Base Inventory definition

Base Inventory has the meaning ascribed thereto in Section 2.7.

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Base Inventory means inventory consisting of raw materials as to which a Borrower has acquired title, and is otherwise in compliance with Section 6.5 Encumbrance, and the Borrowers have furnished to the Bank ----------- information as required by Section 5.1(b) hereof. Inventory immediately loses the status of Base Inventory if and when a Borrower sells it, otherwise passes title thereto or consumes it.

Base Inventory means $6,000,000.

Examples of Base Inventory in a sentence

• To the extent that, after the Closing Date, any work is performed at the request and for the account of CSXT or NYC at the Altoona shop or the Hollidaysburg shop pursuant to Section 2.4(b), CSXT and NYC will not be charged for inventory and supplies used in such work up to an amount of inventory and supplies equal to 42% of the total value of the Base Inventory, but only to the extent that such work requires material and supplies of the types included in the Base Inventory.

• The sum of the values of the groups will be the value of the Base Inventory.

• The Inventory Team will code and group the items of inventory, materials and supplies included in the Base Inventory as "new," "reconditioned," "re-usable," and the like, and will value the groups based on CRC's material costs or other mutually agreeable methodology (excluding additives and overheads).

• If and when a Base Account exists by virtue of constituting proceeds of Base Inventory, the Inventory giving rise to the Base Account automatically loses its status as Base Inventory.

• All loss or depreciation in value of Base Inventory shall be immediately reflected in the Net Security Value of Base Inventory, and all payments on Base Accounts and all adjustments and credits with respect thereto, whether unilateral, negotiated or otherwise, shall be immediately reflected in the Net Outstanding Amount of Base Accounts.

More Definitions of Base Inventory

Base Inventory meanss Thirteen Million Seven Hundred Thousand U.S. Dollars ($13,700,000).

Base Inventory meanss Four Million U.S. Dollars ($4,000,000).

Base Inventory means (i) with respect to Basis 184,671 barrels of crude oil and (ii) with respect to Howell 100,000 barrels of crude oi▇. "Basis" has the meaning assigned to such term in the opening paragraph of this Agreement.

Base Inventory means inventory (other than work-in-process) as to which a Borrower has acquired title, the Bank has acquired a valid and perfected first- priority security interest, and such Borrower has furnished to the Bank information relating thereto as provided in this Letter Agreement. Inventory immediately loses the status of Base Inventory if and when a Borrower sells it, otherwise passes title thereto or consumes it or the Bank releases or transfers its security interest therein. Anything herein to the contrary notwithstanding, Base Inventory shall exclude all inventory owned by K&D Magmotor Corp. unless and until it institutes a tracking system capable of reporting changes in its inventory on a monthly basis, which system shall be satisfactory to the Bank in its sole discretion.

Base Inventory means Inventory (other than "California Base Inventory" as defined below) consisting solely of national brand name products, as to which any of the Borrowers has acquired title, the Agent has acquired a perfected first security interest as agent for and on behalf of the Lenders and the Borrowers have furnished to the Agent information as required by Section 5.1 (viii) and (ix), but shall not include any Inventory consisting of Allou label goods, or any goods, merchandise or other personal property owned by any other Person and held by any of the Borrowers on consignment or otherwise. Inventory immediately loses the status of Base Inventory if and when one of the Borrowers sells it, otherwise passes title thereto or consumes it or the Agent releases or transfers its security interest therein.

Base Inventory means the physical amount of petroleum products held for base operations, which was approximately 2.923 million barrels as of the Amendment and Restatement Date.

Base Inventory as herein used means Fixed Base Inventory adjusted for any increase or decrease in the Base Fluctuation.