Credit Review Point Sample Clauses

Credit Review Point. Bank shall provide a credit allocation for the Program in the amount of the Credit Review Point. Bank will not be obligated to make any extension of credit under the Program if, after such extension, the aggregate Indebtedness for all Accounts would exceed the credit line for the Program then in effect. For the avoidance of doubt, all Indebtedness attributable to both Private Label Accounts and Co-Brand Accounts (including Indebtedness relating to Non-Retailer Purchases) shall be included in the calculations in respect of Indebtedness and the Credit Review Point under this Section 7.6. If at any time the aggregate Indebtedness with respect to all Accounts equals or exceeds [***] of the Credit Review Point then in effect, then within ninety (90) days thereafter, Bank will select one of the following options and give Retailer notice of its selection: (a) Bank may increase the Credit Review Point to an amount that will accommodate the then outstanding Indebtedness, and anticipated growth in such Indebtedness (as applicable) through the remainder of the Term, based on Bank’s good faith projections. If Bank selects this option, then Bank’s notice to Retailer will include the amount of the increased Credit Review Point. Retailer shall have the option to terminate the Agreement in accordance with the provisions of Section 10.2(h) of the Agreement if the Bank’s increase does not satisfy Retailer’s good faith projections of Program growth. (b) Bank may elect not to increase the Credit Review Point, in which case, Retailer will be entitled to terminate this Agreement in accordance with the provisions of Section 10.2(g) of the Agreement.
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Credit Review Point. Bank shall provide an internal credit allocation for the Program in the amount of the Credit Review Point. Bank shall not be obligated to make any extension of credit under the Program if, after such extension, the aggregate indebtedness for all Accounts would exceed the Credit Review Point then in effect. If, at any time during the term of this Agreement, the aggregate indebtedness with respect to all Accounts equals or exceeds (**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission) of the Credit Review Point then in effect (“CRP Threshold Date”), Bank will (i) promptly, and in any event within thirty (30) days, notify Retailer, (ii) review the Program and the Credit Review Point, and (iii) either increase the then existing Credit Review Point or leave such Credit Review Point at its existing level. Bank will select one of the foregoing options in clause (iii) within sixty (60) days after such CRP Threshold Date, and will give Retailer written notice of such election, including, in the case of an election to increase the Credit Review Point, the amount of such increase. If at any time Bank notifies Retailer of its election not to increase the then applicable Credit Review Point pursuant to this Section, Retailer shall have the termination rights set forth in Section 17(b)(ii). For the purposes of this Agreement, “Credit Review Point” (**Confidential portion has been omitted pursuant to a request for confidential treatment and has been filed separately with the Commission) or such other higher amount as Bank, in its discretion, may from time to time specify to Retailer in writing.
Sample 1
Credit Review Point. (a) Bank shall extend credit to Cardholders in amounts set forth as the Net Credit Volume reflected in Charge Transaction Data received and accepted by Bank; provided that such extension of credit shall be subject to (i) the credit limits applicable to each Account, including any automatic credit overline extension, and (ii) the Credit Criteria and the terms and conditions in the Credit Card Agreements. Under no circumstances shall Bank be required to advance funds in respect of Charge Transaction Data submitted to it by JCPenney or approve any extension of credit to any Cardholder if, after giving effect to such advance or approval, the sum of such advances or approvals plus the aggregate outstanding balances on the Account as of the day of such advance or approval would exceed the Credit Review Point. For purposes of Section 2.3, Net Credit Volume shall include all DMS Net Credit Volume. (b) JCPenney expressly acknowledges Bank’s right to establish a Credit Review Point as described in this Section 2.3 and, in this regard, hereby releases Bank from and against Indemnified Losses incurred by JCPenney (other than claims of Persons other than JCPenney, its Affiliates and/or any other Authorized Entities) as a result of Bank refusing to approve any extensions of credit to Cardholders where such refusal results from the application of the Credit Review Point; provided that the foregoing shall not otherwise modify any of Bank’s indemnification obligations pursuant to Article XI. (c) Bank shall promptly notify JCPenney when the aggregate amount of the total outstanding balances on Accounts shall equal or exceed an amount equal to eighty percent (80%) of the Credit Review Point. Within ninety (90) days after such notification, Bank shall notify JCPenney whether Bank is willing to increase the Credit 11 Review Point. If Bank refuses to increase the Credit Review Point by at least ten percent (10%), JCPenney shall have the right to terminate this Agreement pursuant to Article X hereof within one hundred eighty (180) days of notice from Bank of its decision with respect to increasing the Credit Review Point.
Sample 1
Credit Review Point. Bank shall provide a credit allocation for the Program in the amount of the Credit Review Point. Bank will not be obligated to make any extension of credit under the Program if, after such extension, the aggregate Indebtedness for all Accounts would exceed the Credit Review Point for the Program then in effect. Bank shall also have no obligation to extend further credit under the Program at any time after the occurrence of any event that would allow Bank to give notice of termination hereunder. If at any time the aggregate Indebtedness with respect to all Accounts equals or exceeds eighty percent (80%) of the Credit Review Point then in effect, then within ninety (90) days thereafter, Bank will select one of the following options and give Retailer written notice of its selection: (a) Bank may increase the Credit Review Point to an amount that will accommodate the then outstanding Indebtedness, and anticipated growth in such Indebtedness (as applicable), based on Bank’s good faith projections. If Bank selects this option, then Bank’s written notice to Retailer will include the amount of the increased Credit Review Point. (b) Bank may elect not to increase the Credit Review Point, in which case, Retailer will be entitled to terminate this Agreement in accordance with the provisions of Section 9.2(j).
Sample 1
Credit Review Point. Bank shall provide an internal credit allocation for the Program in the amount of the Credit Review Point. Bank shall not be obligated to make any extension of credit under the Program if, after such extension, the aggregate indebtedness for all Accounts would exceed the Credit Review Point then in effect. If, at any time during the term of this Agreement, the aggregate indebtedness with respect to all Accounts equals or exceeds eighty percent (80%) of the Credit Review Point then in effect (“CRP Threshold Date”), Bank will (i) promptly notify Retailer, (ii) review the Program and the Credit Review Point, and (iii) either increase the then existing Credit Review Point or leave such Credit Review Point at its existing level. Bank will select one of the foregoing options in clause (iii) within 90 days after such CRP Threshold Date, and will give Retailer written notice of such election, including, in the case of an election to increase the Credit Review Point, the amount of such increase. If at any time Bank notifies Retailer of its election not to increase the then applicable Credit Review Point pursuant to this Section, Retailer shall have the termination rights set forth in Section 15(b)(iii). For the purposes of this Agreement, “Credit Review Point” means Seventy-Five Million Dollars ($75,000,000) or such other higher amount as Bank, in its discretion, may from time to time specify to Retailer in writing.
Sample 1
Credit Review Point. The definition of “Credit Review Point” appearing in Schedule 15.1 of the Agreement is replaced, in its entirety, with the revised definition shown on Schedule 15.1 (attached to this Amendment Number Two).
Sample 1
Credit Review Point. Bank and JCPenney hereby agree to the changes in respect of the Credit Review Point set forth in Schedule III attached hereto and made a part hereof.
Sample 1
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Related to Credit Review Point

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