Base Inventory definition

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 has the meaning ascribed thereto in Section 2.7.

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

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 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).

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

• 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.

• On and after the date hereof, neither Borrower nor any Guarantor shall create or suffer to exist Liens upon the RLC Borrowing Base Inventory, real or personal, except (i) Liens, if any, for the benefit of the Banks, and (ii) Permitted Liens.

More Definitions of Base Inventory

Base Inventory means $6,000,000.

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

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 (i) with respect to Basis 184,671 barrels of crude oil and (ii) with respect to Howell 100,000 barrels of crude oil. "Basis" has the meanxxx xxsigned to such term in the opening paragraph of this Agreement.

Base Inventory means Two Million Four Hundred Seventy Three Thousand One Hundred Sixty Seven U.S. Dollars ($2,473,167).”

Base Inventory is amended by adding in the first line after the words "solely of finished goods" the words "(provided that, as to the Acquiring Subsidiaries only, Base Inventory shall also include raw materials and work-in- process)".

Base Inventory means Inventory as to which the Borrower has acquired title, the Agent has acquired a valid and perfected first-priority security interest and the Borrower has furnished to the Agent information as provided by Section 5.1 hereof, and such Inventory has not been determined by the Agent in its reasonable discretion to be not eligible for inclusion in the Borrowing Base. Inventory immediately loses the status of Base Inventory if and when (i) the Borrower sells it, otherwise passes title thereto or consumes it or (ii) the Agent releases or transfers its security interest therein.