intransit definition
intransit finished goods Inventory being shipped to a location in the United States described in clause (vi)(A) above, provided that the aggregate value of the "in-transit" Inventory included in this clause (vi)(C) shall not at any time exceed $3,000,000; (vii) the Inventory does not represent raw materials, trim, work in process, supplies or samples; (viii) after May 26, 1999, if the Inventory is sold under a licensed trademark (A) the Agent shall have entered into a licensor waiver letter, in form and substance satisfactory to the Agent, with the licensor with respect to the rights of the Agent to use the trademark to sell or otherwise dispose of such Inventory or (B) the Agent shall otherwise be satisfied, in its sole discretion exercised reasonably, that the Agent has the right to sell or dispose of such Inventory after an Event of Default; and (ix) the Inventory is not otherwise regarded by the Agent, in its sole and absolute discretion exercised reasonably, as unsuitable Collateral for the Obligations, and is and at all times shall continue to be reasonably acceptable to the Agent in all respects, provided, that, in the absence of a continuing Event of Default, the Agent shall provide written notice to the Administrative Borrower 60 days prior to the Agent causing any change in the Borrowing Base as a result of any determination by the Agent pursuant to this clause (ix) that any Eligible Inventory no longer qualifies as Eligible Inventory. Notwithstanding the above, the Inventory set forth on Schedule 1.01(D) hereto shall not be Eligible Inventory unless such Inventory is supported by valid purchase orders.