Transit Inventory definition
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.
Transit Inventory means Inventory that has been purchased by an Obligor and that is in-transit to or from (a) in the case of a U.S. Borrower, (i) a Vendor from a location within the continental United States to a U.S. Borrower or a location designated by a U.S. Borrower that is in the continental United States or (ii) between two facilities operated by any U.S. Borrower in the continental United States and (b) in the case of Canadian Borrower and any Canadian Subsidiary Guarantors, (i) a Vendor from a location within Canada to Canadian Borrower or any Canadian Subsidiary Guarantor or a location designated by Canadian Borrower or any Canadian Subsidiary Guarantor that is in Canada or (ii) between two facilities operated by Canadian Borrower or any Canadian Subsidiary Guarantor in Canada.
Transit Inventory has the meaning set forth in the ABL Revolver Loan Agreement without giving effect to any amendments or modifications of such definition or any component definitions (or any sub-component definitions) thereof which creates additional ABL Availability; provided that, in order for any Inventory to constitute Eligible UK In-Transit Inventory it must be subject to duly perfected first priority Lien (subject to the Intercreditor Agreement) in favor of Agent under Applicable Law (including, with respect to Inventory located in the Netherlands, the laws of the Netherlands and England and Wales). Eligible UK Inventory: Eligible Inventory of UK Borrower.
Examples of Transit Inventory in a sentence
The following new definitions are hereby added to Section 1.1 of the Loan Agreement in alphabetical order to read in its entirety as follows: “Eligible In-Transit Inventory: Inventory owned by Promethean U.S. that would be Eligible Inventory if it were not subject to a document of title and in transit from a foreign location to a location of Promethean U.S. within the United States, and that Agent, in its discretion, deems to be Eligible In- 116617549_4 Transit Inventory.
The aggregate consideration for the sale and transfer of the In Transit Inventory identified on Addenda in the forms of Exhibit A-1 and Exhibit A-2 shall be the amount indicated on the respective Addendum (collectively, the “In Transit Inventory Purchase Price”).
CM and Cisco hereby agree that In Transit Inventory for the Subsequent In Transit Inventory Period is as set forth on the lists attached hereto.
The Terminal Inventory, the Underground Purchased Inventory, the Transit Inventory, the Third Party Location Inventory and the Transferred Inventory meet the applicable specifications listed on Schedule 2.24.
The amount of the Purchase Price allocable to the Subsequent In Transit Inventory is [ * ].
More Definitions of Transit Inventory
Transit Inventory. “Daily Rate Loan” means a Loan that bears interest at a rate based on (i) the Alternate Base Rate, (ii) Daily Simple RFR or (iii) Daily Simple SOFR.
Transit Inventory. Inventory located outside of (with respect to Eligible U.S. In-Transit Inventory) the United States or (with respect to Eligible Canadian In-Transit Inventory) Canada or in transit from a location outside of the United States or Canada, as applicable, to a Loan Party from vendors and suppliers that has not yet been received into a distribution center or store of such Person.
Transit Inventory. “Daily Rate Loan” means a Loan that bears interest at a rate based on (i) the Alternate Base Rate, (ii) Daily Simple RFR or (iii) Daily Simple SOFR. “Daily Rate Loan Option” means the option of the Borrower to have Loans bear interest at the rate and under the terms specified in Section 2.08(b). “Daily Simple RFR” means, for any day (an “RFR Day”), a rate per annum determined by the Administrative Agent, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to any applicable Daily Simple RFR below by dividing (the resulting quotient rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100 of 1%)
Transit Inventory means all steel raw material Inventory owned by Borrowers and not covered by Letters of Credit, and which steel raw material Inventory is or will be in transit to one of the Borrowers' locations and (a) is fully insured, (b) is subject to a first priority security interest in and lien upon such goods in favor of Agent (except for any possessory lien upon such goods in the possession of a freight carrier or shipping company securing only the freight charges for the transportation of such goods to such Borrowers), (c) is not in transit to the Borrowers for more than 30 days, and (d) upon Agent's request, all documents, notices, instruments, statements and bills of lading relating thereto, if any, are delivered to Agent.
Transit Inventory means Inventory that is in transit from third party vendors to a Credit Party and which Inventory has been paid for or will be paid for by such Credit Party on terms, is owned by such Credit Party, and is fully insured. Inventory means, in respect of a Person, all inventory, merchandise, goods and other personal (movable) property which are held by or on behalf of such Person for sale or lease or are furnished or are to be furnished under a contract of service or which constitute raw materials, work in process or materials used or consumed or to be used or consumed in such Person's business or in the processing, production, promotion, delivery or shipping of the same, including other supplies. Investment means any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business) or contribution of capital to any other Person or any acquisition of Capital Stock, deposit accounts, certificates of deposit, mutual funds, bonds, notes, debentures or other securities of any other Person or any structured notes, and Investing, Invest and Invested shall have correlative meanings. For greater certainty, Acquisitions shall not be treated as Investments. Investment Grade Eligible Accounts means Eligible Accounts which have either (i) a Standard & Poor's rating of BBB- or better, or (ii) a ▇▇▇▇▇'▇ rating of Baa3 or better. IQ ESSOR Loan Agreement means the unsecured loan to be provided by Investissement Québec to the Borrower in a maximum principal amount of up to Cdn$7,500,000. IQ Hexagone Tax Credit means the amount of $5,000,000 received or to be received, directly or indirectly, by the Borrower from Investissement Québec under the Programme Innovation Volet 2 – Soutien aux projets mobilisateurs, referred to as “Projet Mobilisateur Hexagone”. 104822.00280/115572577.6305585250.30
Transit Inventory has the meaning set forth in the ABL Revolver Loan Agreement without giving effect to any amendments or modifications of such definition or any component definitions (or any sub-component definitions) thereof which creates additional ABL Availability; provided that, in order for any Inventory to constitute Eligible UK In-Transit Inventory it must be subject to duly perfected first priority Lien (subject to the Intercreditor Agreement) in favor of Agent under Applicable Law (including, with respect to Inventory located in the Netherlands, the laws of the Netherlands and England and Wales).
Transit Inventory to read in its entirety as follows: