Eligible Lubricants Inventory means, at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a FIFO basis) or market value) of all readily marketable, saleable and useful Lubricants owned by a Loan Party that is deemed by the Administrative Agent, in its Permitted Discretion, to be an Eligible Lubricants Inventory. Without limiting the foregoing, the following shall not constitute Eligible Lubricants Inventory:
Eligible Lubricants Inventory means, at any date, the aggregate value therefor on a FIFO basis calculated in accordance with GAAP of all readily marketable, saleable and useful Lubricants (excluding (a) any and all Lubricants in which the Lenders do not have a valid and perfected first priority security interest, except that such security interest may be subject to statutory Liens in respect of First Purchase Crude Payables that are not delinquent; (b) any and all Lubricants located on leased premises or held by a bailee or otherwise subject to any third party interest, with respect to which any landlord's waiver or other third party agreement requested by the Administrative Agent or the Majority Lenders shall not have been furnished, and (c) Lubricants of any Subsidiary with respect to which any event described in Subsection 9.01(f) or (g) shall have occurred and be continuing), owned by the Company and its Subsidiaries (other than "inactive" Subsidiaries) in field production tanks, storage tanks and lines (including line fills but excluding basic sediment and water and slop oil), stored at the Bloomfield Refinery, the Ciniza Refinery, the Yorktown Refinery, the Company's or its Subsidiaries' bulk plants, service stations and cardlocks, the Albuquerque Terminal, the Flagstaff Terminal and other Lubricants terminals owned or leased by the Company or its Subsidiaries, or at such other locations as may be approved from time to time by the Majority Lenders, provided, however, that such Lubricants are not obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the ordinary course of business or otherwise unsatisfactory to the Administrative Agent or the Majority Lenders using reasonable business judgment.
Eligible Lubricants Inventory means, at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a first-in, first-out basis) or market value) of all Lubricants owned by an Obligor and that do not satisfy any of the following criteria (unless otherwise agreed by the Agent in its Permitted Discretion); provided, that such criteria may be revised from time to time by the Agent in its Permitted Discretion by notifying the Administrative Borrower thereof in writing in order to address information with respect to the Obligors’ business or assets of which the Agent becomes aware after the Closing Date (or at any time with respect to the Billings or USOR Entities’ business or assets):
Examples of Eligible Lubricants Inventory in a sentence
Eligible Lubricants Inventory: at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a first-in, first-out basis) or market value) of all Lubricants owned by a Borrower that is deemed by the Administrative Agent, in its Permitted Discretion, to be an Eligible Lubricants Inventory.
Eligible Accounts Receivable, Eligible Credit Card Receivables, Eligible Investment Grade Receivables, Eligible L/C-Backed Receivables, Eligible Refinery Hydrocarbon Inventory, Eligible Lubricants Inventory, Eligible Merchandise Inventory, Eligible In-Transit Crude Oil, Eligible In-Transit Products, the Eligible Exchange Agreement Positive Balance and Eligible Unbilled Accounts.
More Definitions of Eligible Lubricants Inventory
Eligible Lubricants Inventory means, at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a FIFO basis) or market value) of all readily marketable, saleable and useful Lubricants (excluding (a) any and all Lubricants in which the Lenders do not have a valid and perfected first priority security interest, except that such security interest may be subject to statutory Liens in respect of First Purchase Crude Payables that are not delinquent, (b) any and all Lubricants located on leased premises or held by a bailee or otherwise subject to any third party interest, with respect to which any landlord's waiver or other third party agreement requested by the Administrative Agent or the Required Lenders shall not have been furnished, and (c) Lubricants of any Subsidiary with respect to which any event described in Section 8.01(f) or (g) shall have occurred and be continuing), owned by the Borrower or a Guarantor located at the Refineries or in the Albuquerque Terminal, the Flagstaff Terminal, or at other terminals, storage tanks and lines related thereto (including line fills but excluding basic sediment and water and slop oil), bulk plants, service stations and cardlocks, in each case owned or leased and operated by the Borrower or Guarantors, or at such other locations as may be approved from time to time by the Administrative Agent, provided, however, that such Lubricants are not obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the ordinary course of business or otherwise unsatisfactory to the Administrative Agent or the Required Lenders using reasonable business judgment.