Defective Inventory definition

Defective Inventory means “Defective Inventory” as defined in the Accounting “DIP Agreement” means that certain debtor in possession Financing Agreement, dated as of January 16, 2004, between and among the Seller and its Debtor Affiliates, certain lenders and Citicorp USA, Inc. as collateral agent, administrative agent and documentation agent and documents executed in connection therewith (each as may be amended, restated or otherwise modified from time to time in connection therewith).
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Defective Inventory means the aggregate of all (i) excess Inventory, (ii) obsolete or substandard Inventory, and (iii) Inventory that is not Traceable Inventory, in each case determined in accordance with the procedures and criteria set forth on Schedule 1.6(a).
Sample 1
Defective Inventory means "Defective Inventory" as defined ------------------- in the Accounting Principles.
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Examples of Defective Inventory in a sentence

  • No separate inventory carrying costs or handling fees will be incurred by SGI for SGI Defective Inventory held at RSP’s site.

  • Seller shall reimburse Purchaser for all liabilities, obligations and responsibilities relating to voluntary and involuntary recalls of the PRENATE Product which occur after the Closing Date to the extent that such PRENATE Product was sold by Seller prior to the Closing Date or to the extent such PRENATE Product constitutes Defective Inventory.

  • In addition to the foregoing, if the Purchaser has selected the Full Service Inventory Service Level, the Supplier shall also provide a distinct area to stage and store Defective Inventory and track warranties for Defective Inventory to ensure that credits are issued to the Purchaser for any inventory purchased by the Purchaser and labour utilized by direct payment within thirty (30) days.

  • Items of Deferred Business Inventory that are Defective Inventory (as reasonably determined by the Purchaser based on procedures mutually agreed by the applicable Purchaser and Seller acting reasonably and in good faith) shall be identified as such during the such physical inventory.

  • Internal Facing Supply Chain Performance in the Psychology Building Project Responsiveness Reliability Customer Facing Assets Percentage Defective Inventory Inventory Days Of Supply Order Fullfilment Cycle Time (OFCT) Perfect Order Fullfillment (POF)Figure 1.

  • Merchandise" shall not include any (i) Out-of-Date Pharmacy Inventory; and (ii) Defective Inventory, Display Inventory, Out-of-Date Merchandise or Out-of-Season Merchandise, for which Merchant and Agent do not mutually agree on a Cost Value.

  • Items of Deferred Business Inventory that are Defective Inventory (as reasonably determined by the Seller based on procedures mutually agreed by the applicable Purchaser and Seller acting reasonably and in good faith) shall be identified as such during such physical inventory.


More Definitions of Defective Inventory

Defective Inventory has the meaning ascribed thereto in section 12.02;
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Defective Inventory means any item of inventory agreed upon and identified by Buyer and Sellers as damaged or defective or otherwise not salable in the ordinary course because it is dented, worn, scratched, broken, broken sets, faded, torn, mismatched, non-redeemed or layaway altered merchandise or merchandise affected by other similar defects rendering it not first quality (such as, for example, watches that are not running, watches without boxes, watches without applicable instructions, and pierced earrings without backs).
Sample 1
Defective Inventory means (i) any item of Deferred Business Inventory that is defective or otherwise not saleable in the ordinary course of business because it is worn, scratched, broken, faded, torn, mismatched, tailored, or affected by other similar defects (including but not limited to damaged packaging) rendering it not of first quality or (ii) any item of Deferred Business Inventory that has been marked out of stock, set aside for return to vendor, or received a similar designation.
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Defective Inventory means any Inventory with a Defect.
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Defective Inventory means such items of inventory that are non-first quality inventory, such as parts, inventory unsaleable in its current physical condition, incomplete sets of inventory intended to be sold as a set, mismatched sets, and used or previously owned, damaged, shopworn or soiled inventory.
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Related to Defective Inventory

  • Obsolete Inventory means items that have expired, are redundant or

  • Product Inventory means all inventory of the Product owned by Seller or its Affiliates as of the Closing, including raw materials, work-in-process, bulk form drug and finished Product.

  • Defective Product has the meaning set forth in Section 5.2.

  • Defective Goods means Goods of an inferior quality or which are otherwise inconsistent with this Contract.

  • In-Transit Inventory means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental United States to a location of a Borrower that is within the continental United States.

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • Eligible Inventory means and include Inventory, excluding work in process, with respect to each Borrower, valued at the lower of cost or market value, determined on a first-in, first-out basis, which is not obsolete, slow moving or unmerchantable as determined by Agent in its Permitted Discretion and which Inventory, based on such considerations as Agent may from time to time deem appropriate in its Permitted Discretion including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted Encumbrance). Notwithstanding anything herein to the contrary, no Inventory shall be Eligible Inventory to the extent such Inventory was acquired by a Borrower pursuant to an entity creation under Section 7.12 or a Permitted Acquisition, unless Agent has (i) completed field examinations with respect to such Inventory, the results of which are satisfactory in form and substance to Agent in its Permitted Discretion or (ii) waived such restriction in its Permitted Discretion. In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform in all material respects to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is in transit (other than between one or more locations where Borrowers are permitted hereunder to maintain or store Inventory and such location is the subject of a Lien Waiver Agreement or a Processor’s Agreement, as applicable, unless such location is owned by Borrower); (c) is located outside the continental United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned Inventory (other than Consigned Inventory that is subject to a warehouseman’s waiver in form and substance satisfactory to Agent); (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion); (g) at any time following seventy-five (75) days after the Closing Date (or such later date agreed to by Agent), is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement or a Processor’s Agreement, as applicable (or Agent shall have established reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion in an amount not to exceed the equivalent of three (3) months’ rental obligation with respect to such location); or (h) if the sale of such Inventory would result in the creation of a Receivable which, on the date of such sale, would fail to constitute an Eligible Receivable due to the operation of any of clauses (b), (c) or (e) – (p) of such definition.

  • Inventory Value has the meaning set forth in Section 2.1.

  • Excess Inventory means all Inventory and Special Inventory possessed or owned by Flextronics that is not required for consumption to satisfy the next [***] of demand for Products under the then-current purchase order(s) and forecast.

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as, but not limited to, provisions in storerooms, refrigerators, pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery; and other expensed supplies and similar items.

  • Nonconforming Goods means only the following: (i) product shipped is different than identified in Buyer's purchase order; or (ii) product's label or packaging incorrectly identifies its contents.

  • Excluded Inventory means any of the following inventory of goods, merchandise, or other inventory of Seller located at the Leased Premises: (a) all items in the Fresh Departments;

  • Transferred Inventory has the meaning set forth in Section 2.2(a)(iii).

  • Consigned Inventory means Inventory of any Borrower that is in the possession of another Person on a consignment, sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory.

  • Eligible Finished Goods Inventory means all Finished Goods Inventory that is Eligible Inventory.

  • Raw Materials means all raw materials, supplies, components and packaging necessary to manufacture and ship the Product in accordance with the Specifications, as provided in Exhibit A, but not including the API.

  • Finished Goods means units of a manufactured product awaiting sale.

  • Cost of materials means the cost of components, parts or materials which are intended for the production, manufacturing or assembling of the goods bid for and which are not produced, manufactured or assembled in the factory where the production, manufacture or assembly of such goods occurs, including freight, landing costs, port charges, import duties and other import costs of such components, parts or materials and all costs in connection with the handling and transport thereof prior to delivery at that factory;

  • shipped includes removal from the work sites by ship or any other means;

  • Supplier Equipment means the Supplier's hardware, computer and telecoms devices, equipment, plant, materials and such other items supplied and used by the Supplier (but not hired, leased or loaned from the Customer) in the performance of its obligations under this Call Off Contract;

  • Excluded Equipment means (i) defibrillators, enhanced emergency medical kits and other medical equipment, (ii) airphones and other components or systems installed on or affixed to the Airframe that are used to provide individual telecommunications or electronic entertainment to passengers aboard the Aircraft, (iii) galley carts, beverage carts, waste containers, liquor kits, food tray carriers, ice containers, oven inserts, galley inserts, and other branded passenger convenience or service items, (iv) any items, equipment or systems leased by Company or any Permitted Lessee (other than items, equipment, or systems that are leased from Company pursuant to the applicable Lease) or owned by Company or any Permitted Lessee subject to a conditional sales agreement or a security interest (other than the security interest granted under the Indenture), and (v) cargo containers.

  • Nonconformance as used in this clause means a condition of any hardware, software, material, or service/workmanship in which one or more characteristics do not conform to requirements.

  • Goods/Materials means any of the articles, materials, machinery, equipments, supplies, drawing, data and other property and all services including but not limited to design, delivery, installation, inspection, testing and commissioning specified or required to complete the order.

  • Inventory Appraisal means (a) on the Closing Date, the appraisal prepared by Great American Group dated June 2007 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraisal firm pursuant to Section 9.2(b).

  • Defective Work means (a) Work that is unsatisfactory, deficient or damaged, does not conform to the Contract Documents, or does not meet the requirements of any inspection, test or approval, or (b) Work associated with punch list items that the Contractor fails to complete within a reasonable time after issuance of the punch list by the Project Manager.

  • Nonconforming use means a use of land that: