Grain Inventory definition
Examples of Grain Inventory in a sentence
Cargill and Producer will select an independent third party to determine the quantity of the Grain Inventory by either weighing up or measuring up the Grain Inventory, and to determine the grade of the Grain Inventory by using an inspection agency satisfactory to Cargill and Producer.
All samples of the Grain Inventory will be taken under the supervision of the Parties.
As of the Effective Date, Producer agrees to purchase all of the Grain Inventory and To Arrive Grain at a price to be mutually agreed upon by the Parties as of the Effective Date.
Within five (5) Business Days following the Closing, there shall be a true-up valuation of the amount paid under (ii) of this subsection of the Grain Inventory and Grain Contracts and Fertilizer and Seed Inventory, based on a USDA measurement of the Grain Inventory, and mutual agreement with respect to the Grain Contracts, Fertilizer and Seed Inventory.
The Grain Inventory and Grain Contracts shall be valued based on actual value as set forth in accordance with Schedule 1.01(a)(xi) and the Fertilizer and Seed Inventory shall be valued based on the lower of Seller’s cost or market, as determined under GAAP.
Extensions of Credit and the proceeds thereof shall be used by the Borrower for the purpose of funding the general working capital needs and other general corporate purposes of the Borrower, in the ordinary course of its business, including, without limitation, (a) repayment of Indebtedness of the Borrower permitted under this Agreement (subject to the terms of any subordination agreement, if applicable) as it becomes due and payable and (b) the purchase of Grain Inventory and Non-Grain Inventory.
The Borrowers shall not have more than the following numbers of un-hedged Commodities Contracts per commodity at any time: Notwithstanding the foregoing, if Borrowers accept Grain Inventory on any day on which commodities markets are not open for trade, Borrowers must establish the required hedged positions by the following trading day.
The Grain Inventory will be, as of the Closing Date, of a quality useable in the ordinary course of business.
Each Borrower shall not (a) violate the Hedging Policy, (b) permit more than one hundred thousand (100,000) bushels of any commodity constituting Grain Inventory to be unhedged against future price risk as of the close of the Chicago Board of Trade on each Business Day or (c) enter into any short position in any futures contract traded on the Chicago Board of Trade with a term that expires in excess of twelve (12) months from the contract date.
Not to sell, transfer, or otherwise dispose of the Collateral, Grain Inventory or Finished Inventory except for sales of Grain Inventory and Finished Inventory in the ordinary course of business.