Eligible Credit Card Accounts means all of the Credit Card Receivables (net of fees) of the Loan Parties that arise in the ordinary course of business, which have been earned by performance, that are not excluded as ineligible by virtue of one or more of the criteria set forth below and reflected in the most recent Borrowing Base Certificate delivered by the Borrower to Administrative Agent. Eligible Credit Card Accounts shall not include any of the following Credit Card Receivables:

Eligible Credit Card Accounts means as of any date of determination, Accounts due to a Borrower from major credit card and debit card processors (including, but not limited to, VISA, Mastercard, American Express, Diners Club, DiscoverCard, Interlink, NYCE and other recognized payment processing services reasonably acceptable to the Administrative Agent) that arise in the Ordinary Course of Business and which have been earned by performance and that are not excluded as ineligible by virtue of one or more of the criteria set forth below. None of the following shall be deemed to be Eligible Credit Card Accounts:

Eligible Credit Card Accounts means Accounts owed to Borrowers from Credit Card Processors arising from purchases by the Borrowers' customers on credit cards, to the extent deemed eligible in the Agent's Discretion, net of all applicable Reserves.

Examples of Eligible Credit Card Accounts in a sentence

Subject to Section 5.18, the Administrative Agent shall have received copies of the Credit Card Notifications duly executed by the applicable Loan Parties with respect to all Eligible Credit Card Accounts.

More Definitions of Eligible Credit Card Accounts

Eligible Credit Card Accounts means at the time of any determination thereof, each Credit Card Account of a Loan Party that at the time of creation and continuing to the time of such determination is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (o) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Account, such Credit Card Account shall indicate no Person other than a Loan Party as payee or remittance party. In determining the amount to be so included, the face amount of a Credit Card Account shall be reduced by, without duplication, to the extent not reflected in such face amount or reflected in a Reserve, (i) the amount of all accrued and actual fees and charges due to the credit card issuer or credit card processor by any Loan Party, discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Loan Party may be obligated to rebate to a customer, a credit card issuer or credit card processor pursuant to the terms of any agreement or understanding), and (ii) the aggregate amount of all cash received in respect of such Credit Card Account but not yet applied by the Loan Parties to reduce the amount of such Credit Card Account. Any Credit Card Account included within any of the following categories shall not constitute an Eligible Credit Card Account: (a) which is not earned or does not represent the bona fide amount due to a Loan Party from a credit card processor, a credit card issuer, debit card issuer or other applicable service provider that originated in the ordinary course of business of the applicable Loan Party; (b) which is not owned by a Loan Party or to which a Loan Party does not have good title; (c) in which the payee of such Credit Card Account is a Person other than a Loan Party; (d) which does not constitute an “Account” (as defined in the UCC) or a “payment intangible” (as defined in the UCC); (e) which has been outstanding for more than five (5) Business Days from the date of sale; (f) with respect to which the applicable credit card issuer, credit card processor, debit card issuer or other applicable service provider has (i) applied for, suffered, or consented to the appointment of any receiver, interim receiver, custodian, trustee, monitor, administrator, sequestrator or liquidator of its assets, (ii) has had possession of all or a material part of its property taken by any re...

Eligible Credit Card Accounts. Credit Card Accounts that Agent, in its discretion, deems to be Eligible Credit Card Accounts. Without limiting the foregoing, no Credit Card Account shall be an Eligible Credit Card Account unless:

Eligible Credit Card Accounts means, as to each Loan Party, Credit Card Accounts of such Person which satisfy the criteria set forth below:

Eligible Credit Card Accounts means those Credit Card Accounts of a Borrower that arise in the ordinary course of its business out of such Borrower’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible as a result of one or more of the criteria set forth below. In determining the amount to be included, Eligible Credit Card Accounts shall be calculated net of fees. In general, the Co-Collateral Agents on behalf of Lenders will not deem an Account to be an Eligible Credit Card Account if:

Eligible Credit Card Accounts definition

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