Ineligible Inventory definition

Ineligible Inventory means all Qualified Inventory described in one or more of the following clauses, without duplication:

Ineligible Inventory means all Qualified Inventory described in at least one of the following clauses:

Ineligible Inventory means all Inventory described in one or more of the following clauses, without duplication:

Examples of Ineligible Inventory in a sentence

• Bank reserves the right, upon notice, in its sole discretion, to amend the terms of the Ineligible Inventory at any time.

• Ineligible Inventory shall include the following: Inventory not legally owned by Borrower, including but not be limited to, goods on consignment from any supplier, vendor, and/or individual, or goods on demonstration and/or for trial, and not subject to the first lien priority security interest in favor of Bank.

• An Eligible Account is an Account which is not an Ineligible Account, as defined in Section DD.03 hereof; and Eligible Inventory is Inventory which is not Ineligible Inventory, as defined in Section DD.04 hereof.

• Total Ineligible Inventory $ Total Eligible Inventory (Inventory less Total Ineligible Inventory) $ Inventory Availability = the lesser of (i) 60% of Total Eligible Inventory and $ (ii) 85% of the Net Orderly Liquidation Value of Borrower's Eligible Inventory Borrowing Base (Accounts Availability plus Inventory Availability) EXHIBIT 4.9(d)(ii) BORROWING BASE CERTIFICATE O'SULLIVAN FURNITURE FACTORY OUTLET, INC.

• Total Ineligible Inventory $ Total Eligible Inventory (Inventory less Total Ineligible Inventory) $ Inventory Availability = the lesser of (i) 60% of Total Eligible Inventory and $ (ii) 85% of the Net Orderly Liquidation Value of Borrower's Eligible Inventory) Borrowing Base (Accounts Availability plus Inventory Availability) $ COMPLIANCE CERTIFICATE O'SULLIVAN INDUSTRIES, INC.

More Definitions of Ineligible Inventory

Ineligible Inventory means, with respect to the U.S. Borrowers or the Canadian Borrower and any Canadian Subsidiary Guarantors, as applicable, at any date of determination, an amount equal to the sum of the following, without duplication:

Ineligible Inventory. Inventory of Borrowers that is not Eligible Inventory or Eligible In-Transit Inventory.

Ineligible Inventory means, with respect to the U.S. Credit Parties or the Canadian Credit Parties, as applicable, at any date of determination, an amount equal to the sum of the following, without duplication:

Ineligible Inventory means Inventory that is not Eligible Inventory.

Ineligible Inventory means that Inventory of Borrower that is not subject to a first and prior Lien in favor of Bank, that Inventory that is subject to any Lien not in favor of Bank and that Inventory of Borrower as shall be deemed from time to time to be in the sole judgment of Bank, ineligible for purposes of determining the Borrowing Base. All other terms not defined herein shall have the respective meanings as in the Agreement. Borrower certifies that the above information and computations are true, correct, complete and not misleading as of the date hereof.

Ineligible Inventory means Inventory:

Ineligible Inventory means, without duplication, (a) Inventory that is not owned by a Borrower free and clear of all Liens and rights of any other Person (including the rights of a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure such Borrower’s performance with respect to that Inventory), except the Liens in favor of Agent, on behalf of itself and Lenders;