“Receivables Reserves” means such Reserves as may be established from time to time by the Administrative Agent and the Co-Collateral Agent in their reasonable discretion with respect to the determination of the collectability in the ordinary course of Eligible Trade Receivables, including, without limitation, on account of bad debts and dilution.

“Receivables Reserves” means such Reserves as may be established from time to time by the [[Administrative Agent:Organization]] (or, if Eligible Trade Receivables are included in the FILO Borrowing Base, the [[FILO Documentation Agent:Organization]]) in its Permitted Discretion with respect to the determination of the collectability in the ordinary course of Eligible Trade Receivables, including, without limitation, Dilution Reserves.