Eligible Crates definition
Eligible Crates at any time, an amount equal to the aggregate value of all crates of (i) IFCO LLC or IFCO Canada which crates are located in North America or (ii) Holdings or any of its Subsidiaries which crates are located in Europe, provided that such European crates are in the physical control of Holdings or its Subsidiaries (crates located at Holdings’ or any Subsidiary’s depots shall be deemed to be under the physical control of Holdings or its Subsidiaries). In determining the amount to be so included, such crates shall be valued at the standard cost maintained on a basis consistent with the current and historical accounting practice of Holdings or its Subsidiaries less reserves taken and adjustments made, if any, (i) on account of physical inventory adjustments, for standard cost variances and shrinkage accruals, (ii) for obsolete or slow moving goods as determined by crates remaining unsold or not leased or not placed into service for a period of 52 weeks, (iii) for crates returned or rejected by customers of Holdings or its Subsidiaries as damaged or defective, obsolete or otherwise non-salable, (iv) for Liens referred to in clause (b) below. Unless otherwise approved in writing by the Administrative Agent, no amount with respect to any Crates shall be deemed to be included in any calculation of Eligible Crates if:
Eligible Crates at any time, an amount equal to the aggregate value of all crates of IFCO USA which are located in North America. In determining the amount to be so included, such crates shall be valued at the standard cost maintained on a basis consistent with the IFCO USA's current and historical accounting practice less reserves taken and adjustments made, if any, (i) on account of physical inventory adjustments, for standard cost variances and shrinkage accruals, (ii) for obsolete or slow moving goods as determined by crates remaining unsold or not leased or not placed into service for a period of 52 weeks, (iii) for crates returned or rejected by IFCO USA's customers as damaged or defective, obsolete or otherwise non-salable, (iv) for Liens referred to in clause (b). Unless otherwise approved in writing by the Administrative Agent, no amount with respect to any Crates shall be deemed to be included in any calculation of Eligible Crates if:
Eligible Crates in Section 1.1 of the Credit Agreement is amended by replacing the first sentence of the definition in its entirety with the following: