Eligible Goods Inventory definition
Eligible Goods Inventory means all of the Inventory owned by one of the Borrowing Base Parties that comply in all material respects with each of the representations and warranties respecting such Inventory made in the Credit Documents, and that are not excluded as ineligible by one or more of the excluding criteria set forth below, and which the Administrative Agent shall have, in its Permitted Discretion, deemed to be Eligible Goods Inventory. The Administrative Agent shall have the right to establish or modify Reserves against Eligible Goods Inventory from time to time in its Permitted Discretion on three Business Days’ prior written notice to US Company after consultation with US Company. The amount of Eligible Goods Inventory shall be determined on a first-in, first-out basis; and Inventory “cost” shall be determined in a manner consistent with the respective Borrowing Base Parties’ current and historical accounting practices unless otherwise specifically provided in this Agreement. Unless otherwise approved in writing by Administrative Agent, no Inventory shall be deemed Eligible Goods Inventory if:
Eligible Goods Inventory at any date of determination thereof, Inventory owned by a Loan Party at such date except any Inventory:
Eligible Goods Inventory. Inventory of Borrower and the Credit Parties which Agent, in its reasonable credit judgment, deems to be Eligible Goods Inventory. In determining the amount to be so included, Eligible Goods Inventory shall be valued at the lower of cost or orderly liquidation value, except for custom containers that are pre-sold and ISO containers that are pre-sold, which will be valued at the lower of Borrower's cost or sales invoice price. Unless otherwise approved in writing by Agent, no Inventory shall be deemed Eligible Goods Inventory if:
Examples of Eligible Goods Inventory in a sentence
Within sixty (60) days after the date of this Amendment, Borrower shall deliver or cause to be delivered to Agent an appraisal of the Transport Assets and an updated appraisal of Eligible Goods Inventory, each in form and substance satisfactory to Agent, and each to be prepared by the Daley Hodkin appraisal firm.
More Definitions of Eligible Goods Inventory
Eligible Goods Inventory. Eligible Raw Materials Inventory," "Eligible Container Fleet Inventory," "Eligible Trailer Fleet Inventory," "Eligible Work-In-Process Container Inventory," "Eligible Primary Raw Materials Inventory," and "Eligible Other Raw Materials Component Inventory."
Eligible Goods Inventory means Inventory of the Borrower deemed by the Agent in the exercise of its Permitted Discretion to be eligible for inclusion in the calculation of the Borrowing Base. In determining the amount to be so included, Inventory shall be valued at the lower of cost or market on a basis consistent with the Borrower's current and historical accounting practice unless otherwise provided herein. Unless otherwise approved in writing by the Agent, no Inventory shall be deemed Eligible Goods Inventory if:
Eligible Goods Inventory. Eligible Raw Materials Inventory," "Eligible Container Fleet Inventory," "Eligible Trailer Fleet Inventory," "Eligible Work-In-Process Container Inventory," "Eligible Primary Raw Materials Inventory," and "Eligible Other Raw Materials Component Inventory."