Qualified Inventory Financing definition

Qualified Inventory Financing means a single financing arrangement pursuant to which the Company and/or its Subsidiaries obtains financing solely through the granting of Liens on Inventory that yield total net unrestricted cash proceeds to the Company at the time of the creation of such Liens of not less than $2,000,000.00.
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Qualified Inventory Financing means Indebtedness owing to Inventory Financing Lenders pursuant to an Inventory Financing Agreement, provided that, the aggregate outstanding amount of the aggregate amount of such Indebtedness at any time outstanding shall not exceed the aggregate book value of all inventory of the Company and its Subsidiaries, on a consolidated basis.
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Qualified Inventory Financing means one or more financings secured by inventory of Non-U.S. Subsidiaries that meets the following conditions: (a) the Dutch Borrower shall have determined in good faith that such financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Dutch Borrower or, as the case may be, the Non-U.S. Subsidiary in question; (b) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Dutch Borrower) and may include customary undertakings with respect thereto; (c) such financing shall be without recourse to the Dutch Borrower and its Restricted Subsidiaries or any property of the Dutch Borrower and its Restricted Subsidiaries (other than the inventory so financed and in respect of any customary undertakings with respect to such financing); provided that (i) the Dutch Borrower may provide an unsecured guarantee with respect to such financing which is subordinated to the Loan Document Obligations and otherwise in form and substance reasonably satisfactory to the Administrative Agent and (ii) such guarantee may include customary undertakings with respect thereto; and (d) such financing has an advance rate not to exceed 90% of the net orderly liquidation value of the inventory securing such financings as of the end of the most recent fiscal quarter preceding such date.
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Examples of Qualified Inventory Financing in a sentence

  • Any Subsidiary, including RMBL Missouri, that receives proceeds from the sale of Inventory, shall, after settlement of any amounts due in respect of a Qualified Inventory Financing with respect to the Inventory sold, immediately transfer the excess proceeds, if any, to a Deposit Account that is subject to an Account Control Agreement in favor of Agent pursuant to which Agent is the first lien or controlling secured party, as applicable.


More Definitions of Qualified Inventory Financing

Qualified Inventory Financing means Indebtedness owing to Inventory Financing Lenders pursuant to an Inventory Financing Agreement, provided that (i) any Inventory Financing Lender shall have entered into and continue to be subject to the Inventory Financing Intercreditor Agreement with respect to any Inventory Financing Agreement to which it is a party, (ii) the aggregate outstanding amount of the aggregate amount of such Indebtedness at any time outstanding shall not exceed an amount equal (x) 85% of the aggregate book value of all Inventory of Borrowers, on consolidated basis less (y) the aggregate amount of cash collateral maintained by such Inventory Financing Lenders, (iii) the advance rates shall not deviate materially from the advance rate structure pursuant to the inventory financing arrangements as in effect on the Closing Date, and (iv) the interest rate and applicable fees shall not be higher and the cash collateral or deposit required shall not be a higher percentage of the approved credit limit, in each case, relative to the inventory financing arrangements as in effect on the Closing Date.
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Qualified Inventory Financing set forth in Section 1.1 of the Agreement is hereby amended and restated as follows:
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Qualified Inventory Financing means Indebtedness owing to Inventory Financing Lenders pursuant to an Inventory Financing Agreement (excluding, for the avoidance of doubt, the Wholesale Inventory Financing), provided that (i) any Inventory Financing Lender shall have entered into and continue to be subject to the Inventory Financing Intercreditor Agreement with respect to any Inventory Financing Agreement to which it is a party, (ii) the aggregate amount of such Indebtedness at any time outstanding shall not exceed an amount equal (x) 85% of the aggregate book value of all Inventory of Borrowers, on consolidated basis less (y) the aggregate amount of cash collateral maintained by such Inventory Financing Lenders, (iii) the advance rates shall not deviate materially from the advance rate structure pursuant to the inventory financing arrangements as in effect on the First Amendment Effective Date, and (iv) the interest rate and applicable fees shall not be higher and the cash collateral or deposit required shall not be a higher percentage of the approved credit limit, in each case, relative to the inventory financing arrangements as in effect on the First Amendment Effective Date.
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Qualified Inventory Financing means one or more financings secured by inventory of Non-U.S. Subsidiariesdocumented (i) on a stand-alone basis or (ii) under the ABL Credit Agreement (as a separate tranche, as a sub-facility or otherwise) that meets the following conditions: (a) the borrower or borrowers under such Qualified Inventory
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Related to Qualified Inventory Financing

  • Excluded Inventory shall have the meaning set forth in Section 2.4.

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

  • Qualified Investments means any and all securities, obligations or accounts in which municipalities may invest their funds under applicable Maine law.

  • Qualified investment has the meaning set forth in Section 313.021(1) of the TEXAS TAX CODE, as interpreted by the Comptroller’s Rules.

  • Specified Investments means (a) direct obligations of the United States of America or obligations fully guaranteed by the United States of America; (b) commercial paper rated A-1/P-1 by S&P and Moody's, respectively or, if such ratings are unavailable, rated by any nationally recognized rating organization in the United States equal to the highest rating assigned by such rating organization; (c) investments in negotiable certificates of deposit, time deposits, banker's acceptances, commercial paper or other direct obligations of, or obligations guaranteed by, commercial banks organized under the laws of the United States or of any political subdivision thereof (or any U.S. branch of a foreign bank) with issuer ratings of at least B/C by Thomson Bankwatch, having maturities no later than 90 days following the date of such investment; (d) overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers; or (e) overnight repurchase agreements with respect to the securities described in clause (a) above entered into with an office of a bank or trust company which is located in the United States of America or any bank or trust company which is organized under the laws of the United States or any state thereof and has capital, surplus and undivided profits aggregating at least $500 million. SSB. State Street Bank and Trust Company of Connecticut, National Association, a national banking association or any successor Owner Trustee in its individual capacity.

  • Eligible Inventory means and include Inventory of a Borrower, excluding work in process, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Administrative Agent’s Permitted Discretion, obsolete, slow moving or unmerchantable and which Administrative Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Administrative Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Administrative Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is Foreign In-Transit Inventory or in-transit within the United States; (c) is located outside the continental United States; (d) constitutes Consigned Inventory; (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 Administrative Agent’s right to sell or otherwise dispose of such Inventory, unless Administrative Agent is a party to a Licensor/Administrative Agent Agreement with the Licensor under such License Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Administrative Agent a Lien Waiver Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its Permitted Discretion); or (h) or if the sale of such Inventory would result in an ineligible Receivable.

  • Permitted Securitization Financing means one or more transactions pursuant to which (i) Securitization Assets or interests therein are sold or transferred to or financed by one or more Special Purpose Securitization Subsidiaries, and (ii) such Special Purpose Securitization Subsidiaries finance (or refinance) their acquisition of such Securitization Assets or interests therein, or the financing thereof, by selling or borrowing against Securitization Assets (including conduit and warehouse financings) and any Hedging Agreements entered into in connection with such Securitization Assets; provided, that recourse to the Borrower or any Subsidiary (other than the Special Purpose Securitization Subsidiaries) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a “true sale”/“absolute transfer” opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Special Purpose Securitization Subsidiary).

  • Inventory Formula Amount means the lesser of (i) 65% of the Value of Eligible Inventory; or (ii) 85% of the NOLV Percentage of the Value of Eligible Inventory.

  • Applicant’s Qualified Investment means the Qualified Investment of the Applicant during the Qualifying Time Period and as more fully described in EXHIBIT 3 of this Agreement.

  • Approved Investment means any type of security, instrument, participation or interest in property, as set forth on Schedule I hereto (which may be amended from time to time by execution of a revised Schedule I, I-A or I-B) in which Cash Collateral may be invested or reinvested by Bank in accordance with Paragraph 2 of Article IV hereof.

  • Receivables Facility Assets means currently existing and hereafter arising or originated Accounts, Payment Intangibles and Chattel Paper (as each such term is defined in the UCC) owed or payable to any Participating Receivables Grantor, and to the extent related to or supporting any Accounts, Chattel Paper or Payment Intangibles, or constituting a receivable, all General Intangibles (as each such term is defined in the UCC) and other forms of obligations and receivables owed or payable to any Participating Receivables Grantor, including the right to payment of any interest, finance charges, late payment fees or other charges with respect thereto (the foregoing, collectively, being “receivables”), all of such Participating Receivables Grantor’s rights as an unpaid vendor (including rights in any goods the sale of which gave rise to any receivables), all security interests or liens and property subject to such security interests or liens from time to time purporting to secure payment of any receivables or other items described in this definition, all guarantees, letters of credit, security agreements, insurance and other agreements or arrangements from time to time supporting or securing payment of any receivables or other items described in this definition, all customer deposits with respect thereto, all rights under any contracts giving rise to or evidencing any receivables or other items described in this definition, and all documents, books, records and information (including computer programs, tapes, disks, data processing software and related property and rights) relating to any receivables or other items described in this definition or to any obligor with respect thereto and any other assets customarily transferred together with receivables in connection with a non-recourse accounts receivable factoring arrangement and which are sold, conveyed assigned or otherwise transferred or pledge in connection with a Permitted Receivables Financing, and all proceeds of the foregoing.

  • Permitted Receivables Facility Assets means (i) Receivables (whether now existing or arising in the future) of the Company and its Subsidiaries which are transferred or pledged to the Receivables Entity pursuant to the Permitted Receivables Facility and any related Permitted Receivables Related Assets which are also so transferred or pledged to the Receivables Entity and all proceeds thereof and (ii) loans to the Company and its Subsidiaries secured by Receivables (whether now existing or arising in the future) and any Permitted Receivables Related Assets of the Borrower and its Subsidiaries which are made pursuant to the Permitted Receivables Facility.

  • 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.

  • Qualified Receivables Financing means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Qualified Investors means investors who are professional clients (client professionnel/professionele cliënt) or eligible counterparty (contrepartie éligible/in aanmerking komende tegenpartij) as defined in the Belgian Prospectus Law of 16 June 2006 (as amended from time to time). The Qualified Investors may bear a lower Entry Fee (as defined under item 77 of Part A) depending on (i) the evolution of the credit quality of the Issuer (credit spread), (ii) the evolution of interest rates, (iii) the success (or lack of success) of the placement of the Notes, and (iv) the amount of Notes purchased by an investor, each as determined by each relevant distributor (including BNP Paribas Fortis SA/NV) in its sole discretion. Conditions to which the offer is subject: The Offer of the Notes is conditional on its issue.

  • Qualified Receivables Transaction means any transaction or series of transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to:

  • Qualified Securitization Facility means any Securitization Facility (1) constituting a securitization financing facility that meets the following conditions: (a) the Board of Directors will have determined in good faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the applicable Restricted Subsidiary or Securitization Subsidiary and (b) all sales or contributions of Securitization Assets and related assets to the applicable Person or Securitization Subsidiary are made at fair market value (as determined in good faith by the Borrower) or (2) constituting a receivables financing facility.

  • Qualified Securitization Financing means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (a) the Board of Directors shall have determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and the Securitization Subsidiary, (b) all sales of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value (as determined in good faith by the Issuer) and (c) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Issuer) and may include Standard Securitization Undertakings. The grant of a security interest in any Securitization Assets of the Issuer or any of its Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under the Credit Agreement and any Refinancing Indebtedness with respect thereto shall not be deemed a Qualified Securitization Financing.

  • Eligible Finished Goods Inventory means Inventory that qualifies as Eligible Inventory and consists of first quality finished goods held for sale in the ordinary course of Borrower’s business.

  • Excluded Equipment means, at any date, any equipment or other assets of the Borrower or any Guarantor which is subject to, or secured by, a Capitalized Lease Obligation or a purchase money obligation if and to the extent that (i) a restriction in favor of a Person who is not Holdings or any Restricted Subsidiary of Holdings contained in the agreements or documents granting or governing such Capitalized Lease Obligation or purchase money obligation prohibits, or requires any consent or establishes any other conditions for or would result in the termination of such agreement or document because of an assignment thereof, or a grant of a security interest therein, by the Borrower or any Guarantor and (ii) such restriction relates only to the asset or assets acquired by the Borrower or any Guarantor with the proceeds of such Capitalized Lease Obligation or purchase money obligation and attachments thereto, improvements thereof or substitutions therefor; provided that all proceeds paid or payable to any of the Borrower or any Guarantor from any sale, transfer or assignment or other voluntary or involuntary disposition of such assets and all rights to receive such proceeds shall be included in the Collateral to the extent not otherwise required to be paid to the holder of any Capitalized Lease Obligations or purchase money obligations secured by such assets.

  • Consigned Inventory means Inventory of any Borrower that is in the possession of another Person on a consignment, sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory.

  • Pledged Investment Property means any investment property of any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, other than any Pledged Stock or Pledged Debt Instruments. “Pledged Investment Property” excludes any Excluded Property.

  • Qualified Investor means an investor who has been certified by the commissioner under subdivision 3.

  • Permitted Investment means an Investment by the Company or any Restricted Subsidiary in:

  • Qualified incubator facility means a commercial building