Eligible Canadian Inventory definition

Eligible Canadian Inventory means the Eligible Inventory owned by the Canadian Loan Parties.

Eligible Canadian Inventory the Eligible Inventory owned by the Canadian Borrower and the Canadian Subsidiary Guarantors.

Eligible Canadian Inventory means the Eligible Inventory owned by the Canadian Borrowers.

Examples of Eligible Canadian Inventory in a sentence

• Notwithstanding anything herein to the contrary, Canadian Reserves shall not duplicate eligibility criteria contained in the definition of “Eligible Canadian Receivable” or “Eligible Canadian Inventory” and vice versa, or reserves or criteria deducted in computing the cost or market value or Value of any Eligible Canadian Receivable, any Eligible Canadian Inventory or the Net Orderly Liquidation Value of any Eligible Canadian Inventory and vice versa.

• For purposes of this Agreement, Eligible Canadian Inventory shall exclude any Canadian Inventory to which any of the exclusionary criteria set forth below applies.

• The applicable Collateral Agents shall have the right to establish, modify or eliminate Reserves against Eligible Canadian Inventory from time to time in their Permitted Discretion.

• The applicable Collateral Agents shall have the right to establish, modify or eliminate Reserves against Eligible Canadian Inventory from time to time in their Permitted Discretion, upon five (5) Business Day’s prior written notice to the Administrative Borrower.

More Definitions of Eligible Canadian Inventory

Eligible Canadian Inventory means, at any particular date, Inventory that otherwise satisfies the eligibility requirements of Eligible Domestic Inventory except that it is located in Canada (excluding the Province of Quebec).

Eligible Canadian Inventory means any Eligible Inventory owned by the Company which is located in Canada.

Eligible Canadian Inventory means any Eligible Inventory owned by a US Loan Party which is located in Canada.

Eligible Canadian Inventory means, at any time, Inventory then owned by any Canadian Credit Party in which the Canadian Administrative Agent has an Acceptable Security Interest but specifically excluding Inventory which meets any of the following conditions or descriptions:

Eligible Canadian Inventory means, subject to adjustment as set forth in Section 2.21(b), items of Canadian Inventory of the Canadian Borrower and any Canadian Borrowing Base Guarantors.

Eligible Canadian Inventory. Inventory owned by MCL (net of reserves for off grade inventory and intercompany profit, as such reserves may be adjusted by the Agent in its reasonable discretion on account of improvements or deteriorations in reporting of inventory), (a) which is owned, possessed and held for sale by MCL within Canada but not yet shipped (other than Eligible In-Transit Inventory, which shall not be excluded from Eligible Canadian Inventory pursuant to this clause (a)), (b) for which, if held on premises leased by MCL (other than with respect to any warehouses, the storage expenses with respect to which have been included in calculating the Warehousemen Lien Reserve for any period as set forth in the definition of Warehousemen Lien Reserve), a waiver of the lessor and, if any, sublessor, in each case reasonably satisfactory to the Agent has been delivered to the Agent, (c) over which there is no Lien in favor of any person or entity other than MI, and in which MI has a valid and perfected first-priority security interest (which Lien in favor of MI is collaterally assigned in favor of the Agent, for the benefit of the Agent and the Banks), (d) which is not Consignment Inventory and which is otherwise in the possession of MCL (other than Eligible In-Transit Inventory, which shall not be excluded from Eligible Canadian Inventory solely because it is not in the possession of MCL) unless the Agent has received a waiver from the party in possession of such inventory in form and substance reasonably satisfactory to the Agent, (e) which is not work in process, (f) which is not production and packing supplies, (g) which does not reflect any capitalized inventory variances, (h) which is not slow moving, (i) which has not been deemed by the Majority Banks to be otherwise either obsolete or unmarketable, (j) which is not held on consignment and is actually owned by MCL, and (k) which is not damaged.

Eligible Canadian Inventory means, at any time, the Inventory of a Canadian Loan Party; provided that Eligible Inventory shall not include any