Class I Inventory Clause Samples

The 'Class I Inventory' clause defines a specific category of inventory that is subject to particular terms within an agreement. Typically, this clause outlines which goods, materials, or products are classified as 'Class I,' often based on criteria such as type, quality, or intended use. For example, it may distinguish high-value or regulated items from other inventory classes, specifying how they are to be handled, tracked, or reported. The core function of this clause is to ensure clarity and proper management of designated inventory, reducing confusion and mitigating risks associated with misclassification or mishandling.
Class I Inventory. A Class I inventory comprises a review of agency and SHPO database records (including the Nevada Cultural Resources Inventory System (“NVCRIS”), GLO plat maps, the BLM's Master Title Plats/Historic Index, the National and State Registers of Historic Places, National Historic Trails and historic maps, and an intensive review of agency archives, pertinent historic records and publications.
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Class I Inventory. SNWA has identified known historic and prehistoric resources within the Project APEs for direct and visual effects by completing and the Class I Inventory for the Project. For those above-ground resources identified in the Class I inventory from which the project will be visible, and which have not previously been evaluated for eligibility in the National Register, except for resources that are or may be eligible for the National Register only under eligibility Criterion D, SNWA will document, assess, and make recommendation to the BLM regarding the eligibility of such inventoried resources for the National Register under Criteria A, B and C. For those historic properties that the BLM determines are potentially eligible for the National Register under one or more of those three criteria, and are either previously undocumented or insufficiently documented, SNWA will record each such property with full descriptions and photo documentation to current SHPO standards. If the BLM determines, in consultation with the SHPO and any Indian tribe that attaches religious and cultural significance thereto, and considering any comments from the consulting parties, that such historic property will be visually adversely affected, SNWA will provide treatment by producing full descriptions and photo documentation per standards in Appendices D and/or G of the Nevada State Protocol, as may be applicable.
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Class I Inventory. SNWA has identified known historic and prehistoric resources within the APEs for Tier 1 of the Project by completing the Class I Inventory. BLM will ensure that additional or updated Class I inventory is conducted as necessary for the APEs for Future Tiers or phased identification of historic properties in compliance with this Agreement.
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Class I Inventory. Class I inventories are limited to landscape level planning and are very rarely sufficient for the purposes of Section 106 compliance for specific undertakings. Class I inventories are completed with the use of existing data from cultural resource inventory files maintained by both the BLM and the SHPOs. Class I inventories serve to identify known properties and are used to determine if more intensive inventory of specific areas is appropriate. This determination is made in consultation with the SHPO and often results in the completion of Class II or Class III inventories.
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Class I Inventory. The RPO or FPO will conduct a Class I inventory of the proposed APE. Western’s RPO, FPO or Western’s contractor will contact or visit the land managing agency for current survey information. For activities/undertakings that occur within a tribe’s reservation boundaries, Western will contact the tribe to find out about surveys and historic properties known within the proposed project area, as well as any other cultural resources or areas of concern that Western should consider with regard to the proposed activity/undertaking.
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Related to Class I Inventory

  • Eligible Inventory For purposes of this Agreement, Eligible Inventory shall exclude any Inventory to which any of the exclusionary criteria set forth below applies. The Administrative Agent shall have the right to establish, modify or eliminate Reserves against Eligible Inventory from time to time in its reasonable credit judgment. In addition, the Administrative Agent reserves the right, at any time and from time to time after the Original Closing Date, to adjust any of the criteria set forth below, to establish new criteria and to adjust the applicable advance rate with respect to Eligible Inventory, in its reasonable credit judgment, subject to the approval of the Supermajority Lenders in the case of adjustments, new criteria, changes in the applicable advance rate or the elimination of Reserves which have the effect of making more credit available. Eligible Inventory shall not include any Inventory of Borrower or any Borrowing Base Guarantor that: (i) the Collateral Agent, on behalf of Secured Parties, does not have a first priority and exclusive perfected Lien on such Inventory; (ii) is not located on premises in United States or Canada; (iii) (A) is located on premises leased by Borrower or a Borrowing Base Guarantor, unless (x) at such location the aggregate value of Inventory exceeds $250,000, and (y) either (1) a reasonably satisfactory Landlord Lien Waiver and Access Agreement has been delivered to the Collateral Agent, or (2) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto or (B) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $250,000 unless either (x) a reasonably satisfactory, acknowledged bailee waiver letter has been received by the Collateral Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto, or (C) is located at an owned location subject to a mortgage in favor of a lender other than the Collateral Agent where the aggregate value of Inventory exceeds $250,000 unless either (x) a reasonably satisfactory mortgagee waiver has been delivered to the Collateral Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto; (iv) is placed on consignment (other than Eligible Consigned Inventory); (v) is covered by a negotiable document of title, unless such document has been delivered to the Collateral Agent with all necessary endorsements, free and clear of all Liens except those in favor of the Collateral Agent and the Lenders and landlords, carriers, bailees and warehousemen if clause (iii) above has been complied with; (vi) is to be returned to suppliers; (vii) is obsolete, unsalable, shopworn, seconds, damaged or unfit for sale; (viii) is slow moving (in excess of 1-year supply); (ix) consists of display items, samples or packing or shipping materials, manufacturing supplies or replacement parts (it being understood that Eligible Inventory shall not exclude work-in-process Inventory if it is not excluded in accordance with other criteria set forth herein, unless otherwise determined by the Administrative Agent in its reasonable credit judgment); (x) is not of a type held for sale in the ordinary course of Borrower’s or any Borrowing Base Guarantor’s, as applicable, business; (xi) breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents; (xii) consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily available; (xiii) is not covered by casualty insurance maintained as required by Section 5.04; (xiv) consists of custom made Inventory which is not saleable to any other customer or in ordinary course; (xv) is in transit; or (xvi) is subject to any licensing arrangement the effect of which would be to limit the ability of Collateral Agent, or any Person selling the Inventory on behalf of Collateral Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other.

  • Merchantable Inventory All Inventory is in all material respects of good and marketable quality, free from all material defects, except for Inventory for which adequate reserves have been made.

  • Inventory To the extent Inventory held for sale or lease has been produced by any Borrower, it has been and will be produced by such Borrower in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

  • As to Equipment and Inventory Grantor hereby agrees that it shall: (a) keep all the Equipment and Inventory (other than Inventory in transit and Inventory sold in the ordinary course of business) at the places therefor specified in Section 3.1.1 or, upon 30 days' prior written notice to Agent, at such other places in a jurisdiction where all representations and warranties set forth in Article III (including Section 3.1.6) shall be true and correct, and all action required pursuant to the first sentence of Section 4.1.7 shall have been taken with respect to the Equipment and Inventory; (b) with respect to any Equipment or Inventory in the possession or control of any Third Party or any of Grantor's agents, notify such Third Party or agent of Agent's security interest in such Equipment or Inventory and, upon Agent's request following the occurrence and during the continuance of an Event of Default, direct such Third Party or agent to hold all such Equipment or Inventory for Agent's account and subject to Agent's instructions; (c) cause the Equipment to be maintained and preserved in the same condition, repair and working order as when new, ordinary wear and tear excepted, and in accordance with any manufacturer's manual; and forthwith, or in the case of any material loss or damage to any of the Equipment, as quickly as practicable after the occurrence thereof, make or cause to be made all repairs, replacements, and other improvements in connection therewith which are necessary or desirable to such end; and promptly furnish to Agent a statement respecting any loss or damage to any of the Equipment within ten (10) business days after Grantor obtains knowledge of any such loss or damage; and (d) pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory, except to the extent the validity thereof is being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with Generally Accepted Accounting Principles have been set aside.

  • Physical Inventory The Contractor shall periodically perform, record, and disclose physical inventory results. A final physical inventory shall be performed upon contract completion or termination. The Property Administrator may waive this final inventory requirement, depending on the circumstances (e.g., overall reliability of the Contractor’s system or the property is to be transferred to a follow-on contract).