Canadian Eligible Inventory definition

Canadian Eligible Inventory means (a) the aggregate gross amount of each Canadian Loan Party’s Inventory (excluding 80% of all work-in-process, except for work-in-process consisting solely of drawn copper wire located at any facility of a Canadian Loan Party or a Subsidiary of a Canadian Loan Party (which shall not be excluded)), valued at the lower of cost (on a FIFO basis) or market, which (i) is owned solely by such Canadian Loan Party and with respect to which such Canadian Loan Party has good, valid and marketable title, (ii) is stored on property that is either (A) owned or leased by such Canadian Loan Party or (B) owned or leased by a warehouseman that has contracted with such Canadian Loan Party to store Inventory on such warehouseman’s property or by another bailee of such Canadian Loan Party (other than a Processor) (provided that, with respect to Inventory stored on property leased by such Canadian Loan Party, such Canadian Loan Party shall have delivered in favor of the Canadian Agent an Acknowledgment Agreement from the landlord of such leased location, and, with respect to Inventory stored on property owned or leased by a warehouseman or other bailee (other than a Processor), such Canadian Loan Party shall have delivered to the Canadian Agent an Acknowledgment Agreement executed by such warehouseman or other bailee (other than a Processor)); or if not so stored, such Inventory constitutes Processor Inventory or In-Transit Inventory; (iii) is subject to a valid, enforceable and first priority Lien in favor of Canadian Agent except, with respect to Canadian Eligible Inventory stored at sites described in clause (B) above for normal and customary warehouseman, filler, packer and processor charges); (iv) is located in Canada; and (v) is not obsolete, excess or slow moving and for which a markdown reserve has not been made, and which otherwise conforms to the warranties contained herein and which at all times continues to be acceptable to the Canadian Agent in its Permitted Discretion, less (b) the sum of (i) Inventory of a Canadian Loan Party consisting of manufacturing supplies (other than raw materials), expense supplies, shipping supplies or packaging materials, (ii) reserves imposed by the applicable Canadian Loan Party, (iii) any goods returned or rejected by such Canadian Loan Party’s customers for which a credit has not yet been issued, (iv) goods in transit to third parties (other than to such Canadian Loan Party’s agents, warehouses, or other bailees (other than a ...

Canadian Eligible Inventory means, as to each Canadian Borrower, Inventory of such Canadian Borrower consisting of finished goods held for resale in the ordinary course of the business of such Canadian Borrower, raw materials for such finished goods and work in process of such Canadian Borrower, that in each case satisfy the criteria set forth below as determined by Agent. In general, Canadian Eligible Inventory shall not include:

Canadian Eligible Inventory means with respect to any Canadian Subsidiary, Inventory that is of a type customarily held as Inventory in such Canadian Subsidiary’s business as being conducted on the Amendment No. 1 Effective Date, and held for sale or lease in the ordinary course of such Canadian Subsidiary’s business, but specifically excluding Inventory which meets any of the following conditions or descriptions:

Examples of Canadian Eligible Inventory in a sentence

• With respect to any locations or warehouse space leased as of the Closing Date and thereafter, if the Collateral Agent has not received a Collateral Access Agreement as of the Effective Date (or, if later, as of the date such location is acquired or leased), the applicable Grantor's Eligible U.S. Inventory and Canadian Eligible Inventory at that location shall be subject to such Reserves as may be established by the Administrative Agent in its Permitted Discretion.

• Canadian Availability Reserves: the sum (without duplication) of (a) the aggregate amount of the Canadian Rent Reserve, if any, established pursuant to clause (h) of the definition of Canadian Eligible Inventory; (b) the Canadian LC Reserve; (c) the Canadian Bank Product Reserve; (d) the Canadian Priority Payables Reserve; and (e) such additional reserves, in such amounts and with respect to such matters, as the Agent may establish in its Permitted Discretion.

• In addition, Agent reserves the right, at any time and from time to time after the Closing Date, to adjust any of the applicable criteria and to establish new criteria with respect to Canadian Eligible Inventory, in its Permitted Discretion, subject to the approval of Required Lenders in the case of adjustments or new criteria which have the effect of making more credit available.

• Agent shall have the right to establish, modify, or eliminate Reserves against Canadian Eligible Inventory from time to time in its Permitted Discretion.

• Eligible Inventory: the (a) Australian Eligible Inventory, (b) Belgian Eligible Inventory, (c) Canadian Eligible Inventory, (d) Dutch Eligible Inventory, (e) New Zealand Eligible Inventory, (f) Norwegian Eligible Inventory, (g) Singapore Eligible Inventory, (h) UK Eligible Inventory, and/or (i) U.S. Eligible Inventory, as the context requires.

More Definitions of Canadian Eligible Inventory

Canadian Eligible Inventory means, as of any date of determination, the aggregate book value based on an average cost valuation (as shown on the books and records of the Canadian Subsidiaries) of all inventory owned by the Canadian Subsidiaries on a consolidated basis after deducting allowances or reserves relating thereto, but excluding in any event (without duplication) (a) inventory which is subject to any other Lien that is not a Permitted Lien, (b) inventory which is not in good condition or fails to meet standards for sale or use imposed by governmental agencies, departments or divisions having regulatory authority over such goods, (c) inventory which is leased or on consignment, (d) displays and packaging supplies, (e) inventory in possession of a Person other than a Canadian Subsidiary, and (f) inventory which fails to meet such other specifications and requirements as may from time to time be established by the Administrative Agent in its reasonable discretion.

Canadian Eligible Inventory means, at any time, the Inventory of the Canadian Borrower, but excluding any Inventory:

Canadian Eligible Inventory means, as of any date of determination, the aggregate book value (based on an average cost valuation) of all inventory owned by any of the Canadian Subsidiaries on a consolidated basis after deducting allowances or reserves relating thereto, as shown on the books and records of the Canadian Subsidiaries, but excluding in any event (a) inventory which is subject to any other Lien that is not a Permitted Lien, (b) inventory which is not in good condition or fails to meet standards for sale or use imposed by governmental agencies, departments or divisions having regulatory authority over such goods, (c) inventory which is leased or on consignment, (d) displays, (e) inventory in possession of a Person other than a Canadian Subsidiary, and (f) inventory which fails to meet such other specifications and requirements as may from time to time be established by the Administrative Agent in its reasonable discretion.

Canadian Eligible Inventory means Inventory of Canadian Borrower, that complies with each of the representations and warranties respecting Canadian Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, that such criteria may be revised from time to time by Agent in Agent's Permitted Discretion to address the results of any field examination or appraisal performed by Agent from time to time after the Closing Date. In determining the amount to be so included, Inventory shall be valued at the lower of cost or market on a basis consistent with Canadian Borrower's historical accounting practices. An item of Inventory shall not be included in Canadian Eligible Inventory if:

Canadian Eligible Inventory means, as of any date of --------------------------- determination, all Eligible Inventory of VWR Canada at such date.

Canadian Eligible Inventory the meaning ascribed to the term "Eligible --------------------------- Inventory" in the Canadian Credit Agreement.

Canadian Eligible Inventory means all "Eligible Inventory" as defined in the Canadian Credit Agreement.