Eligible Used Inventory Sample Clauses

Eligible Used Inventory. The reference in the definition of "Eligible Used Inventory" in the existing proviso thereto to "Eligible New Inventory" is deleted and replaced with "Eligible Used Inventory". In addition, the following is added at the end of the definition of "Eligible Used Inventory": "provided, however, that from the Modification Date, through and including April 30, 2003, CDF will consider Inventory owned by Borrower more than 365 days, subject to all other eligibility criteria and the terms of this Agreement, to be Eligible Used Inventory solely for the purpose of calculating Eligible Used Inventory Availability."
Sample 1
AutoNDA by SimpleDocs
Eligible Used Inventory. Section 2.3.1 of the Original Loan Agreement is deleted in its entirety and replaced with the following:
Sample 1
Eligible Used Inventory. On receipt of each Borrowing Base Certificate, CDF will credit Borrower with the lesser of (a) the sum of, without duplication, (i) seventy percent (70%) of the Value of Borrower's Eligible Used Inventory listed in such Borrowing Base Certificate that is owned by Borrower for 365 days or less, and (ii) only for the period of the Modification Date through and including April 30, 2003 and solely in order to collateralize the SAU, Unpaid Curtailments and Unpaid Matured Inventory, forty percent (40%) of the Value of Borrower's Eligible Used Inventory listed on such Borrowing Base Certificate that is owned by Borrower more than 365 days (after April 30, 2003, such percentage shall be zero percent), and (b) Three Million Dollars ($3,000,000) ("Eligible Used Inventory Availability")."
Sample 1
Eligible Used Inventory. On receipt of each Borrowing Base Certificate, Administrative Agent will treat as eligible the lesser of (1) the sum of (a) the Value of Borrower's Eligible Direct Used Inventory plus (b) the Value of Borrower's Eligible Indirect Used Inventory, and (2) 25% of the sum of (a) the Value of Borrower's Eligible New Inventory, (b) the Value of Borrower's Eligible Rental Inventory, (c) the Value of Borrower's Eligible Direct Used Inventory, and plus (d) the Value of Borrower's Eligible Indirect Used Inventory (such lesser amount being called the "Eligible Used Inventory Availability").
Sample 1
Eligible Used Inventory. On receipt of each Borrowing Base Certificate, DFS will credit Borrower with the lesser of (a) * of the Value of Borrower's Eligible Used Inventory listed in such Borrowing Base Certificate, and (b) * ("Eligible Used Inventory Availability").
Sample 1
Eligible Used Inventory. On receipt of each Borrowing Base Certificate, DFS will credit Borrower with the lesser of (1) one hundred percent (100%) of the Value of Borrower's Eligible Used Inventory, and (2) Ten Million Dollars ($10,000,000) (such lesser amount being called the "Eligible Used Inventory Availability"); provided, however, the age of the Inventory plus the length of depreciation shall not exceed one hundred twenty (120) months.
Sample 1
Eligible Used Inventory. On receipt of each Borrowing Base Certificate, DFS will credit Borrower with the lesser of (1) one hundred percent (100%) of the Value of Borrower's Eligible Used Inventory, and (2) Twelve Million Five Hundred Thousand Dollars ($12,500,000) (such lesser amount being called the "ELIGIBLE USED INVENTORY AVAILABILITY").
Sample 1
AutoNDA by SimpleDocs

Related to Eligible Used Inventory

  • Eligible Inventory As to each item of Inventory that is identified by any Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Inventory.

  • Inventory To the extent Inventory held for sale or lease has been produced by any Borrower, it has been and will be produced by such Borrower in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

  • Returned Inventory If an Account Debtor has an authorized return and returns any Inventory covered by such return to such Grantor when no Event of Default exists, then such Grantor shall promptly determine the reason for such return and shall issue a credit memorandum to the Account Debtor in the appropriate amount. Such Grantor shall deliver a monthly report to the Administrative Agent setting forth all such returns involving an amount in excess of $10,000,000. Each such report shall indicate the reasons for the returns and the locations and condition of the returned Inventory. In the event any Account Debtor returns Inventory to such Grantor when an Event of Default exists, such Grantor, upon the request of the Administrative Agent, shall: (i) hold the returned Inventory in trust for the Administrative Agent; (ii) dispose of the returned Inventory solely according to the Administrative Agent’s written instructions; and (iii) not issue any credits or allowances with respect thereto in an amount exceeding $500,000 in the aggregate during any Fiscal Month without the Administrative Agent’s prior written consent. All returned Inventory shall be subject to the Administrative Agent’s Liens thereon. Whenever any Inventory is returned, the related Account shall be deemed ineligible to the extent of the amount owing by the Account Debtor with respect to such returned Inventory and such returned Inventory shall not be Eligible Inventory unless such Inventory constitutes Third Party Logistics Goods.

  • Location of Equipment and Inventory All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt. Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

  • Merchantable Inventory All Inventory is in all material respects of good and marketable quality, free from all material defects.

  • Equipment and Inventory With respect to any Equipment and/or Inventory of an Obligor, each such Obligor has exclusive possession and control of such Equipment and Inventory of such Obligor except for (i) Equipment leased by such Obligor as a lessee or (ii) Equipment or Inventory in transit with common carriers. No Inventory of an Obligor is held by a Person other than an Obligor pursuant to consignment, sale or return, sale on approval or similar arrangement.

  • Accounts and Inventory Each Account or item of Inventory which Borrower shall, expressly or by implication, request Lender to classify as an Eligible Account or as Eligible Inventory, respectively, shall, as of the time when such request is made, conform in all respects to the requirements of such classification as set forth in the respective definitions of "Eligible Account" and "

  • Accounts Receivable; Inventory (a) For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such Account shall be an Eligible Account.

  • Inventory and Supplies Administrator shall order, purchase and provide to the Group on a timely basis inventory and supplies, and such other ordinary, necessary or appropriate materials which are requested by the Group and which the Group shall reasonably determine to be necessary in the operation of the Practice on the same terms commercially available to Administrator. Such inventory, supplies and other materials shall be included in Practice Expenses at their cost to Parent or Administrator, as the case may be.

  • Accounts Receivable; Inventories The accounts and notes receivable which are reflected on the Final Closing Balance Sheet are good and collectible in the ordinary course of business at the aggregate recorded amounts thereof, less the amount of the allowance for doubtful accounts reflected thereon, and are not subject to offsets. The accounts and notes receivable of the Company which were thereafter added and which will be reflected on the Final Closing Balance Sheet are good and collectible in the ordinary course of business at the aggregate amounts recorded in its books of account, less the amount of the allowance for doubtful accounts reflected thereon (which allowance was established on a basis consistent with prior practice), and are not subject to offsets. The inventories reflected on the Audited and Unaudited Balance Sheets, and thereafter added, as reflected on the Closing Date Balance Sheet, consist of items of a quality and quantity usable or saleable within one year (except as set forth on Schedule 5.7) in the ordinary course of business, except for obsolete materials, slow-moving items, materials of below standard quality and not readily marketable items, all of which have been written down to net realizable value or adequately reserved against on the books and records of the Company. To the extent there is inventory not listed on Schedule 5.7 of a quality and quantity not usable or saleable in the ordinary course of business within one year, in lieu of a claim for indemnification, Buyer shall sell and the Selling Shareholders shall purchase such items of inventory at the value carried on the Final Closing Balance Sheet. All inventories not written off are stated at the lower of cost or market.

Time is Money Join Law Insider Premium to draft better contracts faster.