Minimum Accounts Payable to Inventory Sample Clauses

Minimum Accounts Payable to Inventory. The ratio of Borrower's accounts payable to Inventory (valued at Cost) to actual EOM (End of Month) cost inventory, determined monthly (commencing with March 2004, shall not be less than the ratio set forth in the chart below for the corresponding periods: --------------------------------- ------------------------------ Month Ratio --------------------------------- ------------------------------ --------------------------------- ------------------------------ March 31, 2004 0.12 --------------------------------- ------------------------------ --------------------------------- ------------------------------ April 30, 2004 0.12 --------------------------------- ------------------------------ --------------------------------- ------------------------------ May 31, 2004 0.12 --------------------------------- ------------------------------ --------------------------------- ------------------------------ June 30, 2004 0.10 --------------------------------- ------------------------------ --------------------------------- ------------------------------ July 31, 2004 0.10 --------------------------------- ------------------------------ --------------------------------- ------------------------------ August 31, 2004 0.09 --------------------------------- ------------------------------
Sample 1
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Minimum Accounts Payable to Inventory. The Borrowers shall not permit or suffer the ratio of its average merchandise accounts payable to Inventory, valued at Cost, determined on an average rolling historical two (2) month basis to be less than the following percentages during the periods indicated: 99 107 PERIOD PERCENTAGE ------ ---------- JANUARY - JULY 37% AUGUST - DECEMBER 40%
Sample 1
Minimum Accounts Payable to Inventory. The Borrower shall not permit the accounts payable of the Borrower and the Borrower Subsidiaries to be less than the following percentages of the Inventory of the Borrower and the Borrower Subsidiaries, tested monthly as of the last day of each month: Month Ending Minimum Percentage ------------ ------------------ June, 1999 14.0% July, 1999 15.9% August, 1999 16.1% September, 1999 15.4% October, 1999 * November, 19999 * December, 1999 * January, 2000 * February, 2000 * March, 2000 * April, 2000 * May, 2000 * June, 2000 * July, 2000 * August, 2000 * September, 2000 * October, 2000 * November, 2000 * 77 84 Month Ending Minimum Percentage ------------ ------------------ December, 2000 * January, 2001 * February, 2001 * March, 20001 * April, 2001 * May, 2001 * June, 2001 * July, 2001 * August, 2001 * September, 2001 * October, 2001 * November, 2001 * December, 2001 * January, 2002 * February, 2002 * March, 2002 * * Prior to May 31, 1999, the Borrower shall provide a forecast through the period ending on the Maturity Date. The Administrative Agent and the Borrower will negotiate in good faith satisfactory covenant levels based on such forecast, which covenants shall be subject to approval by the Required Lenders. If no such covenants are agreed upon by June 30, 1999, the Administrative Agent and the Required Lenders may establish such covenants in their reasonable discretion consistent with the methodology used in the establishment of the fiscal year 1999 covenant levels.
Sample 1
Minimum Accounts Payable to Inventory. At all times during a Restriction Period, the Borrowers will not allow the book value determined in accordance with GAAP of the Borrowers' accounts payable to be less than an amount equal to the percentage set forth below applicable at the time of calculation multiplied by the book value determined in accordance with GAAP of the Borrowers' Inventory: Fiscal Quarter Percentage -------------- ---------- Mayor's 2002 fourth fiscal quarter 3.0% Mayor's 2003 first fiscal quarter 7.0% Mayor's 2003 second fiscal quarter 7.0% Mayor's 2003 third fiscal quarter 13.0% Mayor's 2003 fourth fiscal quarter 5.0% Mayor's 2004 first fiscal quarter 9.0% Mayor's 2004 second fiscal quarter 9.0% Mayor's 2004 third fiscal quarter 15.0% Mayor's 2004 fourth fiscal quarter 5.0% Mayor's 2005 first fiscal quarter 9.0% Mayor's 2005 second fiscal quarter and 9.0% each fiscal quarter ending thereafter
Sample 1

Related to Minimum Accounts Payable to Inventory

  • Accounts Receivable and Accounts Payable 7 (a) General.....................................................7 (b)

  • Accounts Payable To the extent not apportioned at Closing, any indebtedness, accounts payable, liabilities or obligations of any kind or nature related to Seller or the Property for the periods prior to and including the Closing Date shall be retained by Seller and promptly allocated to Seller and evidence thereof shall be provided to Buyer, and Buyer shall not be or become liable therefor, except as expressly assumed by Buyer pursuant to this Contract, and invoices received in the ordinary course of business prior to Closing shall be allocated to Seller at Closing.

  • Accounts Receivable; Accounts Payable All accounts receivable of Emergent and its Subsidiaries reflected in the Interim Financial Statements and all accounts receivable that are reflected on the books of Emergent and its Subsidiaries as of the Closing Date (net of allowances for doubtful accounts as reflected thereon and as determined in accordance with GAAP) are obligations arising from sales actually made or services actually performed in the Ordinary Course of Business arising in connection with bona fide arm’s length transactions with Persons who are not Affiliates of Emergent or any of its Subsidiaries, constitute valid undisputed claims and are not, by their terms, subject to defenses, set-offs or counterclaims. Neither Emergent nor any of its Subsidiaries has received written notice from or on behalf of any obligor of any such accounts receivable that such obligor is unwilling or unable to pay a material portion of such accounts receivable. All accounts payable and notes payable of Emergent and its Subsidiaries arose in bona fide arm’s length transactions in the Ordinary Course of Business and with Persons who are not Affiliates of Emergent or any of its Subsidiaries, and no such account payable or note payable is materially delinquent in its payment.

  • Service Fees Payable to FSSC (a) During the term of this Agreement, FSSC will be entitled to receive from each Fund as full compensation for Services rendered hereunder a fee calculated daily at an annual rate, as set forth Schedule 1 to this Agreement, of up to 0.25% of average net assets held in FSSC Accounts of each Fund. Service fees paid by the Funds are in addition to other fees paid by the Funds such as those paid pursuant to an Agreement for Fund Accounting Services, Administrative Services, Transfer Agency Services and Custody Services Procurement and fees paid pursuant to each Fund’s Distributor’s Contract.

  • Accounts Receivable All accounts receivable of the Company that are reflected on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Company as of the Closing Date (collectively, the "Accounts Receivable") represent or will represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves shown on the Balance Sheet or the Interim Balance Sheet or on the accounting records of the Company as of the Closing Date (which reserves are adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Interim Balance Sheet represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable. Part 3.8 of the Disclosure Letter contains a complete and accurate list of all Accounts Receivable as of the date of the Interim Balance Sheet, which list sets forth the aging of such Accounts Receivable.

  • Accounts; Records The Servicer shall maintain accounts and records as to the Recovery Property accurately and in accordance with its standard accounting procedures and in sufficient detail (i) to permit reconciliation between payments or recoveries with respect to the Recovery Property and the amounts from time to time remitted to the Collection Account in respect of the Recovery Property and (ii) to permit the FRC Collections held by the Servicer to be accounted for separately from the funds with which they may be commingled, so that the dollar amounts of FRC Collections commingled with the Servicer’s funds may be properly identified and traced.

  • 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.

  • 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; 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.

  • 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 "

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