DESCRIPTION OF THE MODE OF OPERATION Sample Clauses

DESCRIPTION OF THE MODE OF OPERATION. The SELLER is responsible for evaluating the LOCAL BUYER's inventory parameters and current inventory on hand and making decisions whether SELLER needs to replenish the consigned inventory held on the LOCAL BUYER's premises or not. It is the responsibility of the SELLER to maintain inventory levels within the parameters. Inventory information is sent regularly by LOCAL BUYER and contains agreed Min/Max inventory parameters, Inventory on Hand in the consignment and last receipts information. LOCAL BUYER will endeavor to send Inventory Report on mutually agreed basis. For accounting and bookkeeping purposes the LOCAL BUYER will raise a frame order for all Parts held in the consignment. The SELLER is responsible for creating serial numbers according to the parameters that have been previously mutually agreed to. LOCAL BUYER will physically hold the consigned Parts on its premises. LOCAL BUYER shall take care of the day-to-day materials handling. The LOCAL BUYER is responsible for insuring the consigned Parts on behalf of Seller and will indemnify Seller for any damages causes to the Parts at the [*] location. The LOCAL BUYER is responsible for miscalculations of the units by LOCAL BUYER and all loss or damage caused to the Parts after they have been loaded for shipment at the SELLER' s facilities. The SELLER is responsible for miscalculations of the units by SELLER and any loss or damage caused to the Parts before the Parts are loaded for shipment. SELLER is committed to maintain its ability to replenish the Parts according to the Flexibility Schedule agreed between LOCAL BUYER and SELLER and specified in Schedule 1. The flexibility requirements define the quantity of Parts above the given basic level the SELLER shall be ready to replenish. Schedule 1 specifies the basic level flexibility requirement and the flexibility requirements for each Part governed by this Logistics Appendix. If SELLER cannot replenish the Parts in accordance with the agreed replenishment times (Schedule 1) then SELLER shall as soon as SELLER becomes aware of the delay inform LOCAL BUYER about:
Sample 1
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DESCRIPTION OF THE MODE OF OPERATION. NGST is responsible for evaluating Endwave's inventory parameters and current inventory on hand and making decisions whether NGST needs to replenish the consigned inventory held on Endwave's premises or not. It is the responsibility of NGST to maintain inventory levels within the parameters. Inventory information is sent regularly by Endwave and contains Min/Max inventory parameters, Inventory on Hand in the consignment and last receipts information. Endwave will furnish Inventory Reports to NGST on a mutually agreed basis. For accounting and bookkeeping purposes Endwave will raise a frame order for all Products held in the consignment. Upon receipt of Products at Endwave's site, Endwave shall perform top and bottom side inspection of Products. This inspection will verify bottom side metalization and top side obvious defects to insure that receipt of Products are acceptable from a mechanical stand point and that no physical damage exists. Endwave will advise NGST of any defects within 2 business days of receipt, after which time the Products shall become consigned Product. Endwave will physically hold the consigned Products on its premises Endwave shall take care of the day-to-day materials handling. Endwave is responsible for insuring the consigned Products. Endwave shall provide evidence of such insurance coverage to NGST thirty (30) days after execution of a contract amendment implementing this Logistics Appendix. Endwave is responsible for miscalculations of the units by Endwave and all loss or damage caused to the Products after they have been loaded for shipment at NGST's facilities until Endwave removes the Products from the consignment stock. NGST is responsible for miscalculations of the units by NGST and any loss or damage caused to the Products before the Products are loaded for shipment.
Sample 1

Related to DESCRIPTION OF THE MODE OF OPERATION

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Continuity of Operations (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Maintenance of Operations The Servicer agrees to continue to operate its distribution system to provide service to its customers so long as it is acting as the Servicer under this Agreement.

  • Hours of Operation Account Processing Services will be available for use by Client during standard Fiserv business hours, excluding holidays, as specified in Exhibit A - 3. Account Processing Services may be available during additional hours, during which time Client may use Services at its option and subject to additional charges.

  • Conduct of Operations The Board of Directors and the General Partner shall use commercially reasonable efforts to conduct the business of the Partnership and its Affiliates in a manner that does not require a holder of Common Units to file a tax return in any jurisdiction with which the holder has no contact other than through ownership of Common Units.

  • Operation of the Business Between the date of this Agreement and the Closing, Seller shall:

  • Description of Consulting Services Consultant shall perform the following services pursuant to the terms of this Agreement:

  • Business Operations Company and Shareholders shall operate the Business and use the Assets in the ordinary course. Company and Shareholders shall not enter into any lease, contract, indebtedness, commitment, purchase or sale or acquire or dispose of any capital asset relating to the Business or the Assets except in the ordinary course of business. Company and Shareholders shall use their best efforts to preserve the Business and Assets intact and shall not take any action that would have an adverse effect on the Business or Assets. Company and Shareholders shall use their best efforts to preserve intact the relationships with payors, customers, suppliers, patients and others having significant business relations with Company. Company and Shareholders shall collect its receivables and pay its trade payables in the ordinary course of business. Company and Shareholdes shall not introduce any new method of management, operations or accounting.

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