Surplus Inventory definition
Examples of Surplus Inventory in a sentence
The sale and purchase of the 3104 Surplus Inventory shall be subject to the following additional conditions: (i) the 3104 Surplus Inventory shall be sold and shipped by the Supplier in the same calendar month as the month during which it is produced; and (ii) the 3104 Surplus Inventory shall satisfy the conditions for 3104 Alloy as set forth in Schedule 6 to which the maximum Quality Upcharge Premium in the amount of *** Euros per Tonne of Metal applies.
The Supplier shall sell the 3104 Surplus Inventory to the Purchaser or to an intermediary designated by the Purchaser at the Contract Price and subject to the other terms and conditions of this Agreement, provided that such 3104 Surplus Inventory is within the definitive quantity of Metal which the Parties have agreed pursuant to Section 2.7(b) will be delivered by the Supplier and purchased by the Purchaser during the relevant month.
The Inventory is carried at not more than the lower of cost or net realizable value, and does not include any Obsolete Inventory or Surplus Inventory.
BUYER is responsible for and shall indemnify, defend and hold SELLER harmless against all taxes, duties and other charges (including value-added taxes) arising from the sale, delivery or use of the Surplus Inventory and will reimburse SELLER for any such charges SELLER may be required to pay.
If ACE delivers a Purchase Notice within such three (3) day period, TGOD shall sell the Surplus Inventory to ACE pursuant to the Sale Terms.
Delivery of the Surplus Inventory shall be ExW (‘Ex Works’ per Incoterms 2010), and title to and ownership of the Surplus Inventory (including risk of loss) shall pass to BUYER when the Surplus Inventory is tendered by SELLER to the shipper for delivery to BUYER (“Delivery”).
If ACE does not deliver a Purchase Notice within such three (3) day period, TGOD shall be free to sell the Surplus Inventory pursuant to the terms of the Proposed Sale Notice, as long as such transaction proceeds within 21 days of TGOD delivering the Proposed Sale Notice to ACE, failing which, TGOD shall be required to submit another Proposed Sale Notice to ACE prior to proceeding with such transaction.
In the event that TGOD determines that it has Material that is surplus to the Reserved Amounts For ACE ("Surplus Inventory") and intends to sell that Surplus Inventory to a licensed producer pursuant to the terms of the ACMPR (as may be amended or replaced from time to time) or a similar producer pursuant to the Cannabis Act, TGOD shall give written notice (by electronic means) to ACE (a "Proposed Sale Notice") of its desire to proceed with such a sale.
In the case of Surplus Inventory as to a Pediatric Product, the amount calculated pursuant to the preceding sentence shall reduce the total Gross Profits otherwise calculated for purposes of Sections 1 and 2 above.
ACE shall have the right, exercisable within three (3) business days of receipt of the Proposed Sale Notice, by written notice (by electronic means) to TGOD (a "Purchase Notice") to purchase the full amount (but not less than the full amount) of the Surplus Inventory on the Sale Terms.