Hedged Inventory definition

Hedged Inventory means all Eligible Precious Metals owned by the Borrower which has been hedged by the Borrower in accordance with its risk management policies with (i) futures contracts carried in a Broker Account or (ii) Forward Contracts with a fixed price and a delivery date of not more than one (1) year and with a counterparty that has not been objected to by the Administrative Agent or any of the Required Lenders.

Hedged Inventory means Inventory consisting of commodities that are hedged against price fluctuation using traditionally recognized methods of hedging, including, but not limited to, futures contracts, placed through a recognized commodities broker adjusted to include all current and non-current commodity derivative assets and liabilities recorded on the Company’s balance sheet in accordance with GAAP.

Hedged Inventory means Inventory consisting of commodities that are hedged against price fluctuation using traditionally recognized methods of hedging, including, but not limited to, futures contracts, placed through a recognized commodities broker, adjusted to include all current and non-current commodity derivative assets and liabilities recorded on the Company’s balance sheet in accordance with GAAP.

Examples of Hedged Inventory in a sentence

• Borrower shall maintain at all times: (a) a Tangible Net Worth of not less than $65,000,000; (b) a Current Ratio Net of Hedged Inventory of not less than 1.25 to 1; (c) a Debt to Capitalization Ratio of not more than 70%; (d) Working Capital of not less than $45,000,000; and (e) a ratio of long term debt minus the non-recourse portion of long term debt to Tangible Net Worth of not more than 1.25 to 1.

• All Accounts arising from with respect to contracts for the sale of Financed Eligible Hedged Inventory shall qualify as Approved Eligible Receivables, and Borrower has complied in all respects with the terms of each related contract for sale.

• The Company will not at any time permit the Current Ratio Net of Hedged Inventory to be less than 1.25 to 1.00.

• Xxxxxx Title: Director Plains Marketing Hedged Inventory Facility CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender By: /s/ Txxxx Xxxxxx Name: Txxxx Xxxxxx Title: Authorized Signatory By: /s/ Sxxxx X.

• Borrower shall maintain at all times: (a) a Tangible Net Worth of not less than $80,000,000; (b) a Current Ratio Net of Hedged Inventory of not less than 1.25 to 1; (c) a Debt to Capitalization Ratio of not more than 70%; and (d) Working Capital of not less than $55,000,000.

• Xxxxxx Title: Authorized Signatory Plains Marketing Hedged Inventory Facility PNC BANK, NATIONAL ASSOCIATION, as a Lender By: /s/ Kxxx X.

• Borrower shall maintain at all times: (a) a Tangible Net Worth of not less than $250,000,000; (b) a Current Ratio Net of Hedged Inventory of not less than 1.25 to 1; (c) a Debt to Capitalization Ratio of not more than 70%; (d) Working Capital of not less than $150,000,000; and (e) an Asset Coverage Ratio of: (i) not more than 80% through the Maturity Date of the Line of Credit B, and (ii) not more than 75% thereafter.

• Borrower states and acknowledges that this Agreement is entered into by it in replacement of that certain Second Amended and Restated Credit Agreement [Letter of Credit and Hedged Inventory Facility] dated July 2, 2002 (the “Expiring LC Facility”), among Borrower, Fleet National Bank as administrative agent and the lenders party thereto.

• All Receivables arising from or with respect to contracts for the sale of Eligible Hedged Inventory shall qualify as Approved Eligible Receivables, and Borrower has complied in all respects with the terms of each related contract for sale.

• Each of the Plains Entities has good and indefeasible title to all real property (save and except for Rights-of-Way) and good title to all personal property described in the Plains SEC Documents as owned by such Plains Entity, free and clear of all Liens except such (a) as are described in the Plains SEC Documents, (b) as are created, arise under or secure the Hedged Inventory Facility, or (c) as would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

More Definitions of Hedged Inventory

Hedged Inventory means Inventory consisting of grain that is hedged against price fluctuation using traditionally recognized methods of hedging, including, but not limited to, futures contracts, placed through a recognized commodities broker.

Hedged Inventory means all Eligible Precious Metals owned by the Borrower or JM Bullion which have been hedged by the Borrower or JM Bullion, as applicable, in accordance with its risk management policies with (i) futures contracts carried in a Broker Account or (ii) Eligible Forward Contracts with a fixed price and a delivery date of not more than one (1) year and with a counterparty that has not been objected to by Agent or any of the Required Lenders.