Excess and Obsolete Inventory definition

Excess and Obsolete Inventory means without adjustment: 50% of the value of Inventory in excess of 18 months’ usage and 100% of the value of Inventory in excess of 36 months’ usage, excluding inventory directly related to new products introduced within six months of the date hereof.
View Source
Excess and Obsolete Inventory means all Inventory determined to be excess or obsolete in accordance with Company’s policies, consistent with Company’s past practice, including the following: a. disposable parts will be considered excess and obsolete to the extent the quantity of such disposable parts on hand exceeds the lesser of: (1) the quantity of such disposable parts used in the Business in the Twelve (12) months prior to the date of determination; or (2) the quantity of such disposable parts forecast to be required in the Business in the Twelve (12) months following the date of determination; and b. durable parts will be considered excess and obsolete to the extent the quantity of such durable parts on hand exceeds the lesser of: (1) the quantity of such durable parts used in the Business in the Twenty-Four (24) months prior to the date of determination; or (2) the quantity of such durable parts forecast to be required in the Business in the Twenty-Four (24) months following the date of determination. “FCPA” means the United States Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C. §§78dd-1, et. seq. “Fundamental Representations” means: a. with respect to Sellers, the representations and warranties set forth in: (1) Section 3.1 (Organization); (2) Section 3.2 (Authorization of Transaction); (3) Section 3.3 (Consents); (4) Section 3.4 (Noncontravention); (5) Section 3.5 (Brokers’ Fees); (6) Section 3.6 (Purchased Shares); (7) Section 4.1 (Organization); (8) Section 4.2 (Authorization of Transaction); (9) Section 4.3 (Capitalization);
View Source

Examples of Excess and Obsolete Inventory in a sentence

  • The provisions of Sections 6.0 (Excess and Obsolete Inventory), 7.0 (Quality), 9.0 (Warranty), 11.0 (Payment Terms), and the following sections in Exhibit B: 18.0 (General), 7.0 (Confidential Information), 8.0 (Intellectual Property), 9.0 (Intellectual Property Indemnification), 11.0 (Dispute Resolution), 12.0 (Limitation of Liability) and 13.0 (Personal Injury Indemnification) of this Agreement will survive the termination of this Agreement.

  • Downside reschedules of Purchase Orders will be subject to the limitations set forth below and to the terms and conditions set forth in Sections 4.0 Cancellation of Shipments and 6.0 Excess and Obsolete Inventory.

  • Excess and obsolete inventory created as a result of the EC shall be resolved in accordance with Section 6.0 Excess and Obsolete Inventory.

  • NCR’s liability for Excess and Obsolete Inventory will be determined in accordance with the terms of Exhibit 9.

  • If a supplier's minimum order quantity or lead time requirements for a Material or Component requires VEM to purchase Materials and Components in volumes beyond the quantities in the binding forecast period, the parties shall negotiate in good faith how best to purchase such Materials and Components to minimize (i) the price paid for the Materials and Components and (ii) the risk of such Materials or Components becoming Excess and Obsolete Inventory.

  • Returnable Material Non-Cancelable, Non Returnable Material as defined herein and as set forth in Section “5.1” and Section 6.0 Excess and Obsolete Inventory.

  • Subject only to the reserve for write-down of slow-moving or obsolete inventory set forth on the face of the Reference Balance Sheet as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice of Company, none of the Inventory of Company consists of Excess and Obsolete Inventory.

  • Trimble may reschedule Product not released as WIP, subject to the terms and conditions set forth in Sections 14.3 (Cancellation of Shipments) and 15.0 (Excess and Obsolete Inventory), or as otherwise specified in an Addendum to this Agreement.

  • To the extent that DAH determines that its usage history indicates that it can use any portion of the Excess and Obsolete Inventory, DAH shall notify AMP that it may exclude such portion from the Excess and Obsolete Inventory calculation.

  • NCR Voyix’s liability for Excess and Obsolete Inventory will be determined in accordance with the terms of Exhibit 9.