Changes in Inventory Classification Sample Clauses

Changes in Inventory Classification. At such time as any Project ----------------------------------- Inventory Under Construction has been completed and has received the Minimum Required Time-Share Approvals, such Inventory shall be reclassified as Completed Project Inventory for purposes of computing the Primary Borrowing Base hereunder, in which case a Retail Value for such Completed Project Inventory shall be established in accordance with this Agreement. In like manner, at such time as any Borrower has obtained the Minimum Required Construction Approvals and commenced project development upon any property constituting Land Inventory, such Inventory shall be reclassified as Project Inventory Under Construction. Upon any reclassification of Inventory, the applicable Borrowing Base and its component parts (i.e., the Completed Project Borrowing Base, Project Under Construction Borrowing Base, and Land Borrowing Base) shall be recalculated, for purposes of determining whether any Borrowing Base Shortfall then exists, or whether the Supplemental Borrowing Base Maintenance Requirement exceeds the Supplemental Borrowing Base. In order to provide Borrowers the benefit, in the calculation of the Project Under Construction Borrowing Base, of additional investment made by Borrowers in Project Inventory Under Construction, Borrowers shall be entitled to revalue the Project Under Construction Borrowing Base from time to time, provided that such revaluations shall occur not more often than once per month, and shall result in a minimum increase in the Project Under Construction Borrowing Base of at least $1,000,000. In addition to the foregoing, Borrowers can reclassify Designated Supplemental Collateral as Primary Borrowing Base Collateral subject to the contribution of new Designated Supplemental Collateral in an amount sufficient to maintain the Supplemental Borrowing Base at a level greater than or equal to the Supplemental Borrowing Base Maintenance Requirement.
Sample 1
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Related to Changes in Inventory Classification

  • Changes in Writing Other than in connection with the addition of additional Subsidiaries, which become parties hereto by executing a supplement hereto in the form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated orally, but only in writing signed by each of the Guarantors and the Administrative Agent.

  • Industry Classification Groups For purposes of this Agreement, the Borrower shall assign each Portfolio Investment to an Industry Classification Group. To the extent that any Portfolio Investment is not correlated with the risks of other Portfolio Investments in an Industry Classification Group, such Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such Portfolio Investment. In the absence of any correlation, the Borrower shall be permitted, upon prior notice to the Administrative Agent and each Lender, to create up to three additional industry classification groups for purposes of this Agreement.

  • Repair and classification Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:

  • Changes in GAAP If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

  • Changes in Tax Laws In the event that, subsequent to the Closing Date, (i) any changes in any existing law, regulation, treaty or directive or in the interpretation or application thereof, (ii) any new law, regulation, treaty or directive enacted or any interpretation or application thereof, or (iii) compliance by Lender with any request or directive (whether or not having the force of law) from any governmental authority, agency or instrumentality:

  • Classification maintains the relevant Classification free of all requirements and recommendations of the relevant Classification Society; and

  • Tax Classification The Series shall elect to be treated as an association taxable as a corporation under Treasury Regulations Section 301.7701-3 with effect for each taxable period of its existence. The Series and each Member shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. No election will be filed with the Internal Revenue Service (or the tax authorities of any State) to have the Series taxable other than as an association taxable as a corporation for income tax purposes.

  • Changes in Name, etc Such Grantor will not, except upon 15 days’ prior written notice to the Administrative Agent and delivery to the Administrative Agent of all additional executed financing statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein, (i) change its jurisdiction of organization or the location of its chief executive office or sole place of business or principal residence from that referred to in Section 4.3 or (ii) change its name.

  • Changes in Fiscal Periods Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters.

  • Changes in the Work 6.1 Adjustments to the Guaranteed Maximum Price on account of changes in the Work may be determined by any of the methods listed in Subparagraph 7.3.3

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