Credit Card Accounts Receivable means any receivables due to any Grantor from a credit card issuer or a credit card processor in connection with purchases of Inventory from such Grantor by means of any credit card or debit card.
any disposition of Cash Equivalents or Investment Grade Securities or surplus, damaged, obsolete or worn-out assets in the ordinary course of business (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment of Holdings, no longer economically practicable or commercially reasonable to maintain or useful in any material respect, taken as a whole, in the conduct of the business of Holdings and the Restricted Subsidiaries taken as a whole) or any disposition of inventory, services, accounts receivable, notes receivable or goods (or other assets) in the ordinary course of business or any disposition of Collateral or the discount or forgiveness of accounts receivable or the conversion of accounts receivable to notes receivable in the ordinary course of business in connection with the collection or compromise thereof;
other non-cash expenses, excluding any non-cash expense that represents an accrual for a cash expense to be taken in a future period and any non-cash expense that relates to the write-down or write-off of accounts receivable or inventory;
A/R and Inventory Amount means, as of any date of determination, the aggregate net book value as of such date of all Collateral of the Loan Parties subject to a first priority perfected Lien in favor of the Administrative Agent (for the benefit of the Holders of Secured Obligations) that is not shared equally and ratably with any other creditor, consisting of accounts receivable (excluding intercompany accounts receivable and, for the avoidance of doubt, excluding all Receivables of any Originator sold or transferred under a Permitted Domestic Receivables Securitization) and inventory, determined in accordance with generally accepted accounting principles as in effect in the United States of America from time to time, but excluding any portion of the A/R and Inventory Amount that constitutes Restricted Collateral.
Accounts Receivable. BUTTE has no accounts receivable.
the contributing factors to the imposition of any Reserve will not duplicate # the exclusionary criteria set forth in definitions of Eligible Accounts Receivable, Eligible Credit Card Receivables, Eligible Inventory, or Qualified Cash as applicable (and vice versa), or # any reserves deducted in computing book value; and
it is not owing by an Accounts Receivable Debtor with respect to which twenty-five percent (25%) or more of the aggregate Accounts Receivable owing by such Accounts Receivable Debtor to Borrower are not Eligible Accounts Receivable for any reason; and
“Eligible Accounts Receivable” means Accounts Receivable, which meet the following requirements:
“Deemed Debt” means the amount of indebtedness incurred by the Company and its consolidated Subsidiaries and any special purpose corporation or trust which is an Affiliate of the Company or any of its Subsidiaries in connection with any accounts receivable or inventory financing facility, whether or not shown on the balance sheet of the Company or such Subsidiary in accordance with GAAP to the extent not included in the definition of Indebtedness. For purposes of determining the amount of Deemed Debt incurred by any Person in connection with any accounts receivable or inventory financing transaction, the amount of all contingent obligations of such Person shall be included as well as non-recourse indebtedness incurred in connection with such transaction. Deemed Debt shall not include operating leases.
Borrowing Base shall mean, as of any date, an amount equal to: # 85% of the face amount of all accounts receivable owned by Holdings and the Restricted Subsidiaries as of the end of the most recent fiscal quarter preceding such date; plus # 70% of the book value of all inventory owned by Holdings and the Restricted Subsidiaries as of the end of the most recent fiscal quarter preceding such date (it being understood that the accounts receivable and inventory of an acquired or to be acquired business may be included if such acquisition has been completed or is to be completed substantially concurrently with the date of determination), plus $50.0 million of fixed assets owned by Holdings and the Restricted Subsidiaries.
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