Defective Merchandise definition

Defective Merchandise means any item of Merchandise that is defective or otherwise not saleable in the ordinary course because it is worn, scratched, broken, faded, torn, mismatched, tailored or affected by other similar defenses rendering it not first quality. Display Merchandise shall not per se be deemed to be Defective Merchandise.

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Defective Merchandise means any Merchandise that fails to conform to any of the warranties set forth in Section 6.4 of this Agreement.

Defective Merchandise means any item of Merchandise which is not new, finished, first-quality, saleable goods sold in the ordinary course. Examples of Defective Merchandise include but are not limited to goods that are used, damaged, defective, scratched, soiled, ripped, torn, stained, faded, discolored, dented, shopworn, out of box (if normally sold as new in-the-box, but excluding display items which are not otherwise damaged or defective and for which the box, all related packaging and all accompanying directions and warranty information are on hand), missing pieces, mismatched, mismated or near-sized, parts, items typically sold as a set which are incomplete, gift with purchase items and Out-of-Season Goods.

Examples of Defective Merchandise in a sentence

• Notwithstanding the foregoing, the “Retail Price” of items of Defective Merchandise shall be mutually agreed by the Merchant and the Agent.

• If such Layaway, Repair and Special Order Merchandise constitutes Defective Merchandise it shall be included in Merchandise and assigned a Retail Price in accordance with the applicable provisions of Section 5.3 above.

• The Merchant shall retain all responsibility for any goods not included as “Merchandise” hereunder (including items of Defective Merchandise for which the Merchant and the Agent cannot agree upon a Retail Price) (collectively, the “Excluded and Merchant shall receive 80% of the receipts in respect of such sales (less Sales Taxes and all expenses, including any expenses associated with the removal, packaging, and delivery of the Merchant Consignment Goods).

• The Merchant shall retain all responsibility for any goods not included as “Merchandise” hereunder (including items of Defective Merchandise for which the Merchant and the Agent cannot agree upon a Retail Price) (collectively, the “Excluded Goods”).

• The aggregate purchase price for all of the Purchased -------------- Assets (the "Purchase Price"), shall be 81.6% of the Cost Value of all Saleable -------------- Inventory included in the Closing Merchandise Inventory (determined in accordance with Sections 2.4 and 2.5 below), plus the Defective Merchandise Amount, plus $16,400,000.

More Definitions of Defective Merchandise

Defective Merchandise means any item of Inventory that is damaged, defective and not saleable as “new.”

Defective Merchandise means any item of merchandise not included in --------------------- any of the other categories of Merchandise in this Section 5.2 and agreed upon and identified by Agent and Merchant during the Inventory Taking as defective or otherwise not salable in the ordinary course because it is dented, worn, scratched, broken, faded, soiled, stained, incomplete, shopworn, chipped, ▇▇▇, mismatched or affected by other similar defects rendering it not first quality, and as to which Agent and Merchant mutually agree on its value to define its Retail Price.

Defective Merchandise has the meaning assigned to that term in Section 5.1(b) hereof.

Defective Merchandise means any goods reasonably agreed upon by the Merchant’s representative and the Agent’s representative during the Inventory Taking as defective or otherwise not saleable in the ordinary course of Merchant’s business at Retail Price, as if the Merchandise were not defective and as to which Merchant and Agent mutually agree as to the Retail Price of such Defective Merchandise. Display merchandise shall not be presumed to be defective. Packaging material that has minor wear, soiling, stains, dents, tears, scratches, or fading shall not render the Merchandise therein “defective.”

Defective Merchandise means any item of merchandise that is dented, worn, scratched, broken, faded, mismatched, or merchandise affected by other similar defects rendering it not first quality, but which is saleable by Agent during the Sale Term. Defective Merchandise does not include Display Merchandise.

Defective Merchandise means any item of Merchandise that is agreed upon and identified by Agent and Merchant as defective or otherwise not saleable in the ordinary course because it is dented, worn, scratched, broken, faded, torn, mismatched or affected by other similar defects rendering it not first quality, but that is not so damaged that it is not saleable in the ordinary course of business at any price. Sample merchandise and merchandise on display shall not per se be deemed to be Defective Merchandise so long as (x) the original packaging (including warranty information, if any warranty applies, and all supplied accessories) for such Merchandise is intact and available if needed to make the item saleable in the ordinary course, and (y) such Merchandise remains subject to its original warranty, if applicable.

Defective Merchandise means any item of Merchandise identified and agreed upon by Merchant and Agent during the Inventory Taking (with each party acting reasonably and in good faith) as defective in that it is not finished, first-quality, saleable goods sold in the normal or ordinary course. Examples of Defective Merchandise include but are not limited to goods that are used, damaged, defective, scratched, soiled, dented, shopworn, mismatched, mismated, near sized, or out of box (if normally sold as new in-the-box).