Scrap Inventory definition
Scrap Inventory means the Inventory of Seller that was not maintained at all times at the required temperatures.
Examples of Scrap Inventory in a sentence
Borrowing Base" means, as of each date of determination thereof, the sum of (a) eighty percent (80%) of the Net Outstanding Amount of Eligible Accounts, and (b) the lesser of Twelve Million Dollars ($12,000,000.00) or the sum of (i) fifty percent (50%) of the Net Security Value of Eligible Scrap Inventory, (ii) forty percent (40%) of the Net Security Value of Eligible Billet Inventory, and (iii) sixty percent (60%) of the Net Security Value of Eligible Finished Goods Inventory.