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").

• 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").

• On receipt of each Borrowing Base Certificate, DFS will credit Borrower with the lesser of (a) seventy percent (70%) of the Value of Borrower's Eligible Used Inventory listed in such Borrowing Base Certificate, and (b) Three Million Dollars ($3,000,000) ("Eligible Used Inventory Availability").

• Advances for Eligible Used Inventory shall bear interest at a per annum rate equal to Prime Rate plus 3.50%.

More Definitions of Eligible Used Inventory

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 of the Borrowers that

Eligible Used Inventory means finished manufactured homes that have been used by a customer that are in immediately saleable condition and that were not repurchased from a retail dealer at the request of such retail dealers floor plan financier.

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.

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 Used Inventory, consisting of audio recordings on compact disk, that would otherwise qualify as Eligible Inventory, bur for the fact that such Inventory is in used condition. Any Used Inventory that is not Eligible Used Inventory shall nevertheless be part of the Collateral.

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.