Acceptable Inventory definition

Acceptable Inventory means inventory which satisfies the following requirements:

Acceptable Inventory. Such of the Borrower's Inventory, at such locations, and of such types, character, qualities and quantities, (net of Inventory Reserves) as the Lender in its sole discretion from time to time determines to be acceptable for borrowing, as to which Inventory, the Lender has a perfected security interest which is prior and superior to all security interests, claims, and Encumbrances.

Acceptable Inventory. Such of the Loan Parties Inventory, at such locations, and of such types, character, qualities and quantities, as the Lender in its sole discretion from time to time determines to be acceptable for borrowing, including, without limitation, Acceptable In-Transit Inventory and Acceptable L/C Inventory (but excluding Acceptable Blank Stock Inventory), as to which Inventory, the Lender has a perfected security interest which is prior and superior to all security interests, claims, and all Encumbrances other than Permitted Encumbrances. Without limiting the generality of the foregoing, Acceptable Inventory shall in no event include Inventory that is not salable, non-merchandise categories (such as labels, bags and packaging), Inventory not located in the United States (other than Acceptable In-Transit Inventory and Acceptable L/C Inventory), samples, damaged goods, return-to-vendor merchandise, and packaway Inventory.

Examples of Acceptable Inventory in a sentence

• For the avoidance of doubt, for purposes of any calculations hereunder or otherwise, any new Acceptable Inventory Appraisal shall not take effect until the delivery of the first Borrowing Base Certificate that is delivered immediately after the delivery of such new Acceptable Inventory Appraisal.

• In the event the FILO Agent conducts any such Acceptable Inventory Appraisals pursuant to the terms hereof, the Administrative Agent and the Borrowers shall promptly (but in any event within two (2) Business Days of receipt of the results of such appraisal from the FILO Agent) implement the Net Orderly Liquidation Value set forth in such appraisal to the calculation of the Revolving Borrowing Base and the FILO Borrowing Base.

• Summit may, in its sole discretion and without any duty to do so, elect from time to time to make advances based upon Acceptable Inventory.

• Client shall diligently sell and ship the Acceptable Inventory upon which an advance has been made.

• Upon shipment and delivery of such Acceptable Inventory, the account created thereby shall be promptly submitted to Summit for purchase.

More Definitions of Acceptable Inventory

Acceptable Inventory means raw materials and finished goods inventory which satisfies the following requirements:

Acceptable Inventory means inventory as defined in the Uniform Commercial Code but excluding:

Acceptable Inventory means inventory (as defined in the UCC) which:

Acceptable Inventory shall be defined as: Finished goods inventory reported to CAPCO in a format acceptable to CAPCO in accordance with paragraph 12.1 below.

Acceptable Inventory means inventory of any Company that satisfies the following requirements:

Acceptable Inventory means consumer electronics products held for sale, net of any unearned vendors' discounts (a) in which the Lender has a valid perfected first priority security interest, (b) which are located in an Acceptable Facility and (c) which are subject to no other lien, encumbrance or security interest. Without limiting the foregoing, the following shall not be Acceptable Inventory:

Acceptable Inventory means the value, determined by the Bank from its review of the most recent financial statements and inventory declaration provided by the Borrower, based on the lower of cost and fair market value of all product owned by the Borrower or the Guarantor in Canada and the United States, goods in transit, packaging and goods, for resale or for production of goods for resale, excluding supplies, and over which the Bank holds a first hypothec, mortgage, first ranking transfer or first security interest, subject only to Priority Claims.