Let's go back to April, and Spirit Airlines struggling though multiple bankruptcies and hoping for a financial bailout. The airline was still flying.

And then, it quietly issued this filing — which most of you never saw — with the federal Securities and Exchange Commission as it sought financial relief:

"If these [financial bailout] initiatives are unsuccessful, management believes it is probable that we will be unable to comply with the minimum liquidity covenants under out debt obligations and credit card processing agreement at some point in the next 12 months..." that "would result in an event of default."

And about ten days later, Spirit failed and was liquidated.

But let's go back to that filing with the SEC. A "credit card processing agreement?" What does that mean, and how does it affect you?