Inventory Shortage definition

Inventory Shortage means the amount by which the retail value of the Inventory as reflected by an Audit is less than the Retail Book Inventory.
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Inventory Shortage shall have the meaning set forth in Section 2.6(b)(i).
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Inventory Shortage means any difference at retail value remaining after (i) the retail value of the Inventory as reflected by a binding Audit is deducted from (ii) the Retail Book Inventory.
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Examples of Inventory Shortage in a sentence

  • As a general rule, we try not to collect or process any Sensitive Personal Information about you, unless authorized by law or where necessary to comply with applicable laws.

  • This endorsement is used to amend the Inventory Shortage exclusion applicable to Insuring Agreements 1, 5 and 7 to permit the use of inventory and profit and loss computations to support the amount of loss claimed.

  • Inventory Shortage – loss, the proof of which is dependent solely on 1.

  • Dugway Custodian Did Not Notify Accountable Officer of Inventory Shortage in a Timely MannerThe custodian at Dugway did not properly notify the chemical surety materials accountable officer of the 1.5-milliliter shortage of sarin (GB) identified during the inventory on April 19, 2016.

  • See Kurland, Claims for Inventory Shortage Resulting from Employee Dishonesty under Fidelity Insurance Bonds--A Present Appraisal, 33 Ins.

  • Inventory Shortage or any portion of loss, the proof of which as to its existence or amount is dependent solely upon an inventory computation or profit and loss computation.

  • There is no premium consideration.(y) Amend Inventory Shortage Exclusion.

  • Inventory Shortage CostThis charge, which results from an out-of-stock scenario, is also known as stock out expenses.

  • An operator may be required by the State Party into which it operates to furnish evidence that it maintains adequate insurance or guarantee.

  • If there is an Inventory Shortage, Seller shall pay Buyer (via wire transfer to an account specified in writing by Buyer), within five (5) Business Days of the Closing Date, an amount equal to the Inventory Shortage multiplied by the per unit value of such Non-Hydrocarbon Inventory based on the prices set forth in Schedule 2.6. If there is an Inventory Excess, then Buyer shall owe no further consideration to Seller.

Related to Inventory Shortage

  • Inventory Sublimit means the amount(s) set forth in Section 1(d) of Schedule A.

  • Obsolete Inventory means items that have expired, are redundant or

  • Inventory Value means with respect to any Inventory of a Loan Party at the time of any determination thereof, the standard cost determined on a first in first out basis and carried on the general ledger or inventory system of such Loan Party stated on a basis consistent with its current and historical accounting practices, in Dollars, determined in accordance with the standard cost method of accounting less, without duplication, (i) any markup on Inventory from an Affiliate and (ii) in the event variances under the standard cost method are expensed, a Reserve reasonably determined by the Agent as appropriate in order to adjust the standard cost of Eligible Inventory to approximate actual cost.

  • Inventory Formula Amount means, with respect to any item of Eligible Inventory and at any time of determination, the lesser of (a) 65% of the lower of cost and market of such Inventory and (b) 85% of the Net Orderly Liquidation Value of such Inventory.

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as, but not limited to, provisions in storerooms, refrigerators, pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery; and other expensed supplies and similar items.

  • 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.

  • Unsaleable liquor merchandise means a container that:

  • Estimated Cash has the meaning set forth in Section 2.4(a).

  • Scrap metal means ferrous or nonferrous metal, or items that contain ferrous or nonferrous metal, that are sold or offered for sale for the value of the ferrous or nonferrous metal they contain rather than their original intended use; ferrous or nonferrous metal removed from or obtained by cutting, demolishing, or disassembling a building, structure, or manufactured item; or other metal that cannot be used for its original intended purpose but can be processed for reuse in a mill, foundry, die caster, or other manufacturing facility.

  • Finished Lots Entitled Land with respect to which (a) development has been completed to such an extent that permits to allow use and construction, including building, sanitary sewer and water, are entitled to be obtained for a Unit on such Entitled Land and (b) start of construction has not occurred.

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Inventory Tracking System means the required tracking

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

  • Estimated Closing Indebtedness has the meaning set forth in Section 2.3(a).

  • Eligible Finished Goods Inventory means Eligible Inventory consisting of finished goods available for sale (as determined in a manner acceptable to the Administrative Agent in its Permitted Discretion and consistent with past practices).

  • Inventory Appraisal means (a) on the Closing Date, the appraisal prepared by Great American Group dated June 2007 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraisal firm pursuant to Section 9.2(b).

  • Estimated Closing Date Balance Sheet shall have the meaning set forth in Section 2.3(a) hereof.

  • Estimated Closing Balance Sheet has the meaning set forth in Section 2.6(a).

  • Drop shipment means the sale of a prescription drug to a

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Estimated Closing Cash has the meaning set forth in Section 2.4(a).

  • Net Orderly Liquidation Value means, with respect to Inventory of any Person, the orderly liquidation value thereof as determined in a manner acceptable to the Administrative Agent by an appraiser acceptable to the Administrative Agent, net of all costs of liquidation thereof.

  • Transferred Inventory shall have the meaning set forth in Section 1.1(c).

  • Inventory Reserve means reserves established by the Administrative Agent to reflect factors that may negatively impact the Value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.

  • Inventory Reserves means such reserves as may be established from time to time by the Agent in its Permitted Discretion with respect to the determination of the saleability, at retail, of the Eligible Inventory, which reflect such other factors as affect the market value of the Eligible Inventory or which reflect claims and liabilities that the Agent determines will need to be satisfied in connection with the realization upon the Inventory. Without limiting the generality of the foregoing, Inventory Reserves may, in the Agent’s Permitted Discretion, include (but are not limited to) reserves based on:

  • Eligible Inventory means and include Inventory of a Borrower, excluding work in process, valued at the lower of cost or market value, determined on a first-in-first-out basis, which is not, in Administrative Agent’s Permitted Discretion, obsolete, slow moving or unmerchantable and which Administrative Agent, in its Permitted Discretion, shall not deem ineligible Inventory, based on such considerations as Administrative Agent may from time to time deem appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Administrative Agent and no other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is Foreign In-Transit Inventory or in-transit within the United States; (c) is located outside the continental United States; (d) constitutes Consigned Inventory; (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Administrative Agent’s right to sell or otherwise dispose of such Inventory, unless Administrative Agent is a party to a Licensor/Administrative Agent Agreement with the Licensor under such License Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its sole discretion); (g) is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Administrative Agent a Lien Waiver Agreement (or Administrative Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Administrative Agent shall deem appropriate in its Permitted Discretion); or (h) or if the sale of such Inventory would result in an ineligible Receivable.