Consigned Merchandise definition
Examples of Consigned Merchandise in a sentence
Until such time as an article of Consigned Merchandise is sold in a Consignment Sale, Consignee will have no right to remove Consigned Merchandise from any Consignee Location without Consignor’s written consent unless reasonably in the ordinary course of Consignee’s business.
Upon not less than seven (7) days written notice, Consignor shall have the right to audit the books and records of Consignee relating to sales of Consigned Merchandise for the purpose of determining the correctness of Consignee’s computation and payment of the Consignment Payment.
All Consigned Merchandise will be held by Consignee at the locations set forth on Schedule B hereto (the “Consignee Locations”).
Consignee shall pay all costs incurred to replenish the Consigned Merchandise pursuant to this Section 4.
Consignee will store, maintain, inspect and otherwise manage the Consigned Merchandise consistent with the ordinary course of Consignee’s business as heretofore conducted.
Consignee shall use commercially reasonable efforts at all times during the Repurchase Period to maintain, in Consignee’s reasonable business judgment, a sufficient supply of each dose and package size of the finished products included in the Consigned Merchandise; provided, that with respect to the Ordered Inventory, Consignee’s obligation to use commercially reasonable efforts to maintain such finished products shall begin upon receipt of the Ordered Inventory.
Upon removal of any Consigned Merchandise by or on behalf of Consignee from a Consignee Location (as hereinafter defined) in anticipation of a Consignment Sale, title to the Consigned Merchandise will pass from Consignor to Consignee subject to the occurrence of a Consignment Sale in the ordinary course of Consignee’s business.
Consignee will permit Consignor, its officers, agents and accountants access to Consignee’s facilities and Consignee Locations during customary business hours for the purpose of inspecting and otherwise examining the Consigned Merchandise and auditing the books and records of Consignee to the extent such books and records reflect sales of Consigned Merchandise.
Consignor will conduct any such inspection or audit in a manner that does not unreasonably interfere with the ordinary conduct of Consignee’s business and will permit Consignee to observe any inspection of the Consigned Merchandise conducted by Consignor.
Consignee will cause each lender, if any, that has a security interest in any of Consignee’s inventory or equipment to provide to Consignor written confirmation that such lender has been informed of Consignor’s ownership of the Consigned Merchandise.