Eligible L/C Inventory means, as of the date of determination thereof, without duplication of other Eligible Inventory, Inventory (a) not yet delivered to the Borrowers, (b) the purchase of which is supported by a Commercial Letter of Credit having an expiry within sixty (60) days of such date of determination, (c) which has been consigned to a Borrower as consignee (along with delivery to a Borrower of the documents of title with respect thereto), (d) as to which the Collateral Agent has control over the documents of title which evidence ownership of the subject Inventory (such as, if requested by the Collateral Agent, by the delivery of a customs broker agency agreement, reasonably satisfactory to the Collateral Agent), and (e) which otherwise would constitute Eligible Inventory.
Eligible L/C Inventory means all finished goods inventory owned by Borrower or Gxxxxx’x and covered by Documentary Letters of Credit, which finished goods Inventory is in transit to one of Borrower’s or Gxxxxx’x locations and which finished goods Inventory (a) is owned by Borrower or Gxxxxx’x, (b) is fully insured, (c) is subject to a first priority security interest in and lien upon such goods in favor of Agent (except for any possessor lien upon such goods in the possession of a freight carrier or shipping company securing only the freight charges for the transportation of such goods to Borrower or Gxxxxx’x), (d) is evidenced or deliverable pursuant to documents, notices, instruments, statements and bills of lading that have been delivered to Agent or an agent acting on its behalf, and (e) is otherwise deemed to be “Eligible Inventory” hereunder.
Eligible L/C Inventory. Inventory (without duplication as to Eligible Inventory), which is to be manufactured or has then been shipped for receipt, within Forty Five (45) days, at a warehouse of the Borrower located in a jurisdiction in the United States in which the Agent will have a first and only perfected security interest in such Inventory and payment for the underlying Inventory is to be made by an L/C, provided that
Examples of Eligible L/C Inventory in a sentence
The Net Orderly Liquidation Value of Eligible Inventory and Eligible LC Inventory was established as a percentage of cost on the Effective Date as reflected in the opening Borrowing Base.
Any Inventory that is not Eligible LC Inventory shall nevertheless be part of the Collateral.
Plus (III) The Special Inventory Advance Rate of the Cost of Eligible L/C Inventory (net of Inventory Reserves).
To the extent that the terms of this Section are applicable and have not been satisfied as to any Inventory, such Inventory shall not constitute Eligible Inventory, Eligible In-Transit Inventory or Eligible L/C Inventory, as the case may be, except as Agent may otherwise agree.
For the avoidance of doubt, assets of the Canadian Loan Parties that would otherwise constitute Eligible Accounts, Eligible Credit Card Accounts Receivable, Eligible Investment Grade Accounts, Eligible Uninvoiced Accounts Receivable, Eligible Inventory or Eligible LC Inventory and could be included in the Canadian Borrowing Base shall be included in the Canadian Borrowing Base solely at the election of the Company.
More Definitions of Eligible L/C Inventory
Eligible L/C Inventory means, as of the date of determination thereof, without duplication of any Eligible Inventory or Eligible In-Transit Inventory, Inventory (a) not yet received at the Borrowers' distribution centers, (b) the purchase of which is supported by a Commercial Letter of Credit having an expiry within 60 days of such date of determination, (c) as to which a customs broker agency agreement, reasonably satisfactory to the Agents, is in effect, and (d) which upon receipt by the applicable Loan Party would otherwise constitute Eligible Inventory.
Eligible L/C Inventory means an amount equal to the aggregate face amount of all Documentary Letters of Credit (other than Letters of Credit covering Eligible In-Transit Inventory or Eligible Domestic Inventory) issued and outstanding on behalf of a Borrower Party in connection with the purchase of goods that would constitute Eligible Domestic Inventory or Eligible In-Transit Inventory upon delivery to the applicable Borrower Party, or would result in Eligible Accounts upon sale, (and to the extent such goods underlying any such Documentary Letters of Credit are in the possession of a Freight Handler, such Freight Handler is an Approved Freight Handler) excluding the portion of the face amount of any Documentary Letter of Credit relating to goods that are or are to become Inventory which are scheduled to be shipped by the seller or manufacturer more than sixty (60) days after such date of determination.
Eligible L/C Inventory. “Eligible L/C Inventory” will be calculated at 75% of the Cost value of such of the Inventory of the Casual Male Companies and XXX (in each case, without duplication as to Eligible Inventory and Eligible In-Transit Inventory ), in each case the purchase of which is supported by a documentary L/C then having an initial expiry of forty-five (45) or less days, provided that
Eligible L/C Inventory. Without duplication of other Eligible Inventory, Inventory not yet delivered to the Borrowers, the purchase of which is supported by a documentary L/C or Banker's Acceptance then having an initial expiry of sixty (60) or less days, provided that
Eligible L/C Inventory. Inventory to be acquired by a Borrower, the purchase of which is supported by a documentary L/C then having an initial expiry of forty five (45) or less days, provided that (a) Such Inventory is of such types, character, qualities and quantities (net of Inventory Reserves) as the Agent in its reasonable discretion from time to time reasonably determines to be eligible for borrowing; and (b) The documentary L/C supporting such purchase names the Agent or any Issuer as consignee of the subject Inventory and the Agent has control over the documents which evidence ownership of the subject Inventory (such as by the providing to the Agent of a Customs Brokers Agreement in form reasonably satisfactory to the Agent). 10
Eligible L/C Inventory means Inventory that would otherwise be Eligible Inventory (other than for its location) as to which:
Eligible L/C Inventory. That portion of the Borrowers' Inventory (without duplication of other Eligible Retail Inventory) the purchase of which is supported by a documentary L/C then having an initial expiry of ninety (90) days or less days provided that