Canadian Inventory Formula Amount definition

Canadian Inventory Formula Amount means, on any date of determination for Eligible Canadian Inventory, the lesser of (i) 65% of the Value of the Eligible Canadian Inventory; and (ii) 85% of the sum of the Net Orderly Liquidation Value of the Eligible Canadian Inventory by category (i.e., work-in-process, raw materials and finished goods).
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Canadian Inventory Formula Amount. (a) the lesser of (i) 70% of the Value of Canadian Eligible Inventory or (ii) 85% of the NOLV Percentage of the Value of Canadian Eligible Inventory; plus (b) the lesser of (i) 70% of the Value of Eligible In-Transit Inventory owned by Canadian Borrower, or (ii) 85% of the NOLV Percentage of the Value of Eligible In-Transit Inventory owned by Canadian Borrower; provided that (i) prior to the date that the conditions set forth in clause (b) of the definition of “Eligible In-Transit Inventory” are met, whether or not an Eligible In-Transit Inventory Trigger Period has occurred and is continuing, the Inventory Formula Amount applicable to the Eligible In-Transit Inventory of all Borrowers shall not exceed an aggregate amount of $10,000,000 at any time and (ii) the Inventory Formula Amount applicable to the Eligible In-Transit Inventory of all Foreign Borrowers that is in transit to Mexico shall not exceed an aggregate amount of $2,000,000 at any time. “Canadian Inventory Reserve” reserves established by Agent to reflect factors that may negatively impact the Value of Inventory of Canadian Borrower, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.
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Canadian Inventory Formula Amount the Dollar Equivalent amount equal to the lesser of (a) 65% of the Value of Canadian Eligible Inventory; and (b) 85% of the NOLV Percentage of the value of Canadian Eligible Inventory, plus the Dollar Equivalent amount equal to the least of (x) 20% of the cost of Inventory owned by a Canadian Borrower that is work-in-process or slow-moving but otherwise US-DOCS\123034949.14 would be Canadian Eligible Inventory, (y) 85% of the NOLV Percentage of the value of Inventory owned by a Canadian Borrower that is work-in-process or slow-moving but otherwise would be Canadian Eligible Inventory and (z) $7,500,000.
Sample 1

More Definitions of Canadian Inventory Formula Amount

Canadian Inventory Formula Amount the sum of: (a) the lesser of (i) 65% of the Value of the Canadian Borrower’s Eligible Inventory, or (ii) 85% of the NOLV Percentage of the Value of the Canadian Borrower’s Eligible Inventory, plus (b) the lesser of (i) $5,000,000, (ii) 65% of the Value of the Canadian Borrower’s Eligible In-Transit Inventory, or (iii) 85% of the NOLV Percentage of the Value of the Canadian Borrower’s Eligible In-Transit Inventory.
Sample 1
Canadian Inventory Formula Amount the sum of (1) 90% of the NOLV Percentage of the Value of Eligible Inventory of Canadian Borrowers plus (2) at the option of Borrower Agent which is reflected in the most recently delivered Canadian Borrowing Base Report, the lesser of (x) 90% of the NOLV Percentage of the Value of Eligible In-Transit Inventory of Canadian Borrowers and (y) $5,000,000; provided, that so long as no Default or Event of Default exists, such percentages shall be increased to 92.5% commencing on January 15th of each year continuing until May 15th of such year. Canadian LC Obligations: the Dollar Equivalent sum of (a) all amounts owing by Canadian Borrowers for drawings under Letters of Credit issued at the request of Canadian Borrowers; and (b) the Stated Amount of all outstanding Letters of Credit issued at the request of Canadian Borrowers. Canadian Lender: Bank of America-Canada Branch and any other Person having Canadian Revolver Commitments from time to time or at any time, each of which is a Canadian Qualified Lender unless otherwise permitted in this Agreement.
Sample 1
Canadian Inventory Formula Amount the sum of (1) 90% of the NOLV Percentage of the Value of Eligible Inventory of Canadian Borrowers plus (2) at the option of Borrower Agent which is reflected in the most recently delivered Canadian Borrowing Base Report, the lesser of (x) 90% of the NOLV Percentage of the Value of Eligible In-Transit Inventory of Canadian Borrowers and (y) $5,000,000; provided, that so long as no Default or Event of Default exists, such percentages shall be increased to 92.5% commencing on January 15th of each year continuing until May 15th of such year.
Sample 1
Canadian Inventory Formula Amount the lesser of (i) up to 70% of the Value of Eligible Inventory of Canadian Borrowers, (ii) 85% of the NOLV Percentage of the Value of Eligible Inventory of Canadian Borrowers or (iii) $7,000,000, minus the amount of the U.S. Inventory Formula that is in excess of $26,000,000. EBITDA: for any period, determined on a consolidated basis for Holdings and its Subsidiaries, Consolidated Net Income for such measurement period, plus, (a) to the extent deducted from Consolidated Net Income for such period and without duplication:
Sample 1
Canadian Inventory Formula Amount. (a) the lesser of (i) 70% of the Value of Canadian Eligible Inventory or (ii) 85% of the NOLV Percentage of the Value of Canadian Eligible Inventory; plus (b) the lesser of (i) 70% of the Value of Eligible In-Transit Inventory owned by Canadian Borrower, or (ii) 85% of the NOLV Percentage of the Value of Eligible In-Transit Inventory owned by Canadian Borrower; provided that (i) prior to the date that the conditions set forth in clause (b) of the definition of “Eligible In-Transit Inventory” are met, whether or not an Eligible In-Transit Inventory Trigger Period has occurred and is continuing, the Inventory Formula Amount applicable to the Eligible In-Transit Inventory of all Borrowers shall not exceed an aggregate amount of $10,000,000 at any time and (ii) the Inventory Formula Amount applicable to the Eligible In-Transit Inventory of all Foreign Borrowers that is in transit to Mexico shall not exceed an aggregate amount of $2,000,000 at any time.
Sample 1

Related to Canadian Inventory Formula Amount

  • Eligible Inventory means and include Inventory of a Borrower, excluding work in process, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Administrative Agent’s Permitted Discretion, obsolete, slow moving or unmerchantable and which Administrative Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Administrative Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Administrative Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is Foreign In-Transit Inventory or in-transit within the United States; (c) is located outside the continental United States; (d) constitutes Consigned Inventory; (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Administrative Agent’s right to sell or otherwise dispose of such Inventory, unless Administrative Agent is a party to a Licensor/Administrative Agent Agreement with the Licensor under such License Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Administrative Agent a Lien Waiver Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its Permitted Discretion); or (h) or if the sale of such Inventory would result in an ineligible Receivable.

  • Eligible Accounts Receivable means, on any date, all Receivables denominated in Dollars payable by Eligible Account Obligors, except: (i) billed Receivables that have not been paid by the date 30 days after the respective due dates therefor; (ii) any Receivable subject to any asserted defense, dispute, claim, offset or counterclaim, provided that, if any such defense, dispute, claim, offset or counterclaim is asserted with respect to such Receivable in an amount equal to a sum certain, then such Receivable shall be an Eligible Account Receivable to the extent the face amount thereof exceeds such sum certain; (iii) all such Receivables subject to any repurchase or return arrangement; (iv) Receivables of each Eligible Account Obligor to the extent that the Receivables of such Eligible Account Obligor exceed 10% of all Receivables; (v) all Receivables that are payable by their terms more than 30 days from the respective invoice dates therefor; (vi) any Receivable in which the Lenders do not have a valid and perfected first priority security interest, except that such security interest may be subject to statutory Liens in respect of First Purchase Crude Payables that are not delinquent; (vii) any Receivable of a Subsidiary with respect to which any event described in Subsection 9.01(f) or (g) shall have occurred and be continuing; (viii) Receivables with respect to which the account debtor is not a Person resident in the United States; (ix) Receivables with respect to which goods have been placed on consignment, guaranteed sale or other terms by reason of which the payment by the account debtor may be conditional; (x) Receivables with respect to which an invoice has not been sent prior to the date of any Borrowing Base Report in which such Receivable is included for purposes of calculation of the Borrowing Base; (xi) Receivables which represent obligations of local, state or federal Governmental Authorities, unless such Governmental Authority is a Governmental Authority of the United States of America and such Governmental Authority has properly acknowledged the receipt of the assignment of Eligible Accounts Receivables in compliance with the Federal Assignment of Claims Act with respect thereto; (xii) Receivables which arise out of any contract or order which, by its terms, forbids or makes void or unenforceable any assignment by the Company to the Administrative Agent, for the benefit of Lenders, of the Receivable arising with respect thereto; (xiii) Receivables evidenced by any instrument, unless such instrument has been delivered to the Administrative Agent for the benefit of the Lenders, and (xiv) Receivables that are otherwise identified as unsatisfactory to the Administrative Agent or the Majority Lenders using reasonable business judgment.

  • Eligible Unbilled Accounts means Accounts of the Obligors that does not qualify as an Eligible Account solely because (a) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or (b) the services giving rise to such Account have not been performed and billed to the Account Debtor and, in either case, so long as such Accounts have not been unbilled for more than thirty (30) days. For the avoidance of doubt, at such time as an Account is billed to the Account Debtor it shall no longer be an “Eligible Unbilled Account”.

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.