Eligible New Inventory definition

Eligible New Inventory means Inventory of the Borrowers that (a) is subject to a perfected, first priority Lien in favor of Collateral Agent for the benefit of the Lenders, free from any Lien other than Permitted Liens, (b) is located at any Borrowers' facilities or is otherwise under the control of a Borrower, (c) consists of complete Units of New Inventory purchased from Approved Manufacturers, (d) does not constitute Used Inventory or Eligible Parts Inventory, (e) is not subject to a Contract in Transit, and (f) otherwise constitutes collateral reasonably acceptable to the Required Lenders for borrowing purposes.

Eligible New Inventory means Inventory of the Dealers that (a) is subject to a perfected, first priority Lien in favor of Lender, free from any other Lien other than those acceptable to Lender in its sole discretion, (b) is located at the Dealer's facilities, or was delivered to a retail purchaser within the last six business days, or was delivered within the last 10 business days under a purchase agreement for a lease transaction, (c) does not constitute Used Inventory or Eligible Parts Inventory, and (d) otherwise constitutes collateral reasonably acceptable to Lender for borrowing purposes.

Eligible New Inventory means all Eligible Inventory owned by a Xxxxxx Borrower.

Examples of Eligible New Inventory in a sentence

• Any downward variance amount of more than three percent (3%) (with such percentage to be rounded to the nearest tenth of one percent) (a "Material Variance") shall be applied to the total collateral value for all types of Collateral shown by the current Borrowing Base Certificate and all Borrowing Base Certificiates submitted prior to the time when a new variance is calculated at the next inspection of Eligible New Inventory and Eligible Used Inventory (a "Variance Adjustment").

• The Lender's obligation to forbear or advance funds hereunder is subject to repayment by the Borrowers of Advances made on all Eligible New Inventory and Eligible Used Inventory which have been previously sold but are delinquent as of the date hereof (the "Sold Not Paid Units").

• Until April 30, 2001, if Eligible New Inventory has not been previously sold or transferred, three percent (3%) of an Advance for Eligible New Inventory will be due and payable 390 days from the date of the Advance.

• Advances for Eligible New Inventory shall -------------------- bear interest at a per annum rate equal to Prime Rate plus 2.00%.

• On receipt of each Borrowing Base Certificate, DFS will credit Borrower with the lesser of (1) one hundred percent (100%) of the Value of Borrower's cost of Eligible New Inventory, net of accumulated straight-line depreciation based on a sixty (60) month depreciation schedule, and (2) the Total Revolving Credit Limit (such lesser amount being called the "Eligible New Inventory Availability").

More Definitions of Eligible New Inventory

Eligible New Inventory means Inventory of the Borrowers that (a) is subject to a perfected, first priority Lien in favor of Collateral Agent for the benefit of the Lenders, free from any Lien other than Permitted Liens, (b) is located at any Borrowers’ facilities or is otherwise under the control of a Borrower, (c) consists of complete Units of New Inventory purchased from Approved Manufacturers, (d) does not constitute Used Inventory or Eligible Parts Inventory, (e) is not subject to a Contract in Transit, and (f) otherwise constitutes collateral reasonably acceptable to the Required Lenders for borrowing purposes.

Eligible New Inventory means Borrower's new whole goods and unused whole goods Inventory, showing usage of two hundred fifty (250) hours or less, and new and unused serialized attachments, held for sale but not rental or lease that is owned by Borrower free and clear of all Liens, security interests and encumbrances of any third parties, except for the Permitted Liens, that is not obsolete or unmerchantable, that is in good, new and salable condition that conforms to the representations and warranties of Section 8.22 of this Agreement, and which Administrative Agent deems, in its sole discretion, to be acceptable for financing.

Eligible New Inventory means Inventory of the Dealers that (a) is subject to a perfected, first priority Lien in favor of Lender, free from any other Lien other than those acceptable to Lender in its discretion, (b) is located at the Dealer's facilities listed on Exhibit E or any other location identified to Lender in writing by a Dealer, or was delivered to a retail purchaser within the last six business days, or was delivered within the last 10 business days under a purchase agreement for a lease transaction, or is located at or in transit to a boat show, (c) does not constitute Used Inventory or Eligible Parts Inventory, and (d) otherwise constitutes collateral reasonably acceptable to Lender for borrowing purposes.

Eligible New Inventory means Borrower's new and unused Inventory held for sale, but not rental or lease, that is owned by Borrower free and clear of all Liens, security interests and encumbrances of any third parties, except for the Permitted Liens, that is not obsolete or unmerchantable, that is in good, new and salable condition that conforms to the representations and warranties of Section 7.22 of this Agreement, and which DFS deems, in its reasonable discretion, to be acceptable for financing; provided, however, that Inventory will only be Eligible New Inventory for so long as it has been owned by Borrower seven hundred twenty (720) days or less.

Eligible New Inventory means Borrower's finished goods construction machinery Inventory less than seven (7) years old whose acquisition by Borrower was not financed by DFS, that is owned by Borrower free and clear of all Liens, security interests and encumbrances of any third parties, except for the Permitted Liens, that is not obsolete or unmerchantable, that is in good, new and salable condition that conforms to the representations and warranties of Section 8.26 of this Agreement, and which DFS deems, in its sole discretion, to be acceptable for financing.

Eligible New Inventory means Borrower's new whole goods and unused whole goods Inventory, showing usage of two hundred fifty (250) hours or less, and new and unused serialized attachments, held for sale but not rental or lease that is owned by Borrower free and clear of all Liens, security interests and encumbrances of any third parties, except for the Permitted Liens, that is not obsolete or unmerchantable, that is in good, new and salable condition that conforms to the representations and warranties of SECTION 8.22 of this Agreement, and which DFS deems, in its sole discretion, to be acceptable for financing. No eligible new inventory shall be so classified for longer than 18 months.

Eligible New Inventory means Inventory of Company or its Subsidiaries that (a) is subject to a perfected, first priority Lien in favor of Lender, free from any other Lien other than those acceptable to Lender in its sole discretion, (b) is located at Company's or its Subsidiaries' facilities, or was delivered to a retail purchaser within the last six business days, or was delivered within the last 10 business days under a purchase agreement for a lease transaction, (c) does not constitute Used Inventory or Eligible Parts Inventory, and (d) otherwise constitutes collateral reasonably acceptable to Lender for borrowing purposes.