Excluded Defective Merchandise definition

Excluded Defective Merchandise means those items of Defective Merchandise that are not saleable in the ordinary course because they are so damaged or defective that such inventory cannot reasonably be used for their intended purpose.

Excluded Defective Merchandise means (a) any item of Defective Merchandise that is (1) not saleable in the ordinary course because it is so damaged or defective that it cannot reasonably be used for its intended purpose or (2) mismatched, mismated or near-sized, (b) any item of Defective Merchandise for which the parties cannot mutually agree upon a Cost Value, and (c) inventory of any kind or nature, wherever located, that was, is or becomes during the Sale Term subject to a bona fide, credible, written claim of trademark (or other intellectual property) infringement by any third party. Excluded Defective Merchandise located in the Stores shall be identified and counted and thereafter removed from the sales floor and segregated. To the extent that goods in the Distribution Center constitute Excluded Defective Merchandise and such goods arrive at the Stores despite the Purchaser’s covenant not to ship such goods to the Stores, such goods shall, to the extent such goods arrive in a Store, such goods shall be reasonably identified by Agent within five (5) business days of receipt at such Store and thereafter removed from the sales floor and/or segregated.

Excluded Defective Merchandise means any item of (i) Defective Merchandise that is not saleable in the ordinary course because it is so damaged or defective that it cannot reasonably be used for its intended purpose, (ii) obsolete or discontinued goods or goods that have been marked out of stock or have received a similar designation, or (iii) Merchandise for which Sellers and Buyer cannot mutually agree upon the Cost Value. Excluded Defective Merchandise shall be identified as such during the Inventory Taking.

Examples of Excluded Defective Merchandise in a sentence

• For purposes of this Agreement, “Merchandise” shall mean all (i) new, finished, first quality goods owned by Merchant saleable in the ordinary course of business located at the Stores as of the Sale Commencement Date (including Merchandise subject to Gross Rings); (ii) Defective Merchandise (to the extent Purchaser and Agent can mutually agree on the Cost Value applicable thereto and excluding Excluded Defective Merchandise); and (iii) goods marked as “demo” in the Merchant’s books and records.

• If Merchant elects on or before the Sale Commencement Date, Agent shall accept the Excluded Defective Merchandise hereunder for sale as “Merchant Consignment Goods” at prices established by Agent.

• If Merchant does not elect to have Agent sell the Excluded Defective Merchandise, then all such items will be removed by Merchant from the Stores at Merchant’s expense as soon as practicable after the Sale Commencement Date.

• Notwithstanding the foregoing, “Merchandise” shall not include: (1) goods which belong to sublessees, licensees, department lessees, or concessionaires of Merchant; (2) goods held by Merchant on memo, on consignment, or as bailee; (3) furnishings, trade fixtures, equipment and/or improvements to real property which are located in the Stores (collectively, “FF&E”); (4) Excluded Defective Merchandise; and (5) Merchant Consignment Goods.

• If Merchant does not elect to have Agent sell Excluded Defective Merchandise, then all such items will be removed by Merchant from the Stores at its expense as soon as practicable after the Sale Commencement Date.

More Definitions of Excluded Defective Merchandise

Excluded Defective Merchandise means any non-saleable item of merchandise that is dented, worn, shopworn, scratched, broken, faded mismatched, damaged, defective, refurbished, incomplete, out of box, mismatched, scratched, discolored, returned, missing power cords or other included components, repaired or suffering from other damages or merchandise affected by other similar defects rendering it otherwise not suitable or salable for its intended purpose.

Excluded Defective Merchandise means (a) any item of Defective Merchandise that is (1) not saleable in the ordinary course because it is so damaged or defective that it cannot reasonably be used for its intended purpose or (2) mismatched, mismated or near-sized, (b) any item of Defective Merchandise for which the parties cannot mutually agree upon a Retail Price, and (c) inventory of any kind or nature, wherever located, that was, is or becomes during the Sale Term subject to a bona fide, credible, written claim of trademark (or other intellectual property) infringement by any third party. Excluded Defective Merchandise shall be identified as such during the Inventory Taking. Excluded Defective Merchandise located in the Stores shall be identified and counted during the Inventory Taking and thereafter removed from the sales floor and segregated. To the extent that goods in the Distribution Centers or on-order goods constitute Excluded Defective Merchandise and such goods arrive at the Stores despite Merchant’s covenant not to ship such goods to the Stores, such goods shall be identified during the Inventory Taking or, to the extent such goods arrive in a Store after the Inventory Date for such Store, such goods shall be reasonably identified by Agent within five (5) business days of receipt of at such Store and thereafter removed from the sales floor and/or segregated.

Excluded Defective Merchandise means any item of (i) Defective Merchandise that is not saleable in the ordinary course because it is so damaged or defective that it cannot reasonably be used for its intended purpose, (ii) Defective Merchandise or Display Merchandise for which the parties are unable to agree upon a Cost Value or (iii) goods that are a gift with purchase items not ordinarily sold separately. Excluded Defective Merchandise shall be identified as such during the Inventory Taking.

Excluded Defective Merchandise means (i) spare parts, component parts, Supplies and other items not intended to be sold to customers as a complete item of merchandise, (ii) returned to vendor inventory located at the Little Rock, AK distribution center, (iii) inventory currently at RMI, the domestic refurbisher in Chicago, IL, (iv) refurbished inventory currently overseas, (v) domestic inventory that has yet to be sent out to be refurbished from the Stores, (vi) inventory already designated as return to vendor or marked “out of stock” , and (vii) those items of Defective Merchandise that are not saleable because they are so damaged or defective that such inventory cannot be used for the purpose for which they were intended.

Excluded Defective Merchandise means any item of merchandise that is dented, worn, shopworn, scratched, broken, faded mismatched, damaged, defective, refurbished, incomplete, out of box, mismatched, scratched, discolored, returned, missing power cords or other included components, repaired or suffering from other damages or merchandise affected by other similar defects rendering it otherwise not reasonably suitable or reasonably saleable for its intended purpose.

Excluded Defective Merchandise means any item of Defective Merchandise that for any reason is not suitable or saleable for its intended purpose. “Merchant Consignment Goods” shall have the meaning assigned to such term in Section 5.4 below.

Excluded Defective Merchandise means (i) spare parts, component parts, Supplies and other items not intended to be sold to customers as a complete item of merchandise, (ii) returned-to-vendor inventory located at the Little Rock, Arkansas distribution center, (iii) inventory currently at RMI, the domestic refurbisher in Chicago, Illinois,