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.
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Related to intransit

  • Transit (“transiting”) means movement through an area.

  • Inventory control system means a system described in Section 4-41a-103.

  • Self-service storage facility or "facility" means any real property designed or used for the purpose of renting or leasing individual storage space to tenants who are to have access to that space for the purpose of storing and removing personal property.

  • Receivables Records means (i) all original copies of all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other written or nonwritten forms of information related in any way to the foregoing or any Receivable.

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.