Surplus Inventory definition

Surplus Inventory means equipment of the Company or any Subsidiary, which the Company has determined in good faith (a) represents surplus equipment that is not necessary in the conduct of the exploration and production business of the Company and its Subsidiaries or (b) is obsolete or worn-out and no longer used or usable in its business.
Sample 1Sample 2Sample 3
Surplus Inventory shall have the meaning set forth in Section 5.18 hereof;
Sample 1
Surplus Inventory has the meaning set out in Section 3.1(ff);
Sample 1

Examples of Surplus Inventory in a sentence

  • Approve to revise the job description of Surplus Inventory Manager.

  • If the advertised sale of Inventorial Equipment determined to be Surplus Inventory fails to generate a competitive bid, District employees may at this time submit sealed bids for any such items.

  • This policy shall apply to the declaration and disposal of Surplus Inventory by the District.

  • The District Board of Directors and the General Manager, to the limited extent expressly set forth herein, are the only parties authorized to sell Surplus Inventory and Salvage.

  • Declare Surplus and Not Necessary to the Business of the District: Sullivan Description and/or Make of ItemSerial NumberModel Number1 Lot GREC Whse Surplus Inventory: 100 Section.

  • All sold or disposed Inventorial Equipment determined to be Surplus Inventory shall be removed from District property within 48 hours of the sale and title transfer unless otherwise agreed by the General Manager and successful bidder.

  • Proceeds of the sale of Inventorial Equipment determined to be Surplus Inventory shall be posted to an account deemed appropriate by the General Manager, unless otherwise directed by the District Board of Directors.

  • The District Board of Directors shall, upon presentation of documentation from the General Manager, determine if Inventorial Equipment or Salvage is Surplus Inventory.

  • Inventorial Equipment determined to be Surplus Inventory may be sold on e-bay or other internet sales service after a minimum reserve amount has been established.

  • The sale of Inventorial Equipment determined to be Surplus Inventory shall be by the means determined to garner the greatest monetary value, including but not limited to, competitive bid, internet sales, or advertisement in the local newspaper.


More Definitions of Surplus Inventory

Surplus Inventory is Inventory that, at December 31, 2003, exceeded 12 months’ supply based on sales during the 12 months ended December 31, 2003.
Sample 1
Surplus Inventory means any Inventorial Equipment and Salvage that the District’sBoard of Directors has determined to be no longer necessary or useful to the District.
Sample 1
Surplus Inventory means any Inventorial Equipment and Salvage that theDistrict’s Board of Directors has determined to be no longer necessary or useful to the District.
Sample 1
Surplus Inventory means the Inventory less any inventory included in the Initial Settlement Statement or the Final Settlement Statement.
Sample 1
Surplus Inventory means the inventory described in Schedule 1.1(f) of the Disclosure Letter;
Sample 1

Related to Surplus Inventory

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

  • 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).

  • 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.

  • 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.

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

  • Inventory Reserves means such reserves as may be established from time to time by the Agent in its Permitted Discretion with respect to the determination of the saleability, at retail, of the Eligible Inventory, which reflect such other factors as affect the market value of the Eligible Inventory or which reflect claims and liabilities that the Agent determines will need to be satisfied in connection with the realization upon the Inventory. Without limiting the generality of the foregoing, Inventory Reserves may, in the Agent’s Permitted Discretion, include (but are not limited to) reserves based on: