Eligible Work in Process definition

Eligible Work in Process means, on any date, the Inventory Value of all Eligible Inventory of the Borrower and each Grantor defined as Work in Process on such date as shown on the Borrower’s perpetual inventory records in accordance with its current and historical accounting practices.

Eligible Work in Process means Work-in-Process which constitutes Eligible Inventory.

Eligible Work in Process means, on any date, Eligible Inventory (other than Goods-In-Transit) composed of Work-In-Process, as determined by the Administrative Agent in its reasonable credit judgment, on such date as shown on the Loan Parties’ perpetual inventory records in accordance with current and historical accounting practices, minus Inventory Reserves with respect thereto.

Examples of Eligible Work in Process in a sentence

• As to each item of Inventory that is identified by Borrowers as Eligible Finished Goods Inventory, Eligible Work in Process Inventory, or Eligible Raw Materials 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 Inventory”.

• As to each item of Inventory that is identified by Borrowers as Eligible Finished Goods Inventory, Eligible Work in Process Inventory, or Eligible Raw Materials 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 Inventory.

More Definitions of Eligible Work in Process

Eligible Work in Process means, Eligible Inventory of a Borrower constituting work-in-process. For purposes of clarification, Eligible Work-In Process shall not include Eligible Inventory constituting semi-finished goods as determined by the Administrative Agent in its Permitted Discretion.

Eligible Work in Process means, Eligible Inventory of a Borrower constituting work-in-process which can be sold in its current form and condition as determined by the Administrative Agent in its Permitted Discretion, excluding Eligible Finished Goods and Eligible Raw Materials of such Borrower.

Eligible Work in Process means Inventory that consists of work-in-process and that otherwise constitutes Eligible Inventory.

Eligible Work in Process means the Eligible Inventory of any Loan Party that is classified, consistent with past practice, on such Loan Party’s accounting system as “work in process”, to the extent that such “work in process” is in saleable form on an as-is basis, as determined by the Administrative Agent in its sole discretion.

Eligible Work in Process means the book value of all work in process of Xxxxxxx, Inc. (and only Xxxxxxx, Inc.) in which the Lenders have a first priority perfected security interest, as such work in process relates to materials but specifically excluding any labor or overhead attributed to such work in process.

Eligible Work in Process means work being performed by Borrower (and expenses being incurred on behalf of a client to the extent such expenses are reimbursable) in the ordinary course of the Borrower’s business which (i) was first commenced by the Borrower within the preceding sixty (60) days but has not yet been invoiced; (ii) is being performed for a client whose Accounts would qualify as Eligible Accounts; and (iii) upon being invoiced by Borrower, would result in Accounts which qualify as Eligible Accounts. Any work which is Eligible Work in Process shall cease to be Eligible Work in Process whenever it ceases to meet anyone of the foregoing requirements.

Eligible Work in Process of a Borrowing Subsidiary shall mean Inventory of such Borrowing Subsidiary which is classified, consistent with past practice, on such Borrowing Subsidiary's accounting system as Work in Process or Goods in Process, which is otherwise Eligible Inventory but not Eligible Yarn Inventory.