Inventory Classification Sample Clauses

Inventory Classification. During any month, the Borrower and the Crescent Guarantors shall not transfer, convert or otherwise reclassify Eligible Inventory having an aggregate fair market value in excess of $2,000,000 into inventory which is leased or consigned unless the Borrower and the Crescent Guarantors provide at least ten Business Day's prior written notice whereof which notification contains satisfactory calculations that, after giving effect to such transaction, the aggregate principal amount of Obligations will not exceed the Borrowing Base." (c) In Section 9.1(c)(i), the reference to "8.14" is replaced with "8.15". 2. This Amendment shall become effective immediately upon receipt by the Administrative Agent, each in form and substance satisfactory to the Administrative Agent, of all of the following: (a) the consent of the Required Lenders hereunder; and (b) duly executed copies of this Amendment from the Borrower and the Guarantors. 3. Within 15 days following the formation of FCJV, L.P., the Borrower and the Crescent Guarantors shall deliver the following documents to the Administrative Agent, each in form and substance satisfactory to the Administrative Agent: (a) a copy of the duly executed Amendment under the Friedman's Credit Agreement, together with copies of all joinxxx xxxxxxents executed in connection therewith; and (b) a pledge of 35% of the Capital Stock of FCJV, L.P. 4. The Borrower hereby represents and warrants in connection herewith that as of the date hereof (after giving effect hereto) (i) the representations and warranties set forth in the Credit Documents are true and correct in all material respects (except those which expressly relate to an earlier date), and (ii) after the effective date of this Amendment, no Default or Event of Default exists under the Credit Agreement. 5. Crescent Jewelers, Inc. joins in the execution of this Amendment for the purpose of acknowledging and consenting to the terms of this Amendment and reaffirming its guaranty obligations under the Credit Agreement, as amended and modified hereby. 6. The Friedman's Guarantors join in the execution of this Amendment for txx xxxxxxx of acknowledging and consenting to the terms of this Amendment and reaffirming their guaranty obligations under the Friedman's Guaranty Agreement, as amended and modified hereby. 0. Xxcept as expressly amended, modified or waived hereby, all of the terms and provisions of the Credit Agreement and the other Credit Documents remain in full force and effect....
Sample 1
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Inventory Classification. During any calendar month, the Borrowers and the Guarantors shall not transfer, convert, or otherwise reclassify Eligible Inventory into inventory which is leased or consigned unless (a) no Default or Event of Default exists, (b) the aggregate fair market value thereof does not exceed $500,000, and (c) the Borrowers and the Guarantors provide at least ten (10) Business Days prior written notice thereof to the Agent, which notification contains satisfactory calculations that, after giving effect to such transaction, the aggregate principal amount of the Obligations will not exceed the Borrowing Base.
Sample 1
Inventory Classification. During any month, the Credit Parties shall not transfer, convert or otherwise reclassify Eligible Inventory having an aggregate fair market value in excess of $2,000,000 into inventory which is leased or consigned unless the Credit Parties provide at least ten Business Day's prior written notice whereof which notification contains satisfactory calculations that, after giving effect to such transaction, the aggregate principal amount of Obligations will not exceed the Borrowing Base." (d) In Section 9.1(c)(i), the reference to "8.13" is replaced with "8.14". (e) Notwithstanding any provisions to the contrary contained in the Credit Agreement, in Section 7.12 or elsewhere, the Borrower agrees that it will join FCJV Holding Corp. and FCJV, L.P. as Guarantors under the Credit Agreement and as guarantors under the Friedman's Guaranty Agreement. 2. This Amendment shxxx xxxxxx effective immediately upon receipt by the Administrative Agent, each in form and substance satisfactory to the Administrative Agent, of all of the following: (a) the consent of the Required Lenders hereunder; (b) duly executed copies of this Amendment from the Borrower and the Guarantors; and (c) a copy of the duly executed Amendment under the Crescent Credit Agreement. 3. Within 15 days following the formation of FCJV Holding Corp. and FCJV, L.P., the Credit Parties shall deliver the following documents to the Administrative Agent, each in form and substance satisfactory to the Administrative Agent: (a) duly executed Joinder Agreements from FCJV Holding Corp. and FCJV, L.P. together with the other deliveries required by Guarantors under Sections 7.12 and 7.13 of the Credit Agreement, including a pledge of the Capital Stock in FCJV Holding Corp. and FCJV, L.P.; and (b) duly executed joinder agreements to the Friedman's Guaranty Agreement from FCJV Holding Corp. and FCJX, X.X. xxgether with the other deliveries required by guarantors thereunder. 4. The Borrower hereby represents and warrants in connection herewith that as of the date hereof (after giving effect hereto) (i) the representations and warranties set forth in the Credit Documents are true and correct in all material respects (except those which expressly relate to an earlier date), and (ii) after the effective date of this Amendment, no Default or Event of Default exists under the Credit Agreement. 5. The Guarantors join in the execution of this Amendment for the purpose of acknowledging and consenting to the terms of this Amendme...
Sample 1
Inventory Classification. During any calendar month, the Credit Parties shall not transfer, convert, or otherwise reclassify (a) Eligible Inventory into consigned goods unless (i) no Default or Event of Default exists, (ii) the aggregate fair market value thereof does not exceed $2,000,000, and (iii) the Credit Parties provide at least ten (10) Business Days prior written notice thereof to the Collateral Agent, which notification contains satisfactory calculations that, after giving effect to such transaction, the aggregate principal amount of the Loans and LOC Obligations will not exceed the Total Borrowing Base and the aggregate principal amount of the Revolving Loans and LOC Obligations will not exceed the Revolving Borrowing Base or (b) consigned goods into inventory owned by a Credit Party, unless (i) no Default or Event of Default exists and (ii) the Credit Parties deliver to the Collateral Agent, on or before the first date following such reclassification that a Borrowing Base Certificate is required to be delivered by Section 7.1(e), a listing of such newly-classified inventory by type, amount, and consignment vendor in form satisfactory to the Collateral Agent. In the event that any Credit Party transfers, converts, or otherwise reclassifies any consigned goods into inventory owned by a Credit Party, such inventory otherwise consisting of "Eligible Inventory" will not be included as such until the Borrowers have delivered the listing required by Section 8.15(b)(ii) and the Collateral Agent has had a reasonable amount of time to confirm from such listing that such inventory should qualify as "Eligible Inventory".
Sample 1

Related to Inventory Classification

  • 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.

  • Job Classification Full-Time and Part-Time (a) When a new classification (which is covered by the terms of this Collective Agreement) is established by the Hospital, the Hospital shall determine the rate of pay for such new classification and notify the Local Union of the same within seven (7) days. If the local challenges the rate, it shall have the right to request a meeting with the Hospital to endeavor to negotiate a mutually satisfactory rate. Such request will be made within ten (10) days after the receipt of notice from the Hospital of such new occupational classification and rate. Any change mutually agreed to resulting from such meeting shall be retroactive to the date that notice of the new rate was given by the Hospital. If the parties are unable to agree, the dispute concerning the new rate may be submitted to arbitration as provided in the Agreement within fifteen (15) days of such meeting. The decision of the Board of Arbitration (or Arbitrator as the case may be) shall be based on the relationship established by comparison with the rates for other classifications in the bargaining unit having regard to the requirements of such classification. (b) When the Hospital makes a substantial change during the term of this agreement in the job content of an existing classification which in reality causes such classification to become a new classification, the Hospital agrees to meet with the Union, to permit the Union to make representation with respect to the appropriate rate of pay. (c) If the matter is not resolved following the meeting with the Union the matter may be referred to arbitration as provided in the Agreement within fifteen (15) days of such meeting. The decision of the Arbitrator shall be based on the relationship established by comparison with the rates for other classifications in the bargaining unit having regard to the requirements of such classifications. (d) The parties further agree that any change mutually agreed to or awarded as a result of arbitration shall be retroactive only to the date that the Union raised the issue with the Hospital.

  • Eligible Inventory For purposes of this Agreement, Eligible Inventory shall exclude any Inventory to which any of the exclusionary criteria set forth below applies. The Administrative Agent shall have the right to establish, modify or eliminate Reserves against Eligible Inventory from time to time in its reasonable credit judgment. In addition, the Administrative Agent reserves the right, at any time and from time to time after the Original Closing Date, to adjust any of the criteria set forth below, to establish new criteria and to adjust the applicable advance rate with respect to Eligible Inventory, in its reasonable credit judgment, subject to the approval of the Supermajority Lenders in the case of adjustments, new criteria, changes in the applicable advance rate or the elimination of Reserves which have the effect of making more credit available. Eligible Inventory shall not include any Inventory of Borrower or any Borrowing Base Guarantor that: (i) the Collateral Agent, on behalf of Secured Parties, does not have a first priority and exclusive perfected Lien on such Inventory; (ii) is not located on premises in United States or Canada; (iii) (A) is located on premises leased by Borrower or a Borrowing Base Guarantor, unless (x) at such location the aggregate value of Inventory exceeds $250,000, and (y) either (1) a reasonably satisfactory Landlord Lien Waiver and Access Agreement has been delivered to the Collateral Agent, or (2) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto or (B) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $250,000 unless either (x) a reasonably satisfactory, acknowledged bailee waiver letter has been received by the Collateral Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto, or (C) is located at an owned location subject to a mortgage in favor of a lender other than the Collateral Agent where the aggregate value of Inventory exceeds $250,000 unless either (x) a reasonably satisfactory mortgagee waiver has been delivered to the Collateral Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto; (iv) is placed on consignment (other than Eligible Consigned Inventory); (v) is covered by a negotiable document of title, unless such document has been delivered to the Collateral Agent with all necessary endorsements, free and clear of all Liens except those in favor of the Collateral Agent and the Lenders and landlords, carriers, bailees and warehousemen if clause (iii) above has been complied with; (vi) is to be returned to suppliers; (vii) is obsolete, unsalable, shopworn, seconds, damaged or unfit for sale; (viii) is slow moving (in excess of 1-year supply); (ix) consists of display items, samples or packing or shipping materials, manufacturing supplies or replacement parts (it being understood that Eligible Inventory shall not exclude work-in-process Inventory if it is not excluded in accordance with other criteria set forth herein, unless otherwise determined by the Administrative Agent in its reasonable credit judgment); (x) is not of a type held for sale in the ordinary course of Borrower’s or any Borrowing Base Guarantor’s, as applicable, business; (xi) breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents; (xii) consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily available; (xiii) is not covered by casualty insurance maintained as required by Section 5.04; (xiv) consists of custom made Inventory which is not saleable to any other customer or in ordinary course; (xv) is in transit; or (xvi) is subject to any licensing arrangement the effect of which would be to limit the ability of Collateral Agent, or any Person selling the Inventory on behalf of Collateral Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other.

  • 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.

  • New Classification Should a new position or new classification be created within the Bargaining Unit during the term of this Agreement, the Employer and the Union will decide the rate of pay. Nothing herein prevents the Employer from filling such positions and having Nurses working in such positions during such negotiations. The salary when determined will be retroactive to the date on which the successful candidate commenced work in that classification.

  • Repair and classification The Borrower shall procure that each Owner shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first-class ship ownership and management practice; (b) so as to maintain the highest class with a first-class classification society which is a member of IACS acceptable to the Agent free of overdue recommendations and conditions of such classification society; and (c) so as to comply with all laws and regulations applicable to vessels registered at ports in the relevant Approved Flag State or to vessels trading to any jurisdiction to which the Ship may trade from time to time, including but not limited to the ISM Code, the ISPS Code, the ISM Code Documentation and the ISPS Code Documentation.

  • Client Classification 7.1. We shall not have an obligation to treat our clients in different classes depending on their knowledge and expertise.

  • Work in a Higher Classification Any employee who is assigned by his/her supervisor to a vacant position in a higher grade for a period of more than thirty (30) days shall receive the salary rate for the higher position from the first day of the appointment, provided such assignment has the prior approval in writing of the Appointing Authority or his/her designee. The approval of the Appointing Authority or his/her designee shall take effect as of the first day of the assignment. Any assignment to a vacant position in a higher grade must be in writing to be valid.

  • JOB CLASSIFICATIONS 32.01 Employees holding positions which fall within the Bargaining Unit shall be provided with a job description upon written or email request. 32.02 New job classifications properly included in this Collective Agreement may be established by the Employer during the term of the Collective Agreement. Basic hourly rates of pay for such new job classifications shall be negotiated with the Union. If negotiations fail to produce an agreement within sixty (60) calendar days of the date of written notice from the Employer to the Union regarding the new job classification, then the basic hourly rates of pay may be settled through arbitration in accordance with clause 14.04(d).

  • New Classifications If a new classification is created within the bargaining unit, the Employer agrees to meet with the Union and negotiate a rate of pay for this new classification. If the parties cannot reach agreement, at the request of either party, the matter shall be submitted to the arbitration procedure in Article 26 of this Agreement.

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