Eligible Credit Card Receivables. As to each Credit Card Receivable that is identified by Borrower as an Eligible Credit Card Receivable in a Borrowing Base Certificate submitted to the Agent, such Credit Card Receivable is (i) a bona fide existing payment obligation of the applicable Credit Card Issuer or Credit Card Processor created by the sale and delivery of Inventory or the rendition of services in the Ordinary Course of Business of any Borrower, (ii) owed to any Borrower, and (iii) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Credit Card Receivables.
Eligible Credit Card Receivables. As of the date of determination thereof, Accounts Receivable due to a Borrower or a Guarantor on a non-recourse basis (net of standard chargebacks and standard fees due to the credit card issuer or processor and without reference to any rights of customers to return goods) from (i) Visa, MasterCard, American Express Co., or Discover to the extent processed by a major credit card processor, and (ii) other major credit card issuers and/or processors reasonably acceptable to the Administrative 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 Receivables. The definition of “Eligible Credit Card Receivables” shall be amended and restated in its entirety to read as follows:
Eligible Credit Card Receivables at the time of any determination thereof, each Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Receivable (i) has been earned by performance and represents the bona fide amounts due to Borrower from a credit card payment processor and/or credit card issuer, and in each case originated in the Ordinary Course of Business of Borrower, and (ii) is not ineligible for inclusion in the calculation of the Availability pursuant to any of clauses (a) through (k) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, a Receivable shall indicate no Person other than Borrower as payee or remittance party. In determining the amount to be so included, the face amount of a Receivable shall be reduced by, without duplication, to the extent not reflected in such face amount, (x) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that Borrower may be obligated to rebate to a customer, a credit card payment processor, or credit card issuer pursuant to the terms of any agreement or understanding (written or oral)) and (y) the aggregate amount of all cash received in respect of such Receivable but not yet applied by Borrower to reduce the amount of such Receivable. Any Receivables meeting the foregoing criteria shall be deemed Eligible Credit Card Receivables but only as long as such Receivable is not included within any of the following categories, in which case such Receivable shall not constitute an Eligible Credit Card Receivable:
Eligible Credit Card Receivables. As to each Account that is identified by Borrower as an Eligible Credit Card Receivable in a Borrowing Base Certificate submitted to Administrative Agent, such Account is (a) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account Debtor in the ordinary course of business of Borrower and the Guarantor Subsidiaries, (b) owed to Borrower or a Guarantor Subsidiary without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (c) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Credit Card Receivables.
Eligible Credit Card Receivables. The Eligible Credit Card Receivables are bona fide existing payment obligations of Account Debtors created by the sale and delivery of Inventory or the rendition of services to such Account Debtors in the ordinary course of the Borrowers' business, owed to Borrowers' without defenses, disputes, offsets, counterclaims, or rights of return or cancellation, other than rights of return of retail customers of the Borrowers' in the ordinary course of Borrowers' business.
Eligible Credit Card Receivables. Accounts due on the Borrowers' private label credit card program, which are deemed in the reasonable discretion of the Administrative Agent (based on customary credit considerations of the Administrative Agent) to be eligible.
Eligible Credit Card Receivables. The definition of “Eligible Credit Card Receivables” in Section 1(a)(v) of the Fifteenth Amendment to Loan Agreement is hereby amended by deleting the word “and” appearing at the end of clause (L), replacing the period with a semicolon and the word “and” appearing at the end of clause (M) and adding a new clause (N) as follows:
Eligible Credit Card Receivables. The product of the Advance Percent (as defined below in this definition) multiplied by the aggregate amount of all Eligible Credit Card Receivables; plus
Eligible Credit Card Receivables. O. Ninety percent (90%) of all Eligible Credit Card Receivables $___________
