Acceptable Inventory

Acceptable Inventory. Inventory located at Client's chief executive office which consists of finished goods that have been approved for their intended use by the Food and Drug Administration and/or all other applicable regulatory agencies, that are packaged in unopened packaging, that do not in any manner constitute private label or customer specific products, and which are subject to no security interest, lien, or encumbrance of any nature whatsoever with priority over the security interest created by the Financing... Agreement and the Loan and Security Agreement, except any liens for current taxes which are not delinquent; but excluding Inventory which, in the sole discretion of Summit, is damaged, out-dated, obsolete, or otherwise unacceptable to Summit. View More