Eligible InTransit Inventory

Eligible InTransit Inventory. Eligible In-Transit Inventory" means, subject to modification by the Administrative Agent pursuant to Section 1.08, the net book value of all Inventory (other than Eligible Inventory, Cylinder Inventory and Valve Inventory) of any Loan Party currently in transit to a Loan Party from a third party supplier thereof; provided that (a) the full purchase price for such Inventory has been paid or is subject to an irrevocable commercial Letter of... Credit issued hereunder, (b) such Inventory has been placed with a third party carrier and is subject to a negotiable bill of lading all originals of which have been indorsed to the Administrative Agent as consignee and are in the possession of the Administrative Agent or its designated agent, (c) the Administrative Agent has received all agency agreements and other documentation reasonably requested thereby in connection with the delivery of such Inventory and such negotiable bill of lading and (d) the aggregate net book value of all such Inventory included for purposes of calculating the Borrowing Base shall not exceed $10,000,000 (before application of any advance rate for such Eligible In-Transit Inventory). View More