Eligible Pharmacy Scripts definition
Eligible Pharmacy Scripts means Pharmacy Scripts owned by any Borrower, in each case which are acceptable to the Collateral Monitoring Agent based on the criteria set forth below. In general, Pharmacy Scripts shall be Eligible Pharmacy Scripts if arising and maintained in the ordinary course of the business of such Borrower and included in an appraisal of Pharmacy Scripts received by the Collateral Monitoring Agent in accordance with the terms hereof, in each case which are acceptable to the Collateral Monitoring Agent in good faith based on the criteria set forth below. In general, Eligible Pharmacy Scripts shall not include (a) Pharmacy Scripts for which the Borrowers' pharmacy store computer and phone systems, in the Agents' determination, (i) are inadequate to facilitate the sale of prescriptions to a potential purchaser and (ii) do not facilitate the transfer of pharmacy prescriptions files to a potential purchaser, (b) Pharmacy Scripts subject to a security interest or lien in favor of any Person other than the Administrative Agent except those permitted in this Agreement that are subject to an intercreditor agreement in form and substance satisfactory to the Agents between the holder of such security interest or lien and the Administrative Agent; and (c) Pharmacy Scripts that are not in a form that may be sold or otherwise transferred or are subject to regulatory restrictions on the transfer thereof that are not acceptable to the Collateral Monitoring Agent in good faith. The criteria for Eligible Pharmacy Scripts set forth above may only be changed and any new criteria for Eligible Pharmacy Scripts may only be established by the Collateral Monitoring Agent in good faith based on either: (A) an event, condition or other circumstance arising after the date hereof, or (B) an event, condition or other circumstance existing on the date hereof to the extent the Collateral Monitoring Agent has no written notice thereof from a Borrower prior to the date hereof, in either case under clause (A) or (B) which adversely affects or could reasonably be expected to adversely affect the value of the Pharmacy Scripts or ability of the Agent to sell or otherwise dispose of them in the good faith determination of the Collateral Monitoring Agent. Any Pharmacy Scripts that are not Eligible Pharmacy Scripts shall nevertheless be part of the Collateral.
Eligible Pharmacy Scripts means Pharmacy Scripts owned by the Qualified Credit Parties, in each case that comply in all material respects with each of the representations and warranties regarding Eligible Pharmacy Scripts made in the Credit Documents and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below. Pharmacy Scripts shall be Eligible Pharmacy Scripts if arising and maintained in the ordinary course of the business of the Qualified Credit Parties but shall not include:
Eligible Pharmacy Scripts means, at the time of any determination thereof, each Pharmacy Script that at all times satisfies the criteria set forth below and which arises and is maintained in the Ordinary Course of Business of such Borrower and which is of a type included in an appraisal of Pharmacy Scripts received by Administrative Agent in accordance with the requirements of Administrative Agent (including Pharmacy Scripts acquired by such Borrower after the date of such appraisal). Except as otherwise determined by Administrative Agent in its Permitted Discretion, Eligible Pharmacy Scripts shall not include any Pharmacy Script:
Examples of Eligible Pharmacy Scripts in a sentence
Loan Parties acknowledge and agree that, for purposes of calculating the Borrowing Base from and after the date hereof, Administrative Agent and Lenders are authorized to use the lowest appraisal received or otherwise obtained from a nationally-recognized third party appraiser by Administrative Agent before or after the date hereof in determining the NOLV Percentage of Eligible Inventory and Eligible Pharmacy Scripts.
More Definitions of Eligible Pharmacy Scripts
Eligible Pharmacy Scripts means, at the time of any determination thereof, each Pharmacy Script that at all times satisfies the criteria set forth below and which arises and is maintained in the Ordinary Course of Business of such Borrower and which is of a type included in an appraisal of Pharmacy Scripts received by Administrative Agent in accordance with the requirements of Administrative Agent (including Pharmacy Scripts acquired by such Borrower after the date of such appraisal). Except as otherwise determined by Administrative Agent in its Permitted Discretion, Eligible Pharmacy Scripts shall not include any Pharmacy Scripts: (a) at premises other than those owned, leased or licensed and in each case controlled by a Borrower; (b) which is not subject to a first priority Lien in favor of Administrative Agent, or with respect to which a Borrower does not have good, valid and marketable title, thereto, free and clear of any Lien other than Liens granted to Administrative Agent pursuant to the Security Agreement; (c) that are not in a form that may be sold or otherwise transferred or are subject to regulatory restrictions on the transfer thereof that are not acceptable to Administrative Agent in its Permitted Discretion; or (d) which Administrative Agent, in its Permitted Discretion, deems not to be an Eligible Pharmacy Script.