REVISION TO EXISTING DEFINITIONS. As of the Effective Date, the definition of the term "Solvent" set forth in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and the definitions of the terms "Permitted Lien" and "Preferred Permitted Payments" are hereby amended and restated to read in their entirety as follows:
REVISION TO EXISTING DEFINITIONS. As of the Effective Date, the definitions of the term "Certificate of Designation", "Minimum Excess Availability", "Restricted Payment", "Permitted Preferred Payments", and "Subordinated Loan Documents" are hereby amended and restated to read in their entirety as follows:
REVISION TO EXISTING DEFINITIONS. As of the Effective Date, the following definitions are hereby amended and restated to read in their entirety as follows: "`Eligible In-Transit Inventory" means Inventory of Borrowers (i) that does not qualify as Eligible Inventory solely because it is not at a location set forth on Schedule E-1 or at a location designated for a Warehouse Sale in accordance with this Agreement and (ii) that meets the following criteria, which criteria may be revised by Agent in its Permitted Discretion from time to time after the Closing Date:
(a) such Inventory currently is in transit (whether by vessel, air, or land) either (i) from a location outside of the continental United States to a location set forth on Schedule E-1 or a location designated for a Warehouse Sale in accordance with this Agreement that is the subject of a Bailee Acknowledgment or a Collateral Access Agreement and has been in-transit for a period of less than 30 calendar days or (ii) between locations set forth on Schedule E-1 or any such location and a location designated for a Warehouse Sale in accordance with the provisions of this Agreement and has been in-transit for a period of less than 7 calendar days, (b) title to such Inventory has passed to the applicable Borrower,
(c) such Inventory is insured against types of loss, damage, hazards, and risks, and in amounts, satisfactory to Agent in its Permitted Discretion,
(d) such Inventory either
(1) is the subject of a negotiable bill of lading that (x) is consigned to Agxxx (either directly or by means of endorsements), (y) was issued by the carrier respecting the subject Inventory, and (z) either is (I) in the possession of Agent or a customs broker (in each case in a jurisdiction acceptable to Agent in its Permitted Discretion), or (II) in-transit by air-courier to Agent or a customs broker (in each case, in a jurisdiction AMENDMENT NO. 7 TO LOAN AND SECURITY AGREEMENT - Page 3 ---------------------------------------------- EXECUTION VERSION acceptable to Agent in its Permitted Discretion) and for which Agent has received evidence satisfactory to Agent in its sole discretion that such air-courier delivery has been initiated, or
(2) is the subject of a negotiable cargo receipt and is not the subject of a bill of lading (other than a negotiable bixx xf lading consigned to, and in the poxxxxsion of, a consolidator or Agent, or their respective agents) and such negotiable cargo receipt is (x) consigned to Agent (either directly or by means of endorsem...
