Secured Inventory definition

Secured Inventory means the secured inventory value and accounts due relating to any inventory.
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Secured Inventory means the secured inventory value and accounts due relating to any inventory. “Security” means, at any time, the security interest in favour of the Lender, in those assets and properties of the Borrower securing its obligations under this Agreement and the other Loan Documents to which it is a party. "Security Agreement” means the security agreement dated the date hereof by the Borrower in favour of the Lender. “Security Documents” means the Security Agreement and any other security granted to the Lender, as security for the obligations of the Borrower under this Agreement and the other Loan Documents. “Security Report” means a monthly security report, certified by the Borrower’s management and deliverable at the end of each month until the Maturity Date, indicating the outstanding Advances relative to the Secured Inventory value. “Warrant” means the warrant granted by Borrower to ▇▇▇▇▇ ▇▇▇▇▇▇, containing terms acceptable to ▇▇▇▇▇ ▇▇▇▇▇▇ in its sole and reasonable discretion, entitling ▇▇▇▇▇ ▇▇▇▇▇▇ to purchase 250,000 common shares of the Borrower at an exercise price equal to US$0.30, which warrant is to remain in effect from the Closing Date until the date that is two (2) years following the Maturity Date. - 3 - Section
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Examples of Secured Inventory in a sentence

  • If any given Security Report indicates that the outstanding Advances is greater than the Secured Inventory value, the Lender shall have five (5) Business Days to request that the Borrower repay an amount up to the difference between the outstanding Advances and the Secured Inventory.

  • Buyer warrants that all Secured Inventory will be owned by Buyer free of all other liens, security interests, and encumbrances that are prior to that of Seller.

  • Except for sales made in the regular course of business, Buyer shall not sell, encumber or dispose of or permit the sale, encumbrance or disposal of any Secured Inventory of goods without the prior written consent of Seller.

  • All of the Secured Inventory will be kept at the facilities, the addresses of which will be delivered to Seller at its request; but Seller’s lien and security interest will be maintained despite the location of the Secured Inventory.

  • In the event that Buyer sells Secured Inventory in the regular course of business, Buyer shall identify other inventory of value equal to that of the sold Secured Inventory as collateral for the security interest, which inventory then will be treated as Secured Inventory under this Paragraph 6.

  • Such promissory note payable shall be evidenced by and payable in accordance with the terms of that certain Secured Inventory Payable Promissory Note to the order of Certified (the "Certified Inventory Note"), in the form attached to this Agreement as Exhibit "A".