Teles Inventory means, only during the time that Obligations are owed to Teles under the Inventory Credit Line, inventory of Teles product purchased by NWB pursuant to the Inventory Credit Line; provided, however, that in no event shall Teles Inventory include cash or non-cash proceeds of such inventory, including, without limitation, Accounts, Chattel Paper or Instruments (other than Account, Chattel Paper or Instruments received as proceeds and as described in the last sentence of Section 2.4(c) of this Agreement).