Permitted Inventory Location definition
Examples of Permitted Inventory Location in a sentence
The Borrower will, immediately upon becoming aware thereof, notify the Administrative Agent and each of the Lenders in writing of any proposed sale or transfer of any Permitted Inventory Location by the owner thereof.
The Borrower will, immediately upon receiving notice thereof, notify each of the Collateral Agent, the Agents and each of the Banks in writing of any proposed sale or transfer of any Borrower Permitted Inventory Location by the owner thereof.
The Liens granted to Agent, on behalf of itself and Lenders, pursuant to the Collateral Documents will at all times (other than at times Inventory is in transit from one Permitted Inventory Location to another Permitted Inventory Location or in transit outside the jurisdiction of the United States) be fully perfected first priority Liens in and to the Collateral described therein, subject, as to priority, only to Permitted Encumbrances with respect to the Collateral other than Accounts.
Notwithstanding the foregoing, each Credit Party shall be permitted to (A) transport Inventory from one Permitted Inventory Location to another Permitted Inventory Location, provided such Inventory remains in transit for not more than three (3) Business Days and (B) consolidate its Inventory located in Northborough, Massachusetts to its warehouse located in Auburn, Massachusetts upon twenty (20) Business Days' notice to Agents.
In the case of Inventory, Schedule B also sets forth each Warehouseman (as defined in the Uniform Commercial Code as in effect in the state in which the warehouse owned or operated by such Person is located) that from time to time holds Inventory of the Obligor and the Permitted Inventory Location (as defined herein) at which such Inventory is so held.
Each of the Borrowers will, promptly after an officer of either of the Borrowers becomes or should have become aware thereof, notify each of the Collateral Agent, the Agent and the Lenders in writing of any proposed sale or transfer of any Permitted Inventory Location by the owner thereof.
The Borrower will, immediately upon becoming aware thereof, notify the Administrative Agent and each of the Banks in writing of any proposed sale or transfer of any Permitted Inventory Location by the owner thereof.
The Borrower will, immediately upon becoming aware thereof, notify each of the Agents and each of the Banks in writing of any proposed sale or 115 transfer of any Permitted Inventory Location by the owner thereof.
All Eligible Tire Inventory and Eligible Non-Tire Inventory is located at a Permitted Inventory Location or is in transit to a Permitted Inventory Location.
Notwithstanding the foregoing, in the event the Borrower fails to deliver a Landlord Waiver for any Permitted Inventory Location within 180 days of the Closing Date, the Administrative Agent may establish Reserves against the Borrowing Base in an amount equal to the value of such Inventory at such Permitted Inventory Location, in its sole discretion.