Approved Inventory definition

Approved Inventory means computer hardware and software products sold or distributed by any company, approved by IBM Credit in writing to receive financing pursuant to the Agreement (the "Authorized Suppliers"), provided, however, IBM Credit has a first priority security interest in such products and such products are new and in manufacturer sealed boxes.

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Approved Inventory means computer hardware and software products in Customer's possession which are manufactured, sold or distributed by or bear the trademark or trade name of any company approved, in writing, by IBM Credit as an Authorized Supplier, provided that (i) IBM Credit has a first priority security interest in such products, (ii) such products are in new and un-opened boxes, and (iii) the invoice date reflecting the sale of such products by Authorized Supplier is not more than one hundred eighty (180) days prior to the date of determination. The value to be assigned to such inventory shall be based upon the Authorized Supplier’s invoice price to Customer for products net of all applicable price reduction credits.

Approved Inventory. (1) during the period from the Closing Date to and including July 14, 2000, the sum of (x) 100% of the value of the Products in Customer's possession at Authorized Locations and (y) 100% of the value of the Products in Customers' possession at Temporary Locations and (z) up to Two Million Dollars ($2,000,000) of Products in the Customers' possession at all locations other than Authorized Locations and Temporary Locations and (2) during the period from July 15, 2000 and thereafter, the sum of (x) 100% of the value of the Products in Customers' possession at Authorized Locations and (y) up to Two Million Dollars ($2,000,000) of the Products in Customers' possession at all locations other than Authorized Locations and Temporary Locations, as of the date of determination as reflected in the Loan Parties' most recent Collateral Management Report constituting Products (other than service parts) financed through a Product Advance by IBM Credit, provided, however, IBM Credit has first, prior and perfected liens in such Products and such Products are new and in unused condition. The value to be assigned to such Approved Inventory shall be determined by IBM Credit in its sole discretion which, by way of example only, and without limiting the discretion of IBM Credit to determine such valuation, shall be based upon, among other things, IBM's invoice price to Customers for Approved Inventory net of all IBM Credit adjustments, provided, however, if any Customer acquires inventory through an Affiliate of such Customer, the value to be assigned to such Approved Inventory shall be based on the Affiliate's invoice price less the Affiliate's gross profit net of all applicable price reduction credits.

Examples of Approved Inventory in a sentence

Artists agrees to include 2 complete and accurate Gallery Approved Inventory Sheets of each piece of artwork they are submitting to the Gallery for the current Rotation Period – one for TRAG’s records in the gallery and one for TRAG off site.
The Consignee and Scotiabank agree that the Consignee shall be permitted, in the ordinary course of its business as being conducted on the date of this Agreement, to commingle the Gold held on consignment for Scotiabank with any other Gold or Gold (in each case located at the Plants or Approved Inventory Locations) containing alloys being held by the Consignee on consignment, safekeeping, or trust, or with Gold or Gold containing alloys owned by the Consignee.
If Scotiabank delivers written notice to the Consignee setting forth Scotiabank's reasonable belief that an Approved Inventory Location offers inadequate safekeeping protection for the Gold, the Consignee shall transfer all Gold contained at such Approved Inventory Location to a Plant or another Approved Inventory Location within 10 days following receipt of such notice.
Scotiabank will assume all risk of loss or damage to the Gold until it has been delivered to a Plant or, if applicable, an Approved Inventory Location at which time such risk shall pass to the Consignee.
In any event, if any Gold (other than Gold (under and as defined in this Agreement), Processed Gold owned by the Consignee and Processed Gold to be returned to the owner thereof) shall at any time be located at a Plant or an Approved Inventory Location, the Consignee agrees that such Gold shall be transferred (by book entry or otherwise) as soon as practicable (and in any event no later than the next Business Day) to another facility of the Consignee's.
The plan whereby IBM Credit makes a loan or extends credit to or on behalf of Customer to extend the repayment terms of an Advance for Approved Inventory ordered by Customer from Authorized Supplier sold to an account debtor whose Account will be paid by IBM ("SPP/IBM Plan Advance").
The plan by which IBM Credit makes a loan or extends credit to or on behalf of Customer to extend the repayment terms of an SPP/IBM Plan Advance for Approved Inventory in the possession of IBM organization or to be placed under the terms of an IBM Credit Corporation or LeaseSource, Inc.
The Consignee further agrees that except for Gold (under and as defined in this Agreement), no other Gold that is not owned by the Consignor will be kept in a Plant or an Approved Inventory Location.
To the extent any Gold of any quality or fineness located at a Plant or any Approved Inventory Location becomes part of a product, Scotiabank shall only have and shall continue to have rights or interests in and to such product to the extent of an undivided interest in such product that is equal to the ratio that the cost of such Gold contained in such product or comprising a part thereof bears to the cost of such product.
In addition, Gold of any quality or fineness (including the Gold) located at a Plant or any Approved Inventory Location that becomes part of a product shall continue to be considered as being consigned to the Consignee hereunder to the same extent as if such Gold did not become part of a product and shall be subject to all the terms hereof and any other Consignment Document (including the continuation of title to such Gold in Scotiabank).

More Definitions of Approved Inventory

Approved Inventory as of the date of determination, the value of information technology products, including computer hardware and software products, manufactured or distributed by or bearing any trademark or trade name of Authorized Suppliers as such term is defined in the Inventory Financing Agreement (as defined herein) in such Domestic Subsidiaries' possession provided that such products are new and in manufacturer sealed boxes or used products in open containers purchased directly from IBM Credit; in each case in which IBM Credit has a perfected first priority security interest.

Approved Inventory as defined in Exhibit A.