Letter of Credit Inventory definition

Letter of Credit Inventory means Inventory the purchase of which is financed with Letters of Credit hereunder, (a) which Inventory does not constitute Eligible Inventory or Eligible In-Transit Inventory and for which no document of title has been issued and (b) which Inventory, when purchased, would otherwise constitute Eligible In-Transit Inventory.
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Letter of Credit Inventory. Inventory the purchase of which is financed with Letters of Credit hereunder, (a) which Inventory does not constitute Eligible Inventory or Eligible In-Transit Inventory and for which no document of title has been issued and (b) which Inventory, when purchased, would otherwise constitute Eligible Inventory or Eligible In-Transit Inventory.
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Letter of Credit Inventory has the meaning set forth in subsection ---------- 2.1(A)(1). ---------
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Examples of Letter of Credit Inventory in a sentence

  • Except for Permitted Dispositions expressly permitted in the Credit Agreement, none of the Grantors shall make or permit to be made any sale or transfer of the Collateral, and, except as expressly permitted in the Credit Agreement with respect to Eligible In-Transit Inventory and Eligible Letter of Credit Inventory, each Grantor shall remain at all times in possession of the Collateral owned by it.

  • Borrowing Base/ Advance Rates: Advances under the Revolver Facility will be subject to a borrowing base (the "Borrowing Base") to be calculated daily and determined by the following formula: Advances against the cost value of the Company's Eligible Inventory and Eligible Letter of Credit Inventory shall not exceed 85.0% of the appraised liquidation value of inventory.

  • To the extent Eligible Letter of Credit Inventory is included in the Borrowing Base, landing costs and any other commissions, customs, duty, freight, and other out-of-pocket costs 39 and expenses which will be expended relative to such Inventory imported by the Borrowers.

  • Except for Permitted Dispositions expressly permitted in the Credit Agreement, none of the Grantors shall make or permit to be made any transfer of the Collateral, and, except as expressly permitted in the Credit Agreement with respect to Eligible In-Transit Inventory and Eligible Letter of Credit Inventory, each Grantor shall remain at all times in possession of the Collateral owned by it.

  • To the extent Eligible Letter of Credit Inventory is included in the Borrowing Base, landing costs and any other commissions, customs, duty, freight, and other out-of-pocket costs and expenses which will be expended relative to such Inventory imported by the Borrowers.

  • Except for Permitted Dispositions expressly permitted in the Credit Agreement, none of the Grantors shall make or permit to be made any transfer of the Collateral, and, except as expressly permitted in the ABL Agreement with respect to Eligible In-Transit Inventory and Eligible Letter of Credit Inventory (each as defined in the ABL Agreement), each Grantor shall remain at all times in possession of the Collateral owned by it.


More Definitions of Letter of Credit Inventory

Letter of Credit Inventory. Inventory the purchase of which is financed with Letters of Credit hereunder, (a) which Inventory does not constitute Eligible Inventory or Eligible In-Transit Inventory and for which no document of title has been issued and (b) which Inventory, when purchased, would otherwise constitute Eligible Inventory or Eligible In-Transit Inventory. applicable Environmental Law, including gasoline, petroleum (including crude oil or any fraction thereof), petroleum products or by-products, asbestos, toxic mold, polychlorinated biphenyls and urea- formaldehyde insulation.
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Letter of Credit Inventory means Eligible Inventory ordered but not received, the payment for which is to be made under documentary Lender Letters of Credit less duty and freight due with respect to the Letter of Credit Inventory. "In-Season Period" means a period of up to five consecutive months during any calendar year period, provided that (i) there can only be one In-Season Period during any calendar year period, (ii) an In-Season Period shall automatically end on December 31 of such calendar year if it has not all ready ended, (iii) 120 days must elapse subsequent to the end of an In-Season Period before a new In- Season Period may commence and (iv) Administrative Borrower shall give the Administrative Agent at least five Business Days' prior written notice of the commencement of any such In-Season Period.
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Letter of Credit Inventory means any Eligible Inventory which Borrower has purchased, the payment of which is secured by the issuance of a Letter of Credit.
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Related to Letter of Credit Inventory

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Letter of Credit Usage means, as at any date of determination, the sum of (i) the maximum aggregate amount which is or at any time thereafter may become available for drawing under all Letters of Credit then outstanding plus (ii) the aggregate amount of all drawings under Letters of Credit honored by Issuing Lenders and not theretofore reimbursed out of the proceeds of Revolving Loans pursuant to subsection 3.3B or otherwise reimbursed by Company.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).