ABL Inventory definition
ABL Inventory means all goods that constituted Inventory of a Loan Party while owned by such Loan Party that has left any manufacturing, warehouse or any other (including any leased) facility of any Loan Party or any of its bailees or contractors, to or for a customer or any other Person for or on behalf of a customer or at a customer’s direction or instruction (and whether or not any such goods are subsequently returned to or otherwise located on any facility of any Loan Party or any of its bailees or contractors).
Examples of ABL Inventory in a sentence
Subject to the ABL Inventory Control Provision, the Loan Parties acknowledge that the Administrative Agent may, in its discretion, undertake up to one (1) inventory appraisal and one (1) commercial finance examination each Fiscal Year at the Loan Parties’ expense.
Each such report shall indicate the reasons for the returns and the locations and condition of the returned ABL Inventory.
All returned ABL Inventory shall be subject to the Administrative Agent's Liens thereon.