Inventory Purchases a. Any member company with a marketing plan that involves selling products directly or indirectly to independent salespeople shall adopt and communicate a policy, in its recruiting literature, sales manual, or contract with an independent salesperson, that the company will repurchase on reasonable commercial terms currently marketable inventory, in the possession of that salesperson and purchased by that salesperson for resale prior to the date of termination of the independent salesperson’s business relationship with the company. For purposes of this Code, “reasonable commercial terms” shall include the repurchase of marketable inventory, promotional materials, sales aids, tools and kits within twelve (12) months from the salesperson’s date of purchase at not less than 90 percent of the salesperson’s original net cost less appropriate set offs and legal claims, if any. For purposes of this Code, products shall not be considered “currently marketable” if returned for repurchase after the products’ commercially reasonable usable or shelf life period has passed; nor shall products be considered “currently marketable” if the company clearly discloses to salespeople prior to purchase that the products are seasonal, discontinued, or special promotion products and are not subject to the repurchase obligation.
Inventory Purchases a. Any member company with a marketing plan that involves selling products directly or indirectly to independent salespeople shall adopt and communicate a policy, in its recruiting literature, sales manual, or contract with an independent salesperson, that the company will repurchase on reasonable commercial terms currently marketable inventory and company produced promotional materials, sales aids, tools and kits, in the possession of that salesperson and purchased by that salesperson for resale prior to the date of termination of the independent salesperson’s business relationship with the company. For purposes of this Code, “reasonable commercial terms” shall include the repurchase of marketable inventory, and company produced promotional materials, sales aids, tools and kits within twelve (12) months from the salesperson’s date of purchase at not less than 90 percent of the salesperson’s original net cost less appropriate set offs and legal claims, if any. For purposes of this Code, products shall not be considered “currently marketable” if returned for repurchase after the products’
Inventory Purchases. The Loan Parties shall not permit (i) any material amount of inventory to be purchased by any Person other than the Borrower and the Material Subsidiaries or (ii) any Loan Party or any Subsidiary of a Loan Party, other than the Borrower and the Material Subsidiaries, to be obligated directly or indirectly to any Person other than a Loan Party with respect to any material amount of purchased inventory.
Inventory Purchases. Notwithstanding anything to the contrary herein or in any other Loan Document, from and after the Fourth Amendment Effective Date, the Borrower shall not enter into any new purchase orders or other agreements, contracts or transactions pursuant to which the Borrower agrees to purchase Inventory (“Inventory Purchase Orders”), except:
(a) the Borrower may enter into Inventory Purchase Orders in an aggregate amount not to exceed $300,000 to fulfill the Borrower’s existing orders of its SmartLab Toys and Learning Wrap-Ups product lines; and
(b) from and after January 1, 2024, until March 31, 2024, the Borrower may enter into Inventory Purchase Orders in an aggregate amount not to exceed $1,800,000; in each case subject to the Lender’s receipt of a copy of such Inventory Purchase Order, in form and substance satisfactory to the Lender, and such other documentation as the Lender may reasonably request in connection with such Inventory Purchase Order, at least five (5) days prior to the Borrower’s execution thereof.
Section 2.6 Article VII of the Existing Credit Agreement is hereby amended to delete the following paragraph at the end of such Article: From and after the Third Amendment Effective Date, upon the occurrence of an Event of Default, the Borrower shall, promptly and in any event within 15 days of the occurrence of such Event of Default, list its real property located at 0000 Xxxxx 000xx Xxxx Xxx., Xxxxx, Xxxxxxxx, 00000 for sale with a licensed commercial real estate broker satisfactory to the Lender. The sale of such property shall be on terms and conditions satisfactory to the Lender and subject to the Lender’s approval of the final settlement statement for such sale. In exchange for such listing, the Lender will forbear from exercising any of its available rights and remedies under the Loan Documents with respect to such Event of Default through the Revolving Loan Maturity Date (the “Forbearance Period”), provided that (i) no new Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default shall occur during the Forbearance Period, and (ii) such forbearance shall not be deemed a waiver or release of any claim, right, or remedy of the Lender under the Loan Documents.
Inventory Purchases. Based on the Forecasts, Xxxxx shall purchase, on a rolling basis, components and raw materials as necessary to manufacture Medtronic’s forecasted quantity of Products based on any applicable lead times and efficient order quantities (“Inventory”).
Inventory Purchases. No Designated Company (other than the Borrower) shall at any time purchase or otherwise acquire any Inventory from any Person other than the Borrower except that Inventory may be purchased by the Designated Companies from third Persons so long as the outstanding payable in respect thereof does not at any time exceed $3,500,000 for purchases by AVED Industries Inc., $2,000,000 for purchases by All American A.V.E.D., Inc. or $100,000 for purchases by any other Designated Company (other than the Borrower).
Inventory Purchases. The Borrower shall not, and shall ------------------- not permit any Subsidiary to, purchase any Inventory (other than Inventory which is purchased from vendors or distributors in the ordinary course of business) in one transaction or a series of related transactions in an aggregate amount in excess of (a) $100,000,000 unless the Administrative Lender has received prior to such purchase or purchases a Compliance Certificate setting forth the covenant calculations both immediately prior to and after giving effect to the proposed purchase or purchases and (b) $200,000,000 without the prior written consent of the Determining Lenders.
Inventory Purchases. The Scentsy Family program is designed so that you do not need to invest in and stock inventory for resale purposes. As such, you are prohibited from purchasing more than $1,000 per month in products, unless you can certify to Scentsy Family that you have pending retail orders in excess of $1,000 or provide Scentsy Family with other business reasons why such a purchase is necessary. This $1,000 limit is accumulated across all Scentsy Family brands.
Inventory Purchases. Notwithstanding anything to the contrary herein or in any other Loan Document, from and after the Fifth Amendment Effective Date, the Borrower shall not enter into any new purchase orders or other agreements, contracts or transactions pursuant to which the Borrower agrees to purchase Inventory (“Inventory Purchase Orders”) without the prior written consent of the Lender. Without limiting the foregoing, at least five (5) days prior to the Borrower’s execution of any Inventory Purchase Order consented to by Lender in writing, the Borrower shall deliver to the Lender a copy of such Inventory Purchase Order, in form and substance satisfactory to the Lender, and such other documentation as the Lender may reasonably request in connection with such Inventory Purchase Order.
Inventory Purchases. The Borrowers acknowledge and agree that Inventory shall be purchased through American Tire only (except for de minimis amounts of Inventory that are purchased in the ordinary course of business by another Borrower) and not through any existing Subsidiary or any Subsidiary that may be joined after the Closing Date as a co-Borrower or co-Guarantor hereunder.
