Inventory Reliance Sample Clauses

Inventory Reliance. Compliance with Article VII Section 7.19. of the Credit Agreement is hereby waived for the fiscal year ended June 30, 1995 to permit the Inventory Reliance of the Borrower and its Consolidated subsidiaries to be more than 34% as of the fiscal year ended June 30, 1995 provided, however, the Inventory Reliance of the Borrower and its Consolidated subsidiaries was not greater than 36% as of such fiscal year end. This SEVENTH AMENDMENT and WAIVER shall be construed and enforced in accordance with the laws of the State of New York. Except as expressly amended, waived or consented to hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof. This SEVENTH AMENDMENT and WAIVER herein contained is limited specifically to the matters set forth above and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any default which may occur or may have occurred under the Credit Agreement. The Borrower hereby represents and warrants that, after giving effect to this SEVENTH AMENDMENT and WAIVER, no Event of Default or Default exists under the Credit Agreement or any other related document. Please be advised that should there be a need for further amendments or waivers with respect to these covenants or any other covenants, those requests shall be evaluated by the Agent and the Lenders when formally requested, in writing, by the Borrower and the Guarantors. This SEVENTH AMENDMENT and WAIVER may be executed in one or more counterparts, each of which shall constitute an original, but all of which when, taken together shall constitute but one SEVENTH AMENDMENT and WAIVER. The SEVENTH AMENDMENT and WAIVER shall become effective when (i) duly executed counterparts hereof which, when taken Capitalized terms used herein and not otherwise defined herein shall have the same meanings as defined in the Credit Agreement.
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Inventory Reliance. (g) of the Loan Agreement is hereby amended by deleting it in its entirety and substituting therefor the following:
Sample 1
Inventory Reliance. The Inventory Reliance Ratio shall not exceed the following amounts during the following periods: (d) The introductory provisions of Section 9.6 of the Loan Agreement are hereby deleted in their entirety and the following substituted in their stead:
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Inventory Reliance. 48 SECTION 5.29 Current Ratio...............................................49 SECTION 5.30 Solvency....................................................49 SECTION 5.31 Use of Proceeds.............................................49 SECTION 5.32
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Inventory Reliance. Permit the Inventory Reliance of the Borrower and its Consolidated subsidiaries to be more than (i) 18% at any time from July 1, 1994 until December 30, 1994, (ii) 37% at any time from December 31, 1994 until June 29, 1995, (iii) 34% at any time from June 30, 1995 until September 29, 1995, (iv) 32% at any time from September 30, 1995 until December 30, 1995, (v) 30% at any time from December 31, 1995 until March 30, 1996, (vi) 20% at any time from March 31, 1996 until June 29, 1996 and (vii) 10% at any time from June 30, 1996 and thereafter."
Sample 1
Inventory Reliance. The Borrower shall not permit its Inventory Reliance Ratio to exceed the following amounts during the following periods: Period Ratio Each of the first three fiscal quarters in fiscal year 1996 0.95:1 Fiscal Year End 1996 0.65:1 Each of the first three fiscal quarters in fiscal year 1997 0.90:1 Fiscal Year End 1997 0.65:1 Each of the first three fiscal quarters in fiscal year 1998 0.85:1 Fiscal Year End 1998 0.65:1 Each of the first three fiscal quarters in fiscal year 1999 0.75:1 Fiscal Year End 1999 0.65:1 The first fiscal quarter in fiscal year 2000 0.75:1 In the event that the foregoing ratio is not satisfied for any period, the Obligors may resubmit to the Agent a Compliance Certificate with respect to the Inventory Reliance Ratio as of, and on, a date thirty (30) days after the end of the period for which the ratio was not satisfied. No Event of Default shall be deemed to have occurred hereunder if the resubmitted Compliance Certificate reflects that the Obligors are in compliance with the Inventory Reliance Ratio as of the resubmission date.
Sample 1
Inventory Reliance on any date of determination thereof, the percentage, as determined by Agent, calculated by dividing (i) the sum, without duplication, of the total principal amount of outstanding Loans plus the total outstanding LC Obligations minus the Accounts Formula Amount by (ii) the Inventory Formula Amount; provided that, if the difference between (A) the sum, without duplication, of the total principal amount of the Loans plus total outstanding LC Obligations and (B) the Accounts Formula Amount is less than zero, Inventory Reliance shall be 0%. Inventory Reserve - such reserves as may be established from time to time by Agent in the exercise of its credit judgment to reflect changes in the saleability of any Inventory or such other factors as may negatively affect the Value of any Inventory. With limiting the generality of the foregoing, such reserves may include reserves based on obsolescence, seasonality, theft or other shrinkage, imbalance, change in composition or mix, or markdowns. Investment - any acquisition of Property by an Obligor or any of its Subsidiaries in exchange for cash or other Property, whether in the form of an acquisition of Equity Interests or Debt, or the purchase or acquisition by a Borrower or any of its Subsidiaries of any other Property, or a loan, advance, capital contribution or subscription. LC Application - an application (whether consisting of a single or several documents) to LC Issuer, on a form approved by LC Issuer, for the issuance of a Letter of Credit that is duly executed by a Borrower; provided, that, in the event of a conflict between the terms of any such application and this Agreement, the terms of this Agreement shall control. LC Documents - any and all agreements, instruments and documents required by LC Issuer to be executed at any time by Borrowers or any other Person and delivered to LC Issuer and/or Agent in connection with, or as a condition to the issuance of, a Letter of Credit, including each LC Application and each LC Reimbursement Agreement. LC Issuer - Wachovia, in its capacity as issuer of the Letters of Credit. LC Issuer Indemnitees - LC Issuer and its present and future officers, directors and agents. LC Obligations - on any date of determination thereof, an amount (in U.S. Dollars) equal to the sum of (i) all amounts then due and payable by any LC Obligor on such date under Section 2.3 of this Agreement or any applicable LC Reimbursement Agreement by reason of any payment made on or before such date by ...
Sample 1
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Inventory Reliance. Compliance with Section 5.03. (g) of the Loan Agreement is hereby waived for the interim six (6) months ended December 31, 1994 to permit the Inventory Reliance of the Borrower to be greater than 18% provided, however, the Inventory Reliance of the Borrower was not greater than 34% as of such interim period end.
Sample 1
Inventory Reliance. The Borrower will maintain an Inventory Reliance of not more than: 7 -7- (i) 18% at all times from July 1, 1994 until December 30, 1994; (ii) 37% at all times from December 31, 1994 until June 29, 1995; (iii) 34% at all times from June 30, 1995 until September 29, 1995; (iv) 32% at all times from September 30, 1995 until December 30, 1995; (v) 30% at all times from December 31, 1995 until March 30, 1996; (vi) 20% at all times from March 31, 1996 until June 29, 1996; and (vii) 10% at all times from June 30, 1996 and thereafter."
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Related to Inventory Reliance

  • Inventory Reports Within 45 days after the close of each fiscal quarter of Customer, a copy of the Inventory Report (as and to the extent applicable, breaking out Inventory by location, and separately reporting any work in process) of Customer as of the end of such fiscal quarter; and

  • Inventory Records Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof.

  • Inventory; Returns Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000).

  • 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.

  • CURRENT INVENTORY OF QUALIFIED PROPERTY In addition to the requirements of Section 10.2 of this Agreement, if there is a material change in the Qualified Property described in EXHIBIT 4, then within 60 days from the date commercial operation begins, the Applicant shall provide to the District, the Comptroller, the Appraisal District or the State Auditor’s Office a specific and detailed description of the tangible personal property, buildings, and/or permanent, nonremovable building components (including any affixed to or incorporated into real property) on the Land to which the value limitation applies including maps or surveys of sufficient detail and description to locate all such described property on the Land.

  • Inventory and Equipment On the date hereof, the Inventory and the Equipment (other than mobile goods) are kept at the locations listed on Schedule 5.

  • 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.

  • Merchantable Inventory All Inventory is in all material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made.

  • 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. (b) All statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing the Eligible Accounts are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. Whether or not an Event of Default has occurred and is continuing, Bank may notify any Account Debtor owing Borrower money of Bank’s security interest in such funds and verify the amount of such Eligible Account. All sales and other transactions underlying or giving rise to each Eligible Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are Eligible Accounts in any Transaction Report. To the best of Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms. (c) For any item of Inventory consisting of Eligible Inventory in any Transaction Report, such Inventory (i) consists of finished goods, in good, new, and salable condition, which is not perishable, returned, consigned, obsolete, not sellable, damaged, or defective, and is not comprised of demonstrative or custom inventory, works in progress, packaging or shipping materials, or supplies; (ii) meets all applicable governmental standards; (iii) has been manufactured in compliance with the Fair Labor Standards Act; (iv) is not subject to any Liens, except the first priority Liens granted or in favor of Bank under this Agreement or any of the other Loan Documents; and (v) is located at the locations identified by Borrower in the Perfection Certificate where it maintains Inventory (or any location permitted under Section 7.2).

  • 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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