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. O. Ninety percent (90%) of all Eligible Credit Card Receivables $___________
P. Line O multiplied by 50% advance rate = total Eligible Credit Card Receivables borrowing base $___________
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. 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. 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 definition of “Eligible Credit Card Receivables” shall be amended and restated in its entirety to read as follows:
Eligible Credit Card Receivables. As to each Credit Card Receivable that is identified by Borrowers as an Eligible Credit Card Receivable in a Borrowing Base Certificate submitted to Agent, such Credit Card Receivable is (a) 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 Borrowers’ business, and (b) 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.”
(n) Section 5.1 of the Credit Agreement is hereby amended and modified by amending and restating such Section in its entirety 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. 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.
