Ineligible Inventory definition

Ineligible Inventory means all Qualified Inventory described in one or more of the following clauses, without duplication:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Ineligible Inventory means, with respect to the U.S. Borrowers or the Canadian Borrower and any Canadian Subsidiary Guarantors, as applicable, at any date of determination, an amount equal to the sum of the following, without duplication:

Ineligible Inventory. Inventory of Borrowers that is not Eligible Inventory or Eligible In-Transit Inventory.

Examples of Ineligible Inventory in a sentence

• Bank reserves the right, upon notice, in its sole discretion, to amend the terms of the Ineligible Inventory at any time.

• Ineligible Inventory shall include the following: Inventory not legally owned by Borrower, including but not be limited to, goods on consignment from any supplier, vendor, and/or individual, or goods on demonstration and/or for trial, and not subject to the first lien priority security interest in favor of Bank.

• An Eligible Account is an Account which is not an Ineligible Account, as defined in Section DD.03 hereof; and Eligible Inventory is Inventory which is not Ineligible Inventory, as defined in Section DD.04 hereof.

• Less: Ineligible Inventory (determined pursuant to the definition of Eligible Inventory in the Credit Agreement, without duplication) (a) Work-in-process inventory.....................................................................

• Ineligible Inventory is to be determined once per month based on the most recent monthly Inventory listing or at such other times as Crestmark reasonably deems necessary.

More Definitions of Ineligible Inventory

Ineligible Inventory means, with respect to the U.S. Credit Parties or the Canadian Credit Parties, as applicable, at any date of determination, an amount equal to the sum of the following, without duplication:

Ineligible Inventory means Inventory that is not Eligible Inventory.

Ineligible Inventory means Inventory:

Ineligible Inventory means that Inventory of Borrower that is not subject to a first and prior Lien in favor of Bank, that Inventory that is subject to any Lien not in favor of Bank and that Inventory of Borrower as shall be deemed from time to time to be in the sole judgment of Bank, ineligible for purposes of determining the Borrowing Base. All other terms not defined herein shall have the respective meanings as in the Agreement. Borrower certifies that the above information and computations are true, correct, complete and not misleading as of the date hereof.

Ineligible Inventory means all Qualified Inventory described in one

Ineligible Inventory means, without duplication, (a) Inventory that is not owned by a Borrower free and clear of all Liens and rights of any other Person (including the rights of a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure such Borrower’s performance with respect to that Inventory), except the Liens in favor of Agent, on behalf of itself and Lenders;

Ineligible Inventory means inventory which: