Eligible Finished Goods Inventory definition
Eligible Finished Goods Inventory means Inventory that qualifies as Eligible Inventory and consists of first quality finished goods held for sale in the ordinary course of Borrowers’ business.
Eligible Finished Goods Inventory means all Finished Goods Inventory that is Eligible Inventory.
Eligible Finished Goods Inventory means and includes Inventory, excluding work in process and ATS Inventory, with respect to each Borrower, valued at the lower of cost or market value, determined on a first-in-first-out basis, that is not, in Agent’s Permitted Discretion, obsolete, slow moving or unmerchantable and that Agent, in its Permitted Discretion, does not deem to be ineligible Inventory, based on such considerations as Agent may from time to time deem appropriate in its Permitted Discretion, including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Finished Goods Inventory if it: (a) does not conform to all applicable standards imposed by any Governmental Body that has regulatory authority over such goods or the use or sale thereof; (b) is in transit (other than in transit between locations of the Borrowers and/or Guarantors, which locations are in the United States); (c) is located outside the United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned Inventory; (e) is the subject of an Intellectual Property Claim that Agent determines in its Permitted Discretion could have an adverse impact on the ability to sell or otherwise dispose of or realize upon such Inventory or the value thereof; (f) is subject to a License Agreement or other agreement that limits, conditions or restricts any Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement; or (g) is situated at a location not owned by a Borrower unless (i) the owner or occupier of such location has executed a Lien Waiver Agreement or (ii) Agent, in its sole discretion, establishes a Landlord Reserve in lieu of a Lien Waiver Agreement.
Examples of Eligible Finished Goods Inventory in a sentence
As to each item of Inventory that is identified by Borrowers as Eligible Finished Goods Inventory or Eligible Raw Materials Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and saleable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Inventory.
More Definitions of Eligible Finished Goods Inventory
Eligible Finished Goods Inventory means that portion of Eligible Inventory which consists of finished goods.
Eligible Finished Goods Inventory means finished goods inventory in salable condition less than 180 days old, owned by a Credit Party free and clear of any Liens (other than Liens pursuant to this Agreement), and designated and identified as product to be sold to IBM as evidenced by (i) non-cancellable purchase orders from IBM or (ii) a non-cancellable written agreement that IBM will purchase such inventory, in each case, in form and substance satisfactory to IBM Credit.
Eligible Finished Goods Inventory means, Eligible Inventory of Borrower consisting of Finished Goods Inventory.
Eligible Finished Goods Inventory means Inventory of a Borrower that qualifies as Eligible Inventory and consists of first quality finished goods held for sale in the ordinary course of Borrowers' business (other than Eligible Food Grade Alcohol Inventory, Eligible Starch/Protein Inventory, Eligible Barreled Inventory and Eligible Barreled (Two-Year) Inventory).
Eligible Finished Goods Inventory means, as of any date of determination, the gross dollar value (valued at the lower of cost or fair market value (on a first-in, first-out basis)) of all finished goods inventory (including for purposes hereof, finished goods inventory which is in transit back to Holdings or any Restricted Subsidiary) of Holdings or any Restricted Subsidiary less appropriate reserves determined in accordance with GAAP applied on a consistent basis but excluding in any event and without duplication, to the extent not treated accordingly by GAAP, (i) inventory subject to any Lien (other than a Permitted Lien), (ii) inventory which fails to meet standards for sale or use imposed by governmental agencies, departments or divisions having regulatory authority over such goods, (iii) inventory which is not useable or saleable at prices approximating their cost (after taking into account, without duplication, the amount of any reserves for obsolescence, unsaleability or decline in value), (iv) inventory located outside of the United States (unless in transit back to Holdings or any Restricted Subsidiary), (v) inventory in the possession of domestic contractors (other than Holdings or any Restricted Subsidiary) or other third parties, and (vi) all work in process.
Eligible Finished Goods Inventory means, at any time, Eligible Inventory constituting finished goods to be sold by the Loan Parties in the ordinary course of business of the Loan Parties.
Eligible Finished Goods Inventory means all of the Borrower’s and its Subsidiaries’ net finished goods inventory.