Inventory Classification Sample Clauses

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
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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
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."
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."
Sample 1
Inventory Classification. During any calendar month, the Borrowers and the Guarantors 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 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 and (b) consigned goods into inventory owned by a Borrower or a Guarantor unless (i) no Default or Event of Default exists and (ii) the Borrowers and the Guarantors provide at least ten (10) Business Days prior written notice thereof to the Agent.
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.

  • 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.

  • 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.

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

  • 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 "

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

  • 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.

  • Determining Number of Billable Accounts The Open Account Fee and the Closed Account Fee shall be paid only with respect to accounts serviced directly by the Transfer Agent and not with respect to accounts serviced by third parties pursuant to omnibus account service or sub-accounting agreements, as provided in Section 2.04 of the Agreement. Notwithstanding that the Transfer Agent does not collect an Open Account Fee on accounts serviced by third parties pursuant to omnibus account service or sub-accounting agreements, any Small Account Fees collected on such accounts shall be subtracted as provided above under “Open Account Fee.”

  • 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.

  • Location of Inventory and Equipment The Inventory and Equipment are not stored with a bailee, warehouseman, or similar party (without Foothill's prior written consent) and are located only at the locations identified on Schedule 6.12 or otherwise permitted by Section 6.12.

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