Eligible Used Inventory definition

Eligible Used Inventory means Used Inventory of the Borrowers that (a) consists of complete Units of Used Inventory, (b) is subject to a perfected, first priority Lien in favor of the Collateral Agent for the benefit of the Lenders, free from any Lien other than Permitted Liens, (c) is located at the Borrowers' facilities or is otherwise under the control of a Borrower, (d) does not constitute Eligible New 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 Used Inventory means shall mean Borrower's Inventory not purchased directly from the manufacturer thereof or previously sold at retail, which is 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

Eligible Used Inventory means Used Inventory 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 on 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 Eligible New Inventory or Eligible Parts Inventory, and (d) otherwise constitutes collateral reasonably acceptable to Lender for borrowing purposes.

Examples of Eligible Used Inventory in a sentence

• Subject to the terms of this Agreement, DFS agrees, for so long as no Default exists, to provide to Borrower working capital financing (each advance being a "Revolving Credit Loan") on Eligible Used Inventory and Eligible Parts in the maximum aggregate unpaid principal amount at any time not to exceed the lesser of (i) the Borrowing Base and (ii) Five Million Five Hundred Thousand Dollars ($5,500,000)) ("Total Revolving Credit Limit").

• Following the occurrence of any Event of Default and during the continuance of any Event of Default, Lender may give Borrower notice that it intends to cease making Advances against the Borrowing Base pursuant to Section 2.01(a) hereof and Lender will thereafter make only Committed Advances for New Inventory, unit specific advances for Eligible Used Inventory, and Advances against Accounts under the Modified Borrowing Base; provided, however, Lender may not agree to make any further Advances.

• Borrowers shall notify Lender at least one Business Day prior to any proposed Advance for Eligible Used Inventory; such notification may be oral, but must be confirmed by telecopy or in writing by the date of the Advance, and be accompanied by such information as Lender may reasonably request to identify, value and locate the Eligible Used Inventory.

• 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 Eligible Used Inventory, and (2) Twelve Million Five Hundred Thousand Dollars ($12,500,000) (such lesser amount being called the "ELIGIBLE USED INVENTORY AVAILABILITY").

• Subject to the terms of this Agreement, DFS agrees, for so long as no Default exists, to provide to Borrower, and Borrower agrees to accept, financing (each advance being a "Revolving Credit Loan") on the Initial Advance, Eligible New Inventory and Eligible Used Inventory in the maximum aggregate unpaid principal amount at any time equal to the lesser of (i) the Borrowing Base and (ii) Forty Million Dollars ($40,000,000.00) less the Landlord Lien Reserve ("Total Revolving Credit Limit").

More Definitions of Eligible Used Inventory

Eligible Used Inventory means Used Inventory of the Borrowers that

Eligible Used Inventory means Borrower's finished goods construction machinery Inventory manufactured more than twelve (12) months prior to, or showing useage of one hundred (100) hours or more as of, the date of any Loan or advance by DFS against such Inventory, 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 Used Inventory means Inventory components consisting of hard disks, tape drives or optical drives refurbished to first quality or designated with the product code "U" in Inventory reports provided by Borrower to Lender.

Eligible Used Inventory means Used Inventory 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 a Borrower's facility, or was delivered to a retail purchaser within the last three business days, or was delivered within the last three business days under a purchase agreement for a lease transaction, (c) does not constitute Eligible New Inventory, and (d) otherwise constitutes collateral reasonably acceptable to Lender for borrowing purposes. Used Inventory that has been acquired by a non-Borrower Subsidiary as a trade-in and subsequently is transferred to a Borrower and becomes part of the Collateral shall constitute Eligible Used Inventory. Used Inventory that that been acquired by a non-Borrower Subsidiary as a trade-in and simply moved to the location of a Borrower shall not constitute Eligible Used Inventory.

Eligible Used Inventory means Borrower's whole goods Inventory held for sale, but not rental or lease showing usage of more than two hundred fifty (250) hours as of the date of any Loan or advance by DFS against such Inventory 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; provided, however, that Inventory will only be Eligible Used Inventory for twelve (12) months.

Eligible Used Inventory means shall mean Borrower's Inventory not purchased directly from the manufacturer thereof or previously sold at retail, which is 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 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 three hundred sixty-five (365) days or less.

Eligible Used Inventory means Used 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 Eligible New Inventory or Eligible Parts Inventory, and (d) otherwise constitutes collateral reasonably acceptable to Lender for borrowing purposes.