Reserve Inventory definition

Reserve Inventory means a seventeen (17) day supply of solid fuel for the Facility, on an equivalent Btu basis, which has been sampled and analyzed pursuant to Section 6.3 hereof and which meets the Average Quality Characteristics of Section 6.1 (b) hereof. Such Reserve Inventory must be located within five (5) miles of the Facility, on Seller's or Buyer's property, at such one or more locations as Seller shall from time to time specify in writing to Buyer, and Seller shall protect the Reserve Inventory from weather in a manner which is acceptable to Buyer and is approved by Buyer in writing.
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Reserve Inventory shall have the meaning set forth in Section 2.1.2.
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Reserve Inventory means Product Inventory which is not being purchased by Versicor as of the Effective Date and which is specifically identified as Reserve Inventory in EXHIBIT D attached hereto.
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Examples of Reserve Inventory in a sentence

  • Xxxxx shall be entitled to audit and inventory, at its expense and no more often that once per twelve (12) month period, the Reserve Inventory at any time during normal business hours.

  • In the event Versicor elects to purchase any or all of the Reserve Inventory pursuant to Section 2.3(d), Versicor shall pay Lilly for such inventory pursuant to the terms set forth in Section 2.3(d), by Federal Reserve [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

  • Versicor shall have the right to unilaterally purchase and use Reserve Inventory on an as needed, component by component, and unit by unit basis at any time after the Effective Date and without prior notice to Lilly, provided that Versicor shall pay Lilly the per unit/component costs set forth in EXHIBIT D and such payment and a detailed description of the inventory purchased/used is provided to Lilly within thirty (30) days of the purchase/use.

  • Within ninety (90) days of the Effective Date, Versicor shall arrange, at Versicor's expense, and with reasonable assistance of the appropriate and necessary Lilly personnel, to take possession and control of all Product Inventory, including Start-Up Inventory and Reserve Inventory.

  • GPC Biotech shall properly store all inventories of API and Materials (including such Reserve Inventory) prior to use in accordance with cGMP and the Specifications.

  • With respect to the Reserve Inventory, Versicor shall be a bailee for the mutual benefit of Versicor and Lilly, until such time as Versicor either purchases such Reserve Inventory for itself or Lilly reclaims possession.

  • Except as specifically permitted herein with respect to purchase or use of Reserve Inventory, Versicor shall have no right to otherwise deplete, destroy, encumber or transfer the Reserve Inventory without the prior written consent of Lilly.

  • In such event, the Base Price or Adjusted Base Price shall be reduced by the amount of Seller's reasonable transportation costs for transporting the coal from the Reserve Inventory at such time, subject to verification (or for the reasonable costs for transporting coal from such other source).

  • Notwithstanding the foregoing, in the event of an Unforeseen Circumstance that limits Seller's ability to deliver coal to Buyer, Seller shall allow Buyer access to the Reserve Inventory (or another source identified by Seller) so that Buyer can transport coal from the Reserve Inventory (or coal in the same quantity on a Btu basis from such other source) to the Facility with its own trucks.

  • Upon possession, Versicor shall assume sole responsibility for and shall undertake commercially reasonable efforts in the maintenance and periodic evaluations required to preserve and maximize the utility, stability and value of all components of Reserve Inventory, including, without limitation, timely maintenance and extension of expiry dates when reasonable and appropriate.


More Definitions of Reserve Inventory

Reserve Inventory means, as of any time, inventory held as reserve ----------------- inventory by Borrower for sale in future periods in accordance with current practice.
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Reserve Inventory means and shall include the Active Inventory With Less Than a Two Time Turn and the Inactive Inventory.
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Reserve Inventory is defined in Section 5.2(g).
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Reserve Inventory has the meaning set forth in Paragraph 4.2(g).
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Reserve Inventory the Seller's stock of spare parts, work in process and finished goods listed on EXHIBIT B hereto which are subject to purchase by the Buyer pursuant to Section 2.6 hereof.
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Reserve Inventory means Constrained Inventory, Large Account Programs, or Available Inventory as defined in Schedule A.
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Related to Reserve Inventory

  • 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.

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

  • Eligible Inventory means, with respect to any Borrower, all Trailers (less than ten years old), Aircraft and Aircraft engines complying with Stage III noise reduction requirements, Railcars (less than twenty-five years old), marine containers (less than ten years old), and, if approved by the Requisite Lenders, other related Equipment, in each case that (a) is owned of record by such Borrower or a Marine Subsidiary of such Borrower (or jointly by such Borrower and one or more of the other Borrowers) or, subject to the approval of Agent, any Owner Trustee of which such Borrower is the sole beneficiary or owner (or is the beneficiary or owner jointly with one or more of the other Borrowers), as applicable, (b) is subject to a Lease acceptable to Agent in its sole discretion (as reviewed in full in connection with each requested borrowing hereunder), which Lease shall, at a minimum, (A) be non-cancelable, (B) be with a lessee of acceptable credit quality as determined by Agent, and (C) be of a firm term in excess of one (1) year, except that cargo-containers and Trailers may be on Utilization Leases; (c) has a value and marketability reasonably satisfactory to the Agent; and (d) is free and clear of all Liens, except (i) any interest of a lessee thereof pursuant to a Lease entered into with such Borrower or a Marine Subsidiary of such Borrower or such Borrower’s or such Marine Subsidiary’s predecessor in interest or such Owner Trustee or nominee entity, as lessor, or (ii) as otherwise permitted by Section 6.1, provided that any Liens of the type permitted under clause (ii) encumbering any item of Equipment shall not secure obligations in amounts which materially impair the equity value in such item of Equipment. Requisite Lenders in their sole discretion, on a case by case basis, may approve other items or types of Equipment for credit under "Eligible Inventory" from time to time. Equipment which is Eligible Inventory will cease to be Eligible Inventory at any time it no longer continues to meet all of the above requirements.

  • Product Inventory means all inventory owned as of the Closing by Seller or any Affiliate thereof of finished Product that is in conformance with the Specifications and has an expiration date of October 1, 2016 or later, regardless of whether such inventory is held at a location or facility of Seller or any Affiliate (or of any other Person on behalf of Seller or any Affiliate, including in any of Seller’s warehouses, manufacturers, suppliers, distributors or consignees) or in transit to or from Seller or any Affiliate (or any such other Person).

  • In-Transit Inventory means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental United States to a location of a Borrower that is within the continental United States.

  • 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.

  • Inventory Value means with respect to any Inventory of a Loan Party at the time of any determination thereof, the standard cost determined on a first in first out basis and carried on the general ledger or inventory system of such Loan Party stated on a basis consistent with its current and historical accounting practices, in Dollars, determined in accordance with the standard cost method of accounting less, without duplication, (i) any markup on Inventory from an Affiliate and (ii) in the event variances under the standard cost method are expensed, a Reserve reasonably determined by the Agent as appropriate in order to adjust the standard cost of Eligible Inventory to approximate actual cost.

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

  • Transferred Inventory has the meaning set forth in Section 1.1(e).

  • 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.

  • 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 Reserves means such reserves as may be established from time to time by the Administrative Agent, in its reasonable commercial discretion exercised in good faith and not inconsistent with past practice, with respect to changes in the determination of the salability, of the Eligible Inventory (or Eligible In-Transit Inventory, as the case may be) or which reflect such other factors as negatively affect the market value of the Eligible Inventory, but without duplication of any Tax Stamp Reserves.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • 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).

  • 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 Borrowers’ business.

  • Borrowing Base Value means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base as confirmed by Required Lenders.

  • 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.

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

  • Borrowing Base Assets means any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

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

  • Borrowing Base Test means a test that will be satisfied on any date of determination if the following is true: Where: AR =57%.

  • 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.