Inventory Shortage definition

Inventory Shortage means the amount by which the retail value of the Inventory as reflected by an Audit is less than the Retail Book Inventory.
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Inventory Shortage shall have the meaning set forth in Section 2.6.
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Inventory Shortage means any difference at retail value remaining after (i) the retail value of the Inventory as reflected by a binding Audit is deducted from (ii) the Retail Book Inventory.
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Examples of Inventory Shortage in a sentence

  • RELIANT shall have the right to cause an independent, certified public accountant reasonably acceptable to PRONOVA, at reasonable times and upon reasonable written notice, to examine such records of PRONOVA as may be necessary for the sole purpose of verifying the calculation and accuracy of the Inventory Shortage Report.

  • If any such re-Audit conducted for you becomes binding and results in an adjustment in any Inventory Shortage or Inventory Overage reflected by the last Audit of more than 1% of the Retail Book Inventory, we agree to bear the reasonable cost of such re-Audit.

  • The scores that the subjects got on both of the tests and the Dil-Mer exam results were correlated with the Pearson Product Moment Correlation and the Spearman’s Rank Order Correlation.

  • The Unexplained Disappearance Or Inventory Shortage Endorsement IH 81 04 may be used to include coverage with respect to loss caused by or resulting from an unexplained disappearance or shortage of inventory.

  • This endorsement is used to amend the Inventory Shortage exclusion applicable to Insuring Agreements 1, 5 and 7 to permit the use of inventory and profit and loss computations to support the amount of loss claimed.

  • For purposes of illustration and example only, if OEM receives a binding customer order in a quarter for seven products that has an aggregate net revenue value to OEM of $100,000, and OEM is not able to ship four of the ordered products that have an aggregate net revenue value to OEM of $60,000 because OEM does not have the Equipment from Netronome to manufacture such products due to a Supplemental Inventory Shortage, then the Penalty Fee owed by Netronome to OEM would be $6,000 (10% x $60,000).

  • The result is the company premium for Credit, Debit or Charge Card Forgery Coverage only.(v) Amend Inventory Shortage Exclusion.

  • Inventory Shortage CostThis charge, which results from an out-of-stock scenario, is also known as stock out expenses.

  • If there is an Inventory Shortage, Seller shall pay Buyer (via wire transfer to an account specified in writing by Buyer), within five (5) Business Days of the Closing Date, an amount equal to the Inventory Shortage multiplied by the per unit value of such Non-Hydrocarbon Inventory based on the prices set forth in Schedule 2.6. If there is an Inventory Excess, then Buyer shall owe no further consideration to Seller.

  • GAC expects that during the course of providing assistance and in the day to day running of the corporation, that all members:• Complete applications fully;• Provide acceptable quotes and invoices, or other supporting documentation in support of applications;• Are respectful and courteous to staff and suppliers;• Will only communicate with GAC staff through approved business methods including by phone or by email; and• Will not engage in any fraudulent behaviour or forgery.

Related to Inventory Shortage

  • Inventory Sublimit means the amount(s) set forth in Section 1(d) of Schedule A.

  • Obsolete Inventory means items that have expired, are redundant or

  • Inventory Value has the meaning set forth in Section 2.1.

  • Inventory Formula Amount means (i) the lesser of (x) 75% of the Value of Eligible Inventory and (y) 85% of the NOLV Percentage of the Value of Eligible Inventory plus (ii) the lesser of (x) the lesser of (1) 75% of the Value of Eligible In-Transit Inventory and (2) 85% of the NOLV Percentage of the Value of the Eligible In-Transit Inventory and (y) $10,000,000.

  • Excess Inventory means all Inventory and Special Inventory possessed or owned by Flextronics that is not required for consumption to satisfy the next [***] of demand for Products under the then-current purchase order(s) and forecast.

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as, but not limited to, provisions in storerooms, refrigerators, pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery; and other expensed supplies and similar items.

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • Unsaleable liquor merchandise means a container that:

  • Estimated Cash has the meaning set forth in Section 2.4(a).

  • Scrap metal means ferrous or nonferrous metal, or items that contain ferrous or nonferrous metal, that are sold or offered for sale for the value of the ferrous or nonferrous metal they contain rather than their original intended use; ferrous or nonferrous metal removed from or obtained by cutting, demolishing, or disassembling a building, structure, or manufactured item; or other metal that cannot be used for its original intended purpose but can be processed for reuse in a mill, foundry, die caster, or other manufacturing facility.

  • Finished Lots Entitled Land with respect to which (a) development has been completed to such an extent that permits to allow use and construction, including building, sanitary sewer and water, are entitled to be obtained for a Unit on such Entitled Land and (b) start of construction has not occurred.

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Inventory Tracking System means the required tracking

  • Inventory control system means a system described in Section 4-41a-103.

  • Estimated Closing Indebtedness has the meaning set forth in Section 2.4(a).

  • Eligible Finished Goods Inventory means all Finished Goods Inventory that is Eligible Inventory.

  • Inventory Appraisal means (a) on the Closing Date, the appraisal prepared by Great American Group dated June 2007 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraisal firm pursuant to Section 9.2(b).

  • Estimated Closing Date Balance Sheet shall have the meaning set forth in Section 2.3(a) hereof.

  • Estimated Closing Balance Sheet has the meaning set forth in Section 2.6(a).

  • Drop shipment means the sale of a prescription drug to a

  • Estimated Closing Cash has the meaning set forth in Section 2.4(a).

  • Net Orderly Liquidation Value means, with respect to Inventory of any Person, the orderly liquidation value thereof as determined in a manner acceptable to the Administrative Agent by an appraiser acceptable to the Administrative Agent, net of all costs of liquidation thereof.

  • Transferred Inventory has the meaning set forth in Section 2.2(a)(iii).

  • Inventory Reserve means reserves established by the Administrative Agent to reflect factors that may negatively impact the Value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.

  • Inventory Reserves means such reserves as may be established from time to time by the Administrative Agent in the Administrative Agent’s Permitted Discretion with respect to the determination of the saleability, at retail, of the Eligible Inventory or which reflect such other factors as may adversely affect the market value of the Eligible Inventory. Without limiting the generality of the foregoing, Inventory Reserves may, in the Administrative Agent’s Permitted Discretion, include (but are not limited to) reserves based on:

  • Eligible Inventory means and include Inventory, excluding work in process, with respect to each Borrower, valued at the lower of cost or market value, determined on a first-in, first-out basis, which is not obsolete, slow moving or unmerchantable as determined by Agent in its Permitted Discretion and which Inventory, based on such considerations as Agent may from time to time deem appropriate in its Permitted Discretion including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted Encumbrance). Notwithstanding anything herein to the contrary, no Inventory shall be Eligible Inventory to the extent such Inventory was acquired by a Borrower pursuant to an entity creation under Section 7.12 or a Permitted Acquisition, unless Agent has (i) completed field examinations with respect to such Inventory, the results of which are satisfactory in form and substance to Agent in its Permitted Discretion or (ii) waived such restriction in its Permitted Discretion. In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform in all material respects to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is in transit (other than between one or more locations where Borrowers are permitted hereunder to maintain or store Inventory and such location is the subject of a Lien Waiver Agreement or a Processor’s Agreement, as applicable, unless such location is owned by Borrower); (c) is located outside the continental United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned Inventory (other than Consigned Inventory that is subject to a warehouseman’s waiver in form and substance satisfactory to Agent); (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion); (g) at any time following seventy-five (75) days after the Closing Date (or such later date agreed to by Agent), is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement or a Processor’s Agreement, as applicable (or Agent shall have established reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion in an amount not to exceed the equivalent of three (3) months’ rental obligation with respect to such location); or (h) if the sale of such Inventory would result in the creation of a Receivable which, on the date of such sale, would fail to constitute an Eligible Receivable due to the operation of any of clauses (b), (c) or (e) – (p) of such definition.