Eligible Wholesale Receivables means Accounts deemed by the Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the Borrowing Base arising from the sale of the Inventory of a Borrower (other than Credit Card Receivables) that satisfies the criteria set forth herein at the time of creation and continues to meet the same at the time of such determination, and in each case is acceptable to the Agent in its Permitted Discretion, and is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (s) below as determined by the Agent in its Permitted Discretion. Without limiting the foregoing, to qualify as an Eligible Wholesale Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) 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 a Borrower may be obligated to rebate to a customer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Borrowers to reduce the amount of such Eligible Wholesale Receivable. Except as otherwise agreed by the Agent, any Account included within any of the following categories shall not constitute an Eligible Wholesale Receivable:
Eligible Wholesale Receivables means each Account acceptable to the Agent in its Permitted Discretion, as arises in the ordinary course of business from the sale of finished goods inventory or rendering of services by the Borrowers (other than the UK Borrower) to wholesale customers, that have been earned by performance and are deemed by the Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the Domestic Borrowing Base or the Canadian Borrowing Base, as applicable. Without limiting the foregoing, unless the Agent otherwise agrees, no Account shall be deemed to be an Eligible Wholesale Receivable if:
Eligible Wholesale Receivables means the aggregate of the unpaid portions of Receivables of the Borrowers arising in the ordinary course of business from the sale of the Borrowers’ Inventory at wholesale to Persons who intend to resell such Inventory which are reflected in the most recent Borrowing Base Certificate delivered by the Borrower Representative to the Administrative Agent subject to adjustment from time to time as set forth in Section 2.20. Without limiting the generality of the foregoing but subject to adjustment from time to time as set forth in Section 2.20, no Receivable shall be an Eligible Wholesale Receivable if:
Examples of Eligible Wholesale Receivables in a sentence
Administrative Agent may rely, in determining which Wholesale Receivables are Eligible Wholesale Receivables, on all statements and representations made by Borrowers with respect to any Account.
The Administrative Agent may, from time to time in the exercise of its Permitted Discretion, (x) establish, modify or eliminate Reserves and (y) adjust the eligibility criteria or establish new eligibility criteria with respect to Eligible Credit Card Receivables, Eligible Inventory, Eligible Raw Materials Inventory, Eligible Retail Inventory, Eligible Wholesale Finished Goods Inventory, Eligible Wholesale RSA Finished Goods Inventory and/or Eligible Wholesale Receivables.
It is understood and agreed that Reserves or eligibility criteria contained in the definitions of Eligible Credit Card Receivables, Eligible Inventory, Eligible Raw Materials Inventory, Eligible Retail Inventory, Eligible Wholesale Finished Goods Inventory, and/or Eligible Wholesale Receivables shall not duplicate any other Reserve or such eligibility criteria that are otherwise addressed or excluded through existing Reserves or such eligibility criteria.
In addition, Coast may create reserves against or reduce its advance rates based upon Eligible Wholesale Receivables or Eligible Inventory or create reserves or reduce the Advance multiple then applicable to Net Collections without declaring a Default or an Event of Default if it determines that there has occurred a Material Adverse Effect.
The Administrative Agent may rely, in determining which Receivables are Eligible Credit Card Receivables and Eligible Wholesale Receivables, on all statements and representations made by the Credit Parties with respect thereto.
More Definitions of Eligible Wholesale Receivables
Eligible Wholesale Receivables means as of the date of determination, without duplication as to Eligible Host Store Receivables or Eligible Credit Card Receivables, the Accounts of any Loan Party at such date, created in the ordinary course of business from sales of Inventory on account; provided that, none of the following shall be deemed to be Eligible Wholesale Receivables:
Eligible Wholesale Receivables means as of the date of determination, without duplication as to Eligible Host Store Receivables or Eligible Credit Card Receivables, the Accounts of any Loan Party at such date, created in the ordinary course of business from sales of Inventory on account; PROVIDED THAT, none of the following shall be deemed to be Eligible Wholesale Receivables:
Eligible Wholesale Receivables means and include with respect to any Borrower, each Account (other than Accounts constituting Eligible Credit Card Receivables) of such Borrower arising in the ordinary course of business of such Borrower’s business which the Administrative Agent has not determined, in its Permitted Discretion, to exclude from Eligible Wholesale Receivables (which Eligible Wholesale Receivables may include, without limitation, Accounts (other than Accounts constituting Eligible Credit Card Receivables). No Account shall be an Eligible Wholesale Receivable if any of the conditions identified below exist: DB1/ 118785215.8
Eligible Wholesale Receivables means Accounts with respect to an Approved Wholesale Retailer arising from the sale of the Loan Parties’ Inventory (but excluding, for the avoidance of doubt, Credit Card Receivables) that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Account (i) has been earned by performance and represents the bona fide amounts due to a Loan Party from such Approved Wholesale Retailer, and in each case is originated in the ordinary course of business of such Loan Party, and (ii) in each case is reasonably acceptable to the Agent in its discretion, and is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (k) below. Without limiting the foregoing, to qualify as an Eligible Wholesale Receivable, an 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 an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) 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 a Loan Party may be obligated to rebate to a customer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Loan Parties to reduce the amount of such Eligible Wholesale
Eligible Wholesale Receivables means each Account acceptable to the Administrative Agent in its Permitted Discretion, as arises in the ordinary course of business from the sale of finished goods inventory or rendering of services by the Borrowers to wholesale customers, that have been earned by performance and are deemed by the Administrative Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the Domestic Borrowing Base, Tranche A-1 Borrowing Base or the Canadian Borrowing Base, as applicable. Without limiting the foregoing, unless the Administrative Agent otherwise agrees, no Account shall be deemed to be an Eligible Wholesale Receivable if:
Eligible Wholesale Receivables means Accounts arising from the sale of the Loan Parties’ Inventory at wholesale to Persons who intend to resell such Inventory (as opposed to Accounts arising from sales at retail to consumers) which arise in the ordinary course of business, which have been earned by performance. Except as otherwise agreed by the Administrative Agent, none of the following shall be deemed to be Eligible Wholesale Receivables:
Eligible Wholesale Receivables means Wholesale Receivables arising in the ordinary course of Borrower's business from the sale of goods or Coast Business Credit Loan and Security Agreement -------------------------------------------------------------------------------- rendition of services, which Coast, in its sole judgment exercised in good faith, shall deem eligible for borrowing, based on such considerations as Coast may from time to time deem appropriate. Eligible Wholesale Receivables shall not include the following: