Examples of Subject Inventory in a sentence
The Company hereby agrees that, at any time while this Note is outstanding, any and all receipts earned from the sale of the Subject Inventory (as defined herein) shall be applied toward the repayment of principal and interest due under the Note.
The definition of “Collateral Value” in Section 1.01 of the Original Agreement is hereby amended by adding the following new sentence at the end thereof: In no event shall any Subject Inventory, any corresponding Swap Contracts with respect thereto or Subject Receivables be included in the calculation of Collateral Value.
The reference to “(excluding tank bottoms, pipeline linefill and other Petroleum Products inventory of such Borrower)” in Section 6.12 of the Original Agreement is hereby amended to refer instead to “(excluding tank bottoms, pipeline linefill, other Petroleum Products inventory and Subject Inventory of such Borrower)”.
The reference to “(excluding tank bottoms and pipeline linefill of such Borrower)” in Section 5.13 of the Original Agreement is hereby amended to refer instead to “(excluding tank bottoms, pipeline linefill and Subject Inventory of such Borrower)”.
The definition of “Collateral” in Section 1.01 of the Original Agreement is hereby amended by adding the following new sentence at the end thereof: In no event shall Collateral include any Subject Inventory, corresponding Swap Contracts with respect thereto, and Subject Receivables that are the subject of Collateral Intermediary Transactions permitted pursuant to Section 7.08.
The Subject Inventory (i) is sufficient for the operation of the Subject Business in the Ordinary Course of Business based on current levels of operation, (ii) has been manufactured and/or purchased in the Ordinary Course of Business consistent in quality and quantity with past practices of the Seller, and (iii) is not damaged, obsolete or out of specification and is of a quality and quantity usable and salable in the Ordinary Course of Business within six (6) months after the Closing.
AMMO agrees to use best efforts to purchase the Subject Inventory from Jxxxxxxx within 120 days after the date of this Settlement Agreement.
If the Customer elects to exercise the Right of Access, the Customer shall purchase all raw materials, work in process and finished goods inventory related to goods produced by Supplier for Customer which are usable by the Customer and in a merchantable condition at such time (collectively, the "Subject Inventory").
The Administrative Agent and Revolver Agent may (subject to Section 10.18), from time to time in its or their Permitted Discretion (x) establish, modify or eliminate Reserves and (y) adjust the eligibility criteria or establish new eligibility criteria with respect to Eligible Receivables, Eligible Inventory, Eligible Raw Materials Inventory, Eligible On-Hand Finished Goods Inventory, Eligible In-Transit Finished Goods Inventory, Eligible New Products Inventory and/or Eligible Subject Inventory.
Jxxxxxxx shall have the right to sell the Subject Inventory as it sees fit if AMMO does not purchase the Subject Inventory during such period, and AMMO hereby agrees that any such sale of the Subject Inventory shall not constitute a violation of any agreement by and among the Parties, including but not limited to the Intellectual Property Sale, Assignment & License Agreement between Jxxxxxxx and Enlight entered into as of March 14, 2019.