Examples of Eligible Landed Inventory in a sentence
Within a commercially reasonable time following written notification with respect to any Non-Owned Warehouse, Borrower shall provide Agent a Collateral Access Agreement with respect thereto and if such agreement has not been obtained, Borrower’s Eligible Landed Inventory at that location shall be subject to the establishment of Reserves as set forth in the definition of “Eligible Landed Inventory”.
As to each item of Inventory that is identified by Borrowers as Eligible Landed Inventory or Eligible In-Transit Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Landed Inventory or Eligible In-Transit Inventory.
The Borrower Parties hereby acknowledge, agree and confirm that, from and after the Increased Liquidity Effective Date, pursuant to clause (f) of the definition of Eligible Landed Inventory, slow moving or stale inventory shall not be included in Eligible Landed Inventory unless Agent, Co-Agent and Required Lenders otherwise elect in their sole discretion.