INVENTORY SHRINKAGE definition
INVENTORY SHRINKAGE means the reduction in Licensee's inventory of the Book not caused by sales or damaged copies. To the extent that Royalties are not paid, Licensor may offset Royalties due hereunder against any sums which Licensor or any of its Affiliates may owe to Licensee or any of its Affiliates. No deduction or withholding from Royalties payable to Licensor shall be made by reason of any tax. Any applicable tax on the manufacture, distribution and sale of the Book shall be borne by Licensee.
INVENTORY SHRINKAGE means the quotient which results from dividing (A) the cumulative Variance (as defined below) between the value of the Merchandise inventory as determined from the perpetual inventory report on the requisite Count Date (as defined below) and the value of the Merchandise inventory based upon a physical inventory or cycle count (exclusive of markdowns and price adjustments) by (B) the total Merchandise inventory receipts processed by HFS during the prior twelve (12) months (or if such Count Date occurs prior to the first anniversary of the date of the first mailing of the Catalog, the denominator of such quotient shall be an amount equal to twelve (12) times the average monthly Merchandise inventory receipts prior to such Count Date). For purposes of this Section 11(a), "VARIANCE" shall mean the difference between the value of the Merchandise inventory as determined from the perpetual inventory report on any Count Date and the value of the Merchandise inventory established by a cycle count or physical inventory on such date (the "COUNT DATE"). The value of any adjustment made at any time to the perpetual inventory report shall be added to or subtracted from, as the case may be, the Variance for the purpose of calculating Inventory Shrinkage. HFS shall make reasonable efforts to take reasonable care of the Merchandise inventory.
INVENTORY SHRINKAGE means the quotient, expressed as a percentage of the value of Merchandise inventory shown on the Company's perpetual inventory report, which results from dividing (x) the aggregate of all Variances arising during any Year by (y) the total Merchandise inventory receipts processed by NCC during the Year. For purposes of this Section, a "Variance" shall mean the difference between the value of the Merchandise inventory as determined from the perpetual inventory report on any Count Date and the value of the Merchandise inventory (exclusive of markdowns and price adjustments) established by a cycle count or physical inventory on such date (the "Count Date").
More Definitions of INVENTORY SHRINKAGE
INVENTORY SHRINKAGE means the quotient, (expressed as a percentage) which results from dividing (x) the aggregate of all Variances arising during any Year by (y) the total Merchandise inventory receipts processed by NCC during such Year. For purposes of this Section, a "Variance" shall mean the difference between the value of the Merchandise inventory as determined from the perpetual inventory report on any Count Date and the value of the Merchandise inventory (exclusive of markdowns and price adjustments) established by a cycle count or physical inventory on such date (the "Count Date").
INVENTORY SHRINKAGE means the sum of Merchandise Inventory Shrinkage and Non-Merchandise Inventory Shrinkage.
INVENTORY SHRINKAGE means the quotient which results from dividing (A) the cumulative Variance (as defined below) between the value of the Non-Merchandise material inventory as determined from the perpetual inventory report on the requisite Count Date (as defined below) and the value of the Non-Merchandise material inventory based upon a physical inventory or cycle count (exclusive of markdowns and price adjustments) on such Count Date by (B) the total Non-Merchandise material inventory receipts processed by NEWROADS during the prior 12 months.
INVENTORY SHRINKAGE means the quotient which results from dividing (A) the cumulative Variance (as defined below) between the value of the Merchandise inventory as determined from the perpetual inventory report on the requisite Count Date (as defined below) and the value of the Merchandise inventory based upon a physical inventory or cycle count (exclusive of markdowns and price adjustments) on such Count Date by (B) the total Merchandise inventory receipts processed by NEWROADS during the prior 12 months.