. With respect to each of the Borrowers’ Credit Card Receivables identified by the Borrowers as Eligible Credit Card Receivables, as applicable, in a Borrowing Base Certificate submitted to the Administrative Agent, unless otherwise disclosed to the Administrative Agent in writing:
Credit Card Receivables. Each Credit Card Receivable and all records, papers and documents relating thereto (i) are genuine and correct and in all material respects what they purport to be, (ii) represent the legal, valid and binding obligation of the account debtor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability, evidencing obligations unpaid and owed by such account debtor, arising out of the performance of labor or services or the sale, lease, license, assignment or other disposition and delivery of the goods or other property listed therein or out of an advance of a loan, (iii) are in all material respects in compliance and conform with all applicable material federal, state and local laws and applicable laws of any relevant foreign jurisdiction and (iv) are not evidenced by a judgment, Instrument or Chattel Paper.
Credit Card Receivables. Borrowers shall cause all cash, Credit Card Receivables and other Proceeds of Collateral to be deposited into the Bancontrol Account on a daily basis. If Borrowers receive any cash, Credit Card Receivables, or Proceeds of Collateral directly, Borrowers will promptly deposit such cash, Credit Card Receivables, or Proceeds into the Bancontrol Account. Until so deposited, Borrowers will hold all such cash, Credit Card Receivables, or Proceeds in trust for Lenders without commingling with other funds or property. All amounts deposited into the Bancontrol Account shall immediately become the property of Agent for the ratable benefit of Lenders.
Credit Card Receivables. Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. For the avoidance of doubt, any items identified as Cash Equivalents under this definition (other than Credit Card Receivables) will be deemed to be Cash Equivalents for all purposes under this Indenture regardless of the treatment of such items under GAAP.
