Customer Owned Inventory definition

Customer Owned Inventory means inventory owned by a customer of the Borrower or any of its Subsidiaries and with respect to which the Borrower or any of its Subsidiaries is acting as a bailee or the like or is otherwise storing or disposing of such inventory at the request of or for the benefit of such customer or its assignee, including any lender to such customer, in each case so long as such inventory is owned by such customer.

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Customer Owned Inventory means customer-owned inventory in or in transit to or from Seller's plants.

Customer Owned Inventory shall have the meaning given to such term in Section 7.15 herein.

Examples of Customer Owned Inventory in a sentence

• For the avoidance of doubt, Customer Owned Inventory shall not be considered an asset of the Borrower or any of its Subsidiaries for purposes of this Agreement or any of the other Loan Documents; it being understood and agreed that, for purposes of this Agreement and the other Loan Documents, Borrower's or any of its Subsidiaries' interest in any Customer Owned Inventory is limited to a bailee's interest or the like.

• For the avoidance of doubt, Customer Owned Inventory shall not be considered an asset of the Company or any of its Subsidiaries for purposes of this Agreement or any of the other Note Documents; it being understood and agreed that, for purposes of this Agreement and the other Note Documents, the Company’s or any of its Subsidiaries’ interest in any Customer Owned Inventory is limited to a bailee’s interest or the like.

• Any Excess or Obsolete Material purchased by Customer from Celestica pursuant to an inventory purchase order shall be deemed Customer Owned Inventory.

• For the avoidance of doubt, Customer Owned Inventory shall not be considered an asset of the Borrower or any of its Subsidiaries for purposes of this Agreement or any of the other Loan Documents; it being understood and agreed that, for purposes of this Agreement and the other Loan Documents, ▇▇▇▇▇▇▇▇'s or any of its Subsidiaries' interest in any Customer Owned Inventory is limited to a bailee's interest or the like.

• The Parties shall evaluate in good faith all available information and documentation, including the relevant audit trail (i.e., the record of all transactions with respect to the relevant Transferred Customer Owned Inventory showing any movement of such relevant Transferred Customer Owned Inventory from the date of receipt to the date of such claim), to reasonably determine whether the claimed Pre-Closing Customer Inventory Liabilities actually occurred or arose before or after the Closing Date.

• At Closing, Seller agrees to transfer possession and Buyer agrees to accept transfer of possession of the Customer Owned Inventory.

• Any disputes relating to Customer Owned Inventory shall be, if determined adversely to the Business by Buyer, in its sole discretion, paid by making a claim against the Tail Policy.

• For the avoidance of doubt, Customer Owned Inventory shall not be considered an asset of the Borrower or any of its Subsidiaries for purposes of this Agreement or any of the other Loan Documents; it being understood and agreed that, for purposes of this Agreement and the other Loan Documents, ▇▇▇▇▇▇▇▇’s or any of its Subsidiaries’ interest in any Customer Owned Inventory is limited to a bailee’s interest or the like.

• The Parties agree that any customer owned inventory that Buyer accepts from a customer after Closing shall be excluded from the definition of Customer Owned Inventory.

• Buyer agrees to act in good faith according to commercially reasonable standards to administer and manage the Customer Owned Inventory after Closing.

More Definitions of Customer Owned Inventory

Customer Owned Inventory means all raw materials, work-in-progress, finished goods and other materials used in the business of the Division and owned by customers of or suppliers to the Division; (m) "Division" means Kolmar Canada, a division of CCL; (n) "Division Contracts" means the Division's agreements, contracts, leases or commitments relating to the Business, as of the Closing Date described in subsection 4.1(f) hereof; (o) "Environmental Laws" means all applicable laws in effect on the Closing Date which regulate or relate to (i) the protection or clean- up of the environment; (ii) the use, treatment, storage, transportation, generation, manufacture, processing, distribution, handing or disposal of, or emission, discharge or other release of Hazardous Substances or otherwise dangerous substances, wastes, pollution or materials (whether gas, liquid or solid); or (iii) the preservation or protection of waterways, groundwater, drinking water, air, wildlife, plants or other natural resources; (p) "ERISA" means the Employee Retirement Income Securities Act of 1974, as amended; (q) "ERISA Affiliate" of any person means only other person that together with such person as of the relevant hearing date under ERISA, was or is required to be treated as a single employer under Section 414 of the Code; (r) "Excluded Assets" has the meaning set out in Section 4.2; (s) "Excluded Liabilities" has the meaning set out in Section 4.4; (t) "Financial Statements" means the audited historical financial statements of the Business, for the years ended December 31, 1995 and 1996, and the nine months ended September 30, 1997 copies of which are attached hereto as Schedule 1.1(t) - Financial Statements; (u) "GAAP" means generally accepted accounting principles as set forth in statements from Auditing Standards No. 69 entitled "The Meaning of Present Fairly in Conformance with Generally Accepted Accounting Principles in the Independent Auditors Reports" issued by the Auditing Standards Board of American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board that are applicable to the circumstances as of the date of determination; (v) "Governmental Entity" means any government, governmental agency, bureau, board, commission, department or regulatory agency; (w) "Hazardous Substances" shall mean any substance, material or waste that is subject to regulation, control or remediation under any Environmental Laws; (x) "HSR Act" means the ▇▇▇▇-▇...

Customer Owned Inventory means all raw materials, work-in-progress, finished goods, parts, supplies, components, and other inventories owned by a customer of the Business and held by the Seller on behalf of, for the benefit of or in trust for such customer pursuant to a Transferred Contract.