Consignment Inventory definition

Consignment Inventory means any Inventory held by a Grantor on a consignment basis, which Inventory is not owned by a Grantor (and would not be reflected on a consolidated balance sheet of Borrower and its Subsidiaries prepared in accordance with GAAP).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Consignment Inventory means, at any time, each item of merchandise (including any gold content thereof) which (i) at such time is in possession of the Company, Finlay Enterprises or any of their respective Subsidiaries as consignee pursuant to a written consignment agreement or other consignment arrangement including, without limitation, a consignment order or consignment invoice, (ii) at such time is identified in computer records of the Company, Finlay Enterprises or any of their respective Subsidiaries as being "memo" or "consigned inventory", (iii) as of such time has not been sold, and (iv) to which title, at such time, is retained by a consignor under such consignment agreement or other consignment arrangement until such item of merchandise is sold or deemed sold by the consignor to the consignee. Title to an item of merchandise described in the foregoing sentence is deemed to be retained by such consignor until, in accordance with the applicable consignment agreement or other consignment arrangement, title is transferred (or deemed to be transferred) to a buyer, the Company, Finlay Enterprises or any of their respective Subsidiaries, regardless of whether any procedures have been performed to protect the consignor's title with respect to such item of merchandise.

Consignment Inventory means, at any time, each item of merchandise which (i) at such time is in possession of the Company or any Subsidiary thereof as consignee pursuant to a Consignment Agreement which, if not in a writing signed by the consignor, has been approved in writing by the Agent, (ii) at such time is identified by item number in the computer records of the Company or any Subsidiary thereof (to which the Agent has on-line access to the extent required by Section 8.7(b) hereof) as being "memo" or "consigned" inventory, (iii) as of such time has not been sold or deemed sold to or by the Company or any Subsidiary thereof, (iv) to which ownership, at such time, is retained by a consignor under such Consignment Agreement or other consignment arrangement until such item of merchandise is sold or deemed sold by the consignor to the consignee, and (v) accordingly, at such time, is not an asset of the Company or any Subsidiary thereof. Ownership of an item of merchandise described in the foregoing sentence is deemed to be retained by such consignor until, in accordance with the applicable Consignment Agreement or other consignment arrangement, ownership is transferred (or deemed to be transferred) to a buyer, the Company or any Subsidiary thereof, regardless of whether any procedures have been performed to protect the third party's title to such item of merchandise. Additionally, "Consignment Inventory" (a) includes, at any time, any item of merchandise (including the gold content thereof) which (i) contains gold which is leased by or consigned or lent to the Company or any Subsidiary thereof, and (ii) complies at such time with clauses (ii) and (iii) of the first sentence of this definition, and (b) excludes all cash and non-cash proceeds of any item of merchandise (and any gold content thereof) which constituted Consignment Inventory.

Examples of Consignment Inventory in a sentence

• Celltech shall at its own expense maintain adequate and suitable storage facilities for the storage of Consignment Inventory and Product delivered to Celltech from other than Consignment Inventory, in each case in accordance with cGMP, the Marketing Authorizations, and all applicable laws and regulations.

• Celltech shall not thereafter use any items of Consignment Inventory or remove any items from Consignment Inventory without the specific prior written consent of Orphan Medical.

• Celltech shall maintain full and accurate records showing the quantity of Consignment Inventory, the lot identification, expiration dates and such other information as is necessary to enable a Third Party to identify that each item of Consignment Inventory forms part of the Consignment Inventory and is being held on behalf of Orphan Medical under the supervision and control of Celltech.

• At any time and from time to time, either party may request the other party to discuss and consider in good faith changes in, or termination of, the arrangements for Consignment Inventory, whereupon the parties shall be mutually obligated to negotiate in good faith as to such matters.

• Celltech shall hold the Consignment Inventory as baillee for and on behalf of Orphan Medical.

More Definitions of Consignment Inventory

Consignment Inventory means all of the Company’s parts and products intended for sale to third parties existing as of the Closing that have not been sold by the Company within the ninety (90) days after the Closing.

Consignment Inventory means any Inventory (as defined in the UCC) held by a grantor on a consignment basis, which Inventory is not owned by a grantor (and would not be reflected on a consolidated balance sheet of Issuers and their Subsidiaries prepared in accordance with GAAP).

Consignment Inventory means inventory possessed by Seller for use in the Seller Business which is still owned by the original vendor or supplier and title and legal ownership of such inventory has not been passed to Seller.

Consignment Inventory has the meaning set forth in Section VIII.B.

Consignment Inventory has the meaning assigned to such term in the Security Agreement.

Consignment Inventory means the units of Products delivered to and stored at the Consignment Warehouse hereunder.

Consignment Inventory all Inventory of the Borrower and the Subsidiary Guarantors consisting of Inventory supplied by vendors on a consignment basis, including without limitation, jewelry and watches currently purchased on a consignment basis, and other categories of Inventory to be purchased on a consignment basis in the future; provided that the terms, arrangements and/or agreements for such Inventory shall be on normal and typical business terms for consignment Inventory.