Transit Inventory. All finished goods inventory owned by the Borrower, and which finished goods inventory is in transit to Borrowers facilities in North America with a freight carrier or shipping company which is not an Affiliate of either the Borrower or the supplier and which finished goods inventory (a) has been the subject of a transfer of title to Borrower, (b) is fully insured, (c) is subject to a first priority security interest in and Lien upon such goods in favor of the Administrative 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 Borrower), (d) with respect to which the Administrative Agent has been designated as co-consignee on any bill of lading or document of tixxx and (e) is otherwise deemed to be Eligible Inventory hereunder.
Transit Inventory. Raw materials owned by the Borrower or any of its -------------------- Subsidiaries (collectively, "inventory"), which otherwise qualifies as Eligible Inventory and (i) all title documents relating to which have been consigned (endorsed) to one of the Agents in a manner reasonably acceptable to the Agents, (ii) one of the Agents or an Approved Customs Broker is in possession of all documents of title relating to such inventory and (iii) such inventory is insured in a manner reasonably acceptable to the Agents.
Transit Inventory. At any time of determination thereof, the book value, at the lesser of cost or market, of inventory (x) purchased and paid for in cash, or to be purchased and paid for under a Letter of Credit or on credit terms then available to the Borrower or any Subsidiary Guarantor, by such Borrower or Subsidiary Guarantor, (y) not included in Eligible Inventory, and (z) consisting of readily saleable and merchantable finished goods or raw materials acquired and held in the ordinary course of business and as to which (i) each of the following requirements is satisfied and (ii) the Borrower has not been notified by the Administrative Agent that, in the reasonable judgment of the Administrative Agent, any such requirements are not satisfied:
