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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is not necessary in the conduct of the exploration and production business of the Company and its Subsidiaries or (b) is obsolete or worn-out and no longer used or usable in its business.
Surplus Inventory shall have the meaning set forth in Section 5.19. -----------------
Surplus Inventory is Inventory that, at December 31, 2003, exceeded 12 months’ supply based on sales during the 12 months ended December 31, 2003.

Examples of Surplus Inventory in a sentence

  • The sale and purchase of the 3104 Surplus Inventory shall be subject to the following additional conditions: (i) the 3104 Surplus Inventory shall be sold and shipped by the Supplier in the same calendar month as the month during which it is produced; and (ii) the 3104 Surplus Inventory shall satisfy the conditions for 3104 Alloy as set forth in Schedule 6 to which the maximum Quality Upcharge Premium in the amount of *** Euros per Tonne of Metal applies.

  • The Supplier shall sell the 3104 Surplus Inventory to the Purchaser or to an intermediary designated by the Purchaser at the Contract Price and subject to the other terms and conditions of this Agreement, provided that such 3104 Surplus Inventory is within the definitive quantity of Metal which the Parties have agreed pursuant to Section 2.7(b) will be delivered by the Supplier and purchased by the Purchaser during the relevant month.

  • 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.

  • Facilities must discard any Surplus Inventory held at the O’Brien building if still unsold after one year.

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

  • The Inventory is carried at not more than the lower of cost or net realizable value, and does not include any Obsolete Inventory or 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.

  • Page | 29The ”Scrap and Surplus Disposal (Non-Computer) Authorization Form” , “PC Equipment Surplus Inventory Control Sheet,” or the “Change of Vehicle Use Form,” must be completed and approved inthe User Department and submitted to Purchasing before the subject item(s) are officially declared to be “salvage”, “scrap” or “surplus” property.

  • FAO Irrigation and Drainage Paper 65, ISBN 978-92-5-106608-09▪ Abraham Mehari Haile, Demissie, A., Embaye, T.G., Getaneh, A.2013.

  • Exhibits: Surplus Inventory List Summary: The Fresno Council of Governments has several pieces of used computer equipment and would like to declare these surplus items for sale.


More Definitions of Surplus Inventory

Surplus Inventory means the inventory described in Schedule 1.1(f) of the Disclosure Letter;
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.
Surplus Inventory means the Inventory less any inventory included in the Initial Settlement Statement or the Final Settlement Statement.
Surplus Inventory has the meaning set out in Section 3.1(ff);
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.
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.

Related to Surplus Inventory

  • Excess Inventory means all Inventory and Special Inventory possessed or owned by Flextronics that is not required for consumption to satisfy the next [***] of demand for Products under the then-current purchase order(s) and forecast.

  • Eligible Finished Goods Inventory means Eligible Inventory consisting of finished goods available for sale (as determined in a manner acceptable to the Administrative Agent in its Permitted Discretion and consistent with past practices).

  • Product Inventory means all inventory owned as of the Closing by Seller of finished Compound or Product or works in progress or materials used in the manufacture of finished Product, whether held at a location or facility of Seller (or of any other Person on behalf of Seller, including in any of Seller’s warehouses, blenders, toll manufacturers, suppliers, distributors or consignees) or in transit to or from Seller (or any such other Person), including active pharmaceutical ingredient; provided that such Product is listed by Seller in Section 6.09 of the Seller Disclosure Schedule.

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

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

  • 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.

  • 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.

  • Eligible Inventory means inventory of finished goods in the Borrower's possession (i) that is held for use or sale in the ordinary course of the Borrower's business, (ii) which is physically located in the continental United States on premises owned by the Borrower (or, if such premises are owned by a third Person, such Person has waived or subordinated any landlord's lien it may have in a form satisfactory to the Bank and its counsel), (iii) for which the Borrower has not received a prepayment, (iv) which has not been returned to the Borrower by any purchaser thereof, (v) which is of a kind normally and customarily sold by the Borrower and which is not, because of age, unmerchantability, obsolescence or any other condition or circumstance, materially impaired in condition, value, or marketability in the good faith opinion of the Borrower, (vi) which is not subject to any assignment, security interest, lien, claim, or encumbrance of any kind other than the lien and security interest of the Collateral Agent, (vii) which meets all standards imposed by any Governmental Authority having regulatory authority over such inventory, its use and/or sale, (viii) which has not been consigned to any Person, (ix) which does not bear, incorporate or is otherwise subject to any trademark, patent or copyright which is not owned by the Borrower, unless such trademark, patent or copyright is licensed to the Borrower on terms and conditions satisfactory to the Bank, (x) for which no warehouse receipt has been issued with respect thereto, and (xi) which is not otherwise unacceptable to the Bank, in its reasonable discretion. The value of the inventory will be valued at the lower of cost or market on a first-in, first-out basis as determined in accordance with GAAP applied on a consistent basis.

  • Excluded Inventory shall have the meaning set forth in Section 2.1(c).

  • 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.

  • 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).

  • 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 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.

  • Eligible In-Transit Inventory means, as of any date of determination thereof, without duplication of other Eligible Inventory, In-Transit Inventory:

  • Inventory Reserves means such reserves as may be established from time to time by the Agent in its 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 discretion, include (but are not limited to) reserves based on:

  • Baseline concentration means that ambient concentration level that exists in the baseline area at the time of the applicable minor source baseline date. A baseline concentration is determined for each pollutant for which a minor source baseline date is established and shall include the following:

  • surplus assets means any assets of the Company that remain after paying all debts and other liabilities of the Company, including the costs of winding up.

  • Finished Goods means units of a manufactured product awaiting sale.

  • Surplus property means excess personal property not required by any Federal agency as determined by the Administrator of the General Services Administration (GSA).

  • Qualified Inventory means the inventory of Borrower in which Standard Federal holds a perfected first security interest exclusive of any returned or damaged items and work-in-process.

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

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

  • Inventory Tracking System means the required tracking

  • Proved Developed Non-Producing Reserves means oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved Reserves” and “Developed Non-Producing Reserves.”