In-Transit Inventory. The Parties expressly agree that In-Transit Inventory shall not be included as part of the Inventories, and Seller hereby retains all rights and obligations with respect to such In-Transit Inventory. Any loaded railcar located within the rail yard of the Ethanol Plant that has not been released to the railroad (billed) and for which no xxxx of lading has been issued shall be considered and measured as Product Inventory. A full listing of such loaded railcars shall be provided by Seller, along with a listing of railcars released to the railroad within 24 hours of the Inventory Transfer Time.
In-Transit Inventory. With respect to any Inventory that is in-transit to the United States, Borrowers shall ensure that (a) is shipped FOB shopping point, (b) is backed by a documentary Letter of Credit issued by Bank, (e) for which all documents issued by the shipper or bailee thereof are negotiable and issued in the name of Borrower for Lender and are delivered to Agent (or non-negotiable and consigned to Agent if at any time requested by Agent), (d) a bailment agreement, in form and content satisfactory in all respects to Lender, has been duly executed and delivered to Lender by each carrier, freight forwarder or customs agent with respect to such Inventory, or documents of title covering such Inventory, and (e) is insured by marine insurance acceptable to Lender, with Lender shown as sole loss payee thereon, against loss, damage or theft.
In-Transit Inventory. Borrower has informed Lender that it has not satisfied all of the conditions set forth in clause (i) of paragraph (d) of Schedule 1.6 to the Loan Agreement with respect to Inventory in transit outside of the United States that is currently in the Borrowing Base. At Borrower's request, Lender hereby agrees to waive satisfaction of such conditions until November 7, 1997. The failure to satisfy such conditions by November 7, 1997 shall constitute and Event of Default; provided, that Lender reserves it right to establish reserves with respect to such Inventory in transit in accordance with Section 1.6 of the Loan Agreement.
In-Transit Inventory. Borrower shall cause all bills of lading and other documents of title issued by any carrier of goods owned by Borrower being transported to the United States or Canada from any other country to issue only documents of title constituting a Qualifying Xxxx of Lading. If such goods are being transported other than from overseas, Borrower shall cause all bills of lading and other documents of title issued by any carrier of goods owned by Borrower to be in non-negotiable form in the name of Borrower or such other Person as Lender shall designate.
In-Transit Inventory. Credit Parties shall take all actions necessary to cause title to all Inventory purchased outside the United States to transfer to Credit Parties at the location from which such Inventory is shipped, and shall take all actions necessary, or requested by Collateral Agent, to grant and to perfect a First Priority Lien in favor of Collateral Agent, for the benefit of Secured Parties, in all such Inventory commencing on the date such Inventory is shipped to Credit Parties. Without limiting the foregoing, all negotiable bills of lading shall be consigned to the order of Silver Point Finance, LLC.
In-Transit Inventory. At Closing Sellers shall provide Schedule 1.5 listing all outstanding contracts for the purchase of In Transit Customer Inventory. Empresas and Manufacturera shall be entitled to all payments made on or after the Closing by purchasers of In Transit Customer Inventory. After the Closing, Empresas and Manufacturera shall make deliveries of such inventory to the purchasers thereof in accordance with customary practices.
In-Transit Inventory. By not later than February 19, 2008, Credit Parties shall take all actions necessary to cause title to all Inventory purchased outside the United States to transfer to Credit Parties at the location from which such Inventory is shipped, and shall take all actions necessary, or requested by Collateral Agent, to grant and to perfect a First Priority Lien in favor of Collateral Agent, for the benefit of Secured Parties, in all such Inventory commencing on the date such Inventory is shipped to Credit Parties. Without limiting the foregoing, all negotiable bills of lading shall be consigned to the order of Silver Point Finance, LLC.
In-Transit Inventory. All In-Transit Inventory of each Borrower Party (other than In-Transit Inventory not in excess of $6,000,000 in the aggregate at any one time) shall be the subject of a xxxx of lading or a cargo receipt that (A)(x) in the case of a negotiable xxxx of lading or negotiable cargo receipt, is consigned to the Administrative Agent and/or the Issuing Bank (either directly or by means of endorsement) or (y) in the case of a non-negotiable xxxx of lading or non-negotiable cargo receipt, is consigned to the Administrative Agent and/or the Issuing Bank (either directly or by means of endorsements) or to a Borrower Party if such xxxx of lading or cargo receipt shall state "[Name of applicable Borrower Party], subject to the security interest of SunTrust Bank, as agent, 000 Xxxxxxxxx Xxxxxx, X.X., Xxxxxxx, Xxxxxxx 00000" thereon, (B) was issued by the carrier respecting the subject In-Transit Inventory, and (C) is in the physical possession of an Approved Freight Handler or, if applicable, an Issuing Bank. Upon the request of the Administrative Agent, the Borrower Parties shall promptly deliver to the Administrative Agent copies of all such bills of lading or cargo receipts.
In-Transit Inventory. On the Restatement Date, substantially none of Borrowers’ Inventory consists of Inventory in-transit from any other country to the United States.
In-Transit Inventory. In the event that Borrowers elect to import any Inventory in excess of $500,000 in any Fiscal year from any other country to the United States, Borrowers shall, after the occurrence and during the continuation of a Cash Dominion Event, use their commercially reasonable best efforts to cause such Inventory to be (i) the subject of a negotiable xxxx of lading (x) that is consigned to Agent (either directly or by means of endorsements), (y) that was issued by the carrier respecting the subject Inventory, and (z) that is in the possession of Agent or a customs broker or freight forwarder that has executed a Custom Brokers Agreement or Freight Forwarders Agreement with Agent, or (ii) the subject of a negotiable cargo receipt and is not the subject of a xxxx of lading (other than a negotiable xxxx of lading consigned to, and in the possession of, a consolidator or Agent, or their respective agents) and such negotiable cargo receipt is (x) consigned to Agent (either directly or by means of endorsements), (y) was issued by a consolidator respecting the subject Inventory, and (z) is in the possession of Agent or a customs broker or freight forwarder that has executed a Custom Brokers Agreement or Freight Forwarders Agreement with Agent.
