Eligible Coal Inventory definition

Eligible Coal Inventory means any Coal Inventory of the Borrowers that constitutes Eligible Inventory.
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Eligible Coal Inventory as of any Borrowing Base Date, all Eligible Inventory of the Loan Parties consisting of Coal Products.
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Eligible Coal Inventory means, at any time, Inventory of the Borrowers consisting of Clean Coal and Clean Coal Equivalents that the Agent determines in its Permitted Discretion is eligible as the basis for the extension of Revolving Loans and the issuance of Letters of Credit. Without limiting the Agent’s Permitted Discretion provided herein, Eligible Coal Inventory shall not include any Inventory:
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Examples of Eligible Coal Inventory in a sentence

  • The Borrowers shall deliver to the Agent, after the end of each month, Inventory records, in such detail as the Agent shall deem reasonably necessary to determine the level of Eligible Coal Inventory.

  • The amount of Eligible Coal Inventory and the determination as to which accounts receivable constitute Eligible Accounts to be included on each Borrowing Base Certificate shall, absent a request from the Agent that such amounts be calculated more frequently, be the amount that is calculated and updated monthly pursuant to subsections (b) and (c) below.


More Definitions of Eligible Coal Inventory

Eligible Coal Inventory means Inventory consisting of coal which has been extracted from the Real Property, is in a coal stockpile and constitutes finished goods held for sale in the ordinary course of the business of Borrower or is Unwashed Coal, in each case to the extent acceptable to Agent in all respects. Standards of eligibility may be fixed and revised from time to time solely by Agent in its exclusive judgment. In determining eligibility Agent may, but need not, rely on reports and schedules of such Inventory furnished to Agent by Borrower, but reliance thereon by Agent from time to time shall not be deemed to limit Agent's right to revise standards of eligibility at any time. In general, except in Agent's discretion, Eligible Coal Inventory shall not include: (a)xxxx and hold goods;(b) such Inventory which is not subject to the first priority perfected security interest of Agent (for itself and the ratable benefit of Lenders); (c) except as Agent may otherwise determine in its discretion, such Inventory at the premises of third parties or Inventory purchased or sold on consignment; PROVIDED, THAT, any such Inventory which would otherwise be deemed Eligible Coal Inventory at locations which are not owned and operated by Borrower may nevertheless be considered Eligible Coal Inventory: (i) if Agent shall have received a Collateral Access Agreement in writing, in form and substance satisfactory to Agent, from the holder of such Inventory or the owner and/or operator of such location, as the case may be, and (ii) in addition to the agreement described above, if the Inventory is delivered to the holder, owner and/or operator on consignment and if required by Agent: (A) the holder, owner and/or operator, lessor and/or mortgagee executes appropriate UCC-1 financing statements in favor of Borrower, which are duly assigned to Agent and (B) any lender to the holder, owner and/or operator with any interest in Inventory is properly notified of the first priority lien on such Inventory of Agent;(d) coal which has been uncovered but not removed from the pit or ground;(e) coal which has not been mined in accordance with all applicable laws or at any mine or site which is not being operated in accordance with and as required by any agreement with a Governmental Authority, any Permits or otherwise in accordance with all applicable laws; and (f) Inventory subject to a security interest or lien in favor of any person other than Agent and the Bonding Companies to the extent permitted in this...
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Eligible Coal Inventory means the gross amount of the Borrowing Base Persons' Inventory consisting of mined coal that is wash plant inventory or stockpiled inventory (as set forth on Borrower's detailed balance sheet), that conforms to the warranties contained in the Loan Documents, including without limitation that Agent shall have a validly perfected first and exclusive security interest therein, subject to Permitted Liens, and which at all times continues to be acceptable to Agent in the exercise of its reasonable business judgment, less (or excluding) any (a) work-in-progress, (b) supplies and raw materials, (c) goods not present in the United States of America, (d) goods returned or rejected by the Borrowing Base Persons' customers, (e) goods to be returned to the Borrowing Base Persons' suppliers, (f) goods in transit to third parties, (g) goods which do not meet all applicable standards imposed by any governmental Person having regulatory authority over such inventory, its use or its sale, (h) goods which are not currently usable or currently saleable in the normal course of the Borrowing Base Persons' business without notice to, or consent of, any governmental Person, (i) inventory which Agent determines, in the exercise of its reasonable business judgment, to be unacceptable due to age, type, category and/or quantity, (j) inventory which is consigned to a third party for sale or is on consignment from a third party to the Borrowing Base Persons for sale; and less any reserves required by Agent in its reasonable business judgment. Eligible Coal Inventory shall be valued at the lower of cost determined on a first-in-first-out basis (determined in accordance with GAAP, consistently applied) or market value.
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Related to Eligible Coal Inventory

  • Eligible Finished Goods Inventory means Inventory that qualifies as Eligible Inventory and consists of first quality finished goods held for sale in the ordinary course of Borrower’s business.

  • 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.

  • Eligible cost means as applied to a qualified project to be financed from the federal accounts, the costs that are permitted under applicable federal laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the bank. As applied to a qualified project to be financed from the state highway account, these costs include the costs of preliminary engineering, traffic and revenue studies, environmental studies, right‑of‑way acquisition, legal and financial services associated with the development of the qualified project, construction, construction management, facilities, and other costs necessary for the qualified project. As applied to any qualified project to be financed from the state transit account, eligible project costs are limited to capital expenditures for transit equipment and facilities.

  • Eligible Consumer means a consumer of electricity in the area of supply of the distribution licensee, who uses a rooftop solar system installed in the consumer premises, to offset part or all of the consumer's own electrical requirements, given that such systems can be self-owned or third party owned;

  • 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.

  • Eligible In-Transit Inventory means, as of any date of determination thereof, without duplication of other Eligible Inventory, In-Transit Inventory:

  • 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 Costs means the actual costs reasonably incurred by the Recipient:

  • Inventory Formula Amount means the lesser of (i) 65% of the Value of Eligible Inventory; or (ii) 85% of the NOLV Percentage of the Value of Eligible Inventory.

  • Eligible company means a public company as referred to in sub-section (1) of section 76, having a net worth of not less than one hundred crore rupees or a turnover of not less than five hundred crore rupees and which has obtained the prior consent of the company in general meeting by means of a special resolution and also filed the said resolution with the Registrar of Companies before making any invitation to the Public for acceptance of deposits

  • Eligible Equipment means, at any time of determination, Equipment owned by Borrower which Lender, in its sole discretion, deems to be eligible for borrowing purposes.

  • eligible Categories means Categories (1), (2) and (3) set forth in the table in paragraph 1 of Schedule 1 to this Agreement;

  • Analytical x-ray equipment means equipment used for x-ray diffraction or fluorescence analysis.

  • Proved Developed Non-Producing Reserves means oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved Reserves” and “Developed Non-Producing Reserves.”

  • Inventory Appraisal means (a) on the Closing Date, the appraisal prepared by Great American Group dated January 22, 2008 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraiser firm pursuant to Section 9.2(b).

  • 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.