Eligible Credit Card Receivable means, as of any date of determination, a Credit Card Receivable that is subject to a first priority Lien in favor of Agent and which are not any of the following:
Eligible Credit Card Receivable means, the gross amount of Credit Card Receivables of Borrowers that are subject to a valid, first priority and fully perfected security interest in favor of the Agent for itself and the Secured Parties, which conform to all applicable warranties contained herein, less, without duplication, (a) the sum of all Credit Card Receivables: (i) for which Agent has not received a Credit Card Acknowledgment within 60 days after the date hereof if the Credit Card Agreement exists on the date hereof (or if the Credit Card Agreement is entered into after the date hereof, no later than sixty days after the date of such Credit Card Agreement or such later date as is acceptable to Agent); provided that in the case of Credit Card Receivables owing by American Express, a Borrower shall use commercially reasonable efforts to obtain a Credit Card Acknowledgement from American Express and in the event, after such commercially reasonable efforts, a Credit Card Acknowledgement is not obtained from American Express, American Express’ receipt of notice of Agent’s first priority security interest in the monies due and to become due to a Borrower shall satisfy the requirement for Agent to receive a Credit Card Acknowledgement with respect to Credit Card Receivables owing by American Express, and (ii) which are unpaid more than five (5) Business Days after the date of the sale of Inventory giving rise to such Credit Card Receivable, and (b) amounts owing to Credit Card Issuers or Credit Card Processors in connection with the Credit Card Agreements.
Eligible Credit Card Receivable means any Credit Card Receivable that has been earned and represents the bona fide amounts due to a Borrower from a credit card processor and/or credit card issuer, and in each case originated in the ordinary course of business of the relevant Borrower, which Receivable, unless otherwise approved by the Agent in its Permitted Discretion, meets all of the following requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22:
Examples of Eligible Credit Card Receivable in a sentence
Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Loan Party as payee or remittance party.
Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, such Credit Card Receivable shall indicate no Person other than a Loan Party as payee or remittance party.
Without limiting the foregoing, in order to be an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party.
As to each Account that is identified by the Borrowers as an Eligible Account or an Eligible Credit Card Receivable in the most recent Borrowing Base Certificate submitted to the Administrative Agent by the Credit Parties, such Account is not ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Accounts or Eligible Credit Card Receivables, as applicable.
The undersigned hereby certifies, with respect to each Eligible Credit Card Receivable listed on Schedule 1 hereto, that (i) no representation or warranty contained in any of the Loan Documents has been breached in any material respect with respect to such Receivable, and (ii) such Receivable is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (g) of the definition of “Eligible Credit Card Receivables” in the Credit Agreement.
More Definitions of Eligible Credit Card Receivable
Eligible Credit Card Receivable means a Credit Card Receivable with respect to which the Eligibility Criteria with respect to Credit Card Receivables set forth on Part B of Annex Care satisfied as of the applicable date of determination.
Eligible Credit Card Receivable means a Credit Card Receivable of any Loan Party that has been earned by performance and represents the bona fide amounts due to such Loan Party from a Credit Card Issuer or Credit Card Processor, and in each case is originated in the ordinary course of business of such Loan Party, except any Credit Card Receivable to which any of the exclusionary criteria set forth below applies as determined by Lead Borrower and/or the Administrative Agent in its Permitted Discretion (with concurrent written notice to Lead Borrower) at any time and from time to time after the Closing Date; provided, however, that no Credit Card Receivables of an Acquired Entity or Business shall be Eligible Credit Card Receivables until such time as the Administrative Agent shall have received and be satisfied in its Permitted Discretion with the results of a field examination with respect thereto, such field exam to be conducted at the Borrowers’ expense. Without limiting the generality of the foregoing, no Credit Card Receivable shall be an Eligible Credit Card Receivable if:
Eligible Credit Card Receivable or “Eligible Credit Card Receivables” means at the time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of its creation and continues to meet the same at the time of such determination: such Credit Card Receivable (i) has been fully earned and represents the bona fide amount due to Borrower from a Credit Card Issuer or Credit Card Processor, and in each case originated in the ordinary course of Borrower’s business, (ii) is due and payable to Borrower from a Credit Card Issuer or Credit Card Processor that has previously executed and delivered in favor of Lender an original fully executed Credit Card Direction Letter and such Credit Card Direction Letter remains in full force and effect as of the time of such determination; provided, however, any Credit Card Receivable which has been received on behalf of Borrower by Fiserv, Inc. and which otherwise satisfies the criteria contained herein to constitute an Eligible Credit Card Receivable shall nonetheless be deemed to be Eligible Credit Card Receivable for purposes of calculating the Borrowing Base even though Lender may not have yet received a fully executed Credit Card Direction Letter from Fiserv, Inc., and (iii) is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of the excluding criteria set forth in subsections (i) through (viii) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, a Credit Card Receivable shall indicate no person other than Borrower as the payee or remittance party. In determining the amount to be so included in the Borrowing Base, the face amount of a Credit Card Receivable shall be reduced by, without duplication, to the extent not reflected in such face amount, (x) the amount of accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges, credit card processor fees or other allowances (including any amount that Borrower may be obligated to rebate to a customer, a Credit Card Issuer or a Credit Card Processor pursuant to the terms of any Credit Card Agreement), and (y) the aggregate amount of all cash received in respect of such Credit Card Receivable but not yet applied by Borrower to reduce the amount of such Credit Card Receivable. Unless otherwise approved from time to time by Lender in its sole discretion, no Credit Card Receivable shall constitute an Eligible Credit Card Rec...
Eligible Credit Card Receivable means those Credit Card Receivables originated by a Borrower in the ordinary course of its business, that arise out of such Borrower’s sale of goods or rendition of services, which the Administrative Agent, in its Permitted Discretion, deems to be an Eligible Credit Card Receivable. Without limiting the generality of the foregoing, no Credit Card Receivable shall be an Eligible Credit Card Receivable if:
Eligible Credit Card Receivable means a Credit Card Receivable with respect to which the Eligibility Criteria with respect to Credit Card Receivables set forth on Part B of Annex C are satisfied as of the applicable date of determination.
Eligible Credit Card Receivable means a Credit Card Receivable of any Loan Party that has been earned by performance and represents the bona fide amounts due to such Loan Party from a Credit Card Issuer or Credit Card Processor, and in each case is originated in the ordinary course of business of such Loan Party, except any Credit Card Receivable to which any of the exclusionary criteria set forth below applies as determined by Lead Borrower and/or the Administrative Agent in its Permitted Discretion (with concurrent written notice to Lead Borrower) at any time and from time to time after the Closing Date; provided, h owever, that no Credit Card Receivables of an Acquired Entity or Business shall be Eligible Credit Card Receivables until such time as the Administrative Agent shall have received and be satisfied in its Permitted Discretion with the results of a field examination with respect thereto, such field exam to be conducted at the Borrowers’ expense. Without limiting the generality of the foregoing, no Credit Card Receivable shall be an Eligible Credit Card Receivable if:
Eligible Credit Card Receivable means Accounts due to a Borrower or a Guarantor on a non recourse basis from Household or any third party administering a Permitted Credit Card Program for a Borrower or a Guarantor and from Visa, Mastercard, American Express Co., Discovercard, and other major credit card issuers reasonably acceptable to the Co-Collateral Agents as arise in the ordinary course of business, which have been earned by performance and which satisfy the eligibility criteria set forth below. Without limiting the foregoing, none of the following shall be deemed to be Eligible Credit Card Receivables, unless the Co-Collateral Agents and the Majority Lenders in their reasonable discretion agree: