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 means Inventory of a Borrower that would constitute Eligible Inventory but for the fact that it is in transit to the premises of a Borrower or a Customs Broker located within the United States, and which is acceptable to Agent based on the criteria set forth below. In general, inventory in transit shall only be deemed Eligible In-Transit Inventory if: (a) it is in the United States in transit to the premises of a Borrower in the United States and the requirements of clauses (i) through (v) below are satisfied in form and substance satisfactory to Agent, or (b) it is outside of the United States in transit to either the premises of a Customs Broker or the premises of a Borrower in the United States and the requirements of clauses (i) through (vii) below are satisfied in form and substance satisfactory to Agent: (i) as to premises which are not owned and controlled by a Borrower (and in the case of inventory in transit from a location outside of the United States, the premises of a Customs Broker), either (A) Agent has received a Collateral Access Agreement duly authorized, executed and delivered by the owner, lessor and operator of such other premises (or by the Customs Broker) to which the inventory is in transit, as the case may be, or (B), in Agent's discretion, Agent shall have established such Reserves as Agent may determine in respect of amounts at any time payable by such Borrower to such owner, lessor and operator of such other premises (or to the Customs Broker), (ii) title and risk of loss to the inventory shall have passed to such Borrower, (iii) the seller of such inventory (A) has no right, to reclaim, divert the shipment of, reroute, repossess, stop delivery or otherwise assert any lien rights or title retention with respect to such inventory and (B) has entered into an agreement with Agent waiving its lien rights and any retention of title in respect of such inventory and such agreement is in full force and effect, (iv) such inventory is insured against types of loss, damage, hazards, and risks, and in amounts, satisfactory to Agent, (v) such inventory is not subject to any letter of credit (including any Letter of Credit issued hereunder); (vi) such inventory is subject to a tangible, negotiable xxxx of lading that: (A) was issued by the carrier or, if a freight forwarder is engaged by a Borrower, by the freight forwarder, (B) is endorsed to the order of Agent, (C) bears a notation on its face that such xxxx of lading is subject to the secur...
Examples of Transit Inventory in a sentence
The Company provides inventory allowances based on excess and obsolete inventories determined primarily by future demand forecasts.Inventory in Transit Inventory in transit is stated at actual cost invoiced by the supplier at time of shipment.
This is a summary of the 2019 National Park Service Transit Inventory and Performance Report.
Connor, Executive Director of Transit, Works and Transportation dated June 27, 2011, re: Transit Inventory Management Services – Joint Procurement Between the City of Brampton and Metrolinx (Request for Proposal No. RFP2011-036) (File F81).
The 12 shuttle systems from the 2018 NPS National Transit Inventory had an average relative ridership of eight percent.
AC Transit Inventory Management Plan, Calendar Year 2009, prepared by Cameron-Cole, August 2010.
More Definitions of Transit Inventory
Transit Inventory to read in its entirety as follows:
Transit Inventory means newly purchased inventory for which Borrower has paid the full purchase price of such inventory to the vendor thereof but has not yet received delivery of such inventory; provided that "In Transit Inventory" shall include only inventory which Borrower expects will be delivered in the ordinary course of business and shall exclude inventory which Borrower has reason to believe will not be delivered due to vendor failure, shipping error, casualty or otherwise. In Transit Inventory shall not be included in Eligible Inventory."
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 Xxxxx'x 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 specified in the definition of “Eligible In-Transit Inventory”.
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. “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. “Default Rate” has the meaning set forth in Section 2.13(b). “Default Right” has the meaning set forth in Section 9.29. “Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent and the Borrower Representative in writing that such failure is the result of such Xxxxxx’s good faith determination that a condition precedent to funding (specifically identified and including the particular Default, if any) has not been satisfied;
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.