Second Source Program definition

Second Source Program means any consumer credit program that is available only to persons who submitted properly completed credit applications to, and were rejected by, Bank immediately preceding such person’s application to such other credit program.

Second Source Program means any consumer credit program, including the Retailer In-House Program, that is available only to persons who submitted properly completed applications for an Account to, and were rejected by, Bank immediately preceding such person’s application to such other credit program.

Second Source Program has the meaning given to it in Section 8.05(b) hereof. "SERVICE FEE PERCENTAGE" has the meaning given to it in Section 5.02 hereof. "SETTLEMENT DATE" means a date selected by Bank after each Billing Period which date shall be no more than fifteen (15) days after the last day of such Billing Period. "SOLVENT" means, as to any person, (a) that the present fair salable value of such person's assets is in excess of the total amount of its liabilities, (b) that such person is presently generally able to pay its debts as they become due, and (c) that such person does not have unreasonably small capital to carry on such person's business as theretofore operated and or the business in which such person is about to engage. The phrase "present fair salable value" of a person's assets is intended to mean that value which could be obtained if the assets were sold within a reasonable time in arm's-length transactions in an existing and not theoretical market.

Examples of Second Source Program in a sentence

• As used herein, "Second Source Program" shall mean any credit program, credit facility, credit card program, charge program or debit or secured card program or facility which is similar in purpose or effect to this Program (whether open-end, closed-end, private label or third party) offered by a third-party or a Retailer where Bank was first offered the opportunity to provide such program on the same or substantially similar terms and conditions as such third-party is willing to provide.

• As used herein, "Second Source Program" means any commercial trade credit program that is available only to persons who submitted properly completed applications to, and were rejected by, Bank (including after re-submission for inclusion in the Recourse Portfolio) immediately preceding such person's application to such other credit program.

More Definitions of Second Source Program

Second Source Program means any credit program, credit facility, credit card program, charge program or debit or secured card program or facility which is similar in purpose or effect to this Program (whether open-end, closed-end, private label or third party) offered by a third-party or a Retailer where Bank was first offered the opportunity to provide such program on the same or substantially similar terms and conditions as such third-party is willing to provide.

Second Source Program means any consumer credit or charge program that is available only (I) to persons who submitted properly completed applications for an Account to, and were rejected by, Bank immediately preceding such person’s application to such other credit program or (II) for financing any portion of the purchase price of goods or services by an Accountholder that exceeds the amount submitted to and approved by Bank. ** Confidential portions have been omitted pursuant to a request for confidential treatment by Haverty Furniture Companies, Inc. pursuant to Rule 24B-2 under the Securities Exchange Act of 1934.

Second Source Program means any commercial trade credit program that is available only to persons who submitted properly completed applications to, and were rejected by, Bank (including after re-submission for inclusion in the Recourse Portfolio) immediately preceding such person's application to such other credit program.