Examples of Acceptable Inventory in a sentence
In the event the FILO Agent conducts any such Acceptable Inventory Appraisals pursuant to the terms hereof, the Administrative Agent and the Borrowers shall promptly (but in any event within two (2) Business Days of receipt of the results of such appraisal from the FILO Agent) implement the Net Orderly Liquidation Value set forth in such appraisal to the calculation of the Revolving Borrowing Base and the FILO Borrowing Base.
For the avoidance of doubt, for purposes of any calculations hereunder or otherwise, any new Acceptable Inventory Appraisal shall not take effect until the delivery of the first Borrowing Base Certificate that is delivered immediately after the delivery of such new Acceptable Inventory Appraisal.
Summit may, in its sole discretion and without any duty to do so, elect from time to time to make advances based upon Acceptable Inventory.
Upon shipment and delivery of such Acceptable Inventory, the account created thereby shall be promptly submitted to Summit for purchase.
Client shall diligently sell and ship the Acceptable Inventory upon which an advance has been made.