Eligible Inventory

Eligible Inventory. Shall mean inventory that consists of inventory that is reasonably acceptable as determined in the sole discretion of the Bank, valued at the lower of cost or market in accordance with GAAP on a first in first out basis. Inventory, machinery, and equipment advance rates are subject to change based on the findings of any appraisals, field audits or other material information that would cause them to be unreasonable or ineligible in the Bank's reasonable discretion. Advances against Eligible... Inventory shall not exceed 50% of gross availability. Advances to be made on machinery and equipment are to be advanced at 60% of the forced liquidation thereof. For the purposes of this provision, Eligible Inventory shall be those of Hardinge Inc. only. Eligible Inventory shall be determined using the following formulas against the gross balance in each category: (a) raw material advance rate shall be 13.4%; (b) work in progress advance rate shall be 26.7%; (c) finished goods advance rate shall be 40.8%; (d) in-transit and other inventory advance rate shall be 42.5%. View More

Eligible Inventory. Raw materials, floor stock raw materials and finished goods inventory less than 180 days old and owned by a Credit Party free and clear of any Liens (other than Liens pursuant to this Agreement) designated and identified by the Customer in its periodic collateral report or borrowing request to IBM Credit as inventory applicable to product sold, or to be manufactured and sold, by a Credit Party to an end user pursuant to non-cancellable purchase orders or other written agreements binding such... end user to purchase such product, in each case, in form and substance satisfactory to IBM Credit. View More

Eligible Inventory. None of Borrower's inventory shall be deemed Eligible Inventory.

Eligible Inventory. Means all of the Borrower's inventory that is permitted to be included in the Export-Related Borrowing Base pursuant to the Borrower Agreement; provided, that "Eligible Inventory" shall not include any inventory that (i) is not covered by the Eximbank Guaranty or (ii) that the Bank may from time to time deem to be ineligible.

Eligible Inventory. Client's Inventory consisting of finished goods which in each case (i) is readily marketable in its current form, (ii) is in good, new and saleable condition and not spoiled, obsolete or unmerchantable, (iii) is subject to Factor's duly perfected first priority lien, (iv) is located at one of Client's owned or leased facilities listed on Schedule A hereto, provided, however, in the case of such Inventory located at a leased facility of Client, no such Inventory shall be Eligible Inventory... unless Client shall have procured for Factor's benefit a written agreement of the owner of such facility, in form and substance acceptable to Factor, to waive for the benefit of Factor any lien or security interest which such owner may at any time have in such Inventory and to afford Factor access to and the right to repossess or take possession of such Inventory; (v) is not subject to any license or other agreement that would condition or restrict Client's or Factor's right to sell or otherwise dispose of such Inventory, (vi) meets all standards imposed by any governmental agency or authority, (vii) conforms in all material respects to the covenants, warranties and representations of Client set forth in this Supplement, and (viii) is deemed by Factor, in its good faith discretion, to be Eligible Inventory. Raw Materials and work in process shall not be deemed Eligible Inventory. In addition, the following Inventory shall not be deemed Eligible Inventory: (a) "Sylvain" Inventory, (b) closeout Inventory, and (b) Inventory with no sales during the preceding nine (9) month period (the "Slow Moving Inventory"). View More

Eligible Inventory. Means and includes that inventory (other than packaging materials, labels and supplies) which LENDER, in its sole credit judgment, deems to be Eligible Inventory. Without limiting the generality of the forgoing, no inventory shall be Eligible Inventory unless: (i) it is finished goods or raw materials, (ii) at all times it strictly complies with all of Borrower's warranties and representations to LENDER, (iii) it is in good, new and salable... condition (iv) it is not slow moving or is not obsolete or unmerchantable, in LENDER's sole and absolute discretion, (v) it meets all standards imposed by any insurance company or underwriter or governmental agency or authority, (vi) it is at all times subject to LENDER's duly perfected, first priority security interest and there exists no other lien or encumbrance other than as permitted hereunder, (vii) it is in Borrower's possession and control situated at a location in compliance with this Agreement, (viii) it is not in the hands of any third party, including a warehouseman, finisher, consignee, etc., (ix) it is not subject to any license or other agreement that limits, conditions, or restricts Borrower's or LENDER's right to sell or otherwise dispose of such Inventory, (x) is not of a type that LENDER, in its sole and absolute discretion, has determined is not Eligible Inventory and (xi) is not in the Borrower's possession based upon consignment, guaranteed sale, or other terms by reason of which the payment by the Borrower may be conditional. View More

Eligible Inventory. Is amended to delete clause (vi) in its entirety and replace it with the following: (vi) Used Inventory except golf clubs; provided that eligible used Inventory will be reduced by (a) $400,000 divided by the applicable Borrowing Base advance rate (the "Availability Reserve") and (b) a rent reserve of $25,000 divided by the applicable Borrowing Base advance rate per location for which no satisfactory landlord's disclaimer and consent has been obtained (the "Rent Reserve").

Eligible Inventory. Means finished goods Inventory consisting solely of prescription eyeglass and sunglass frames which (a) is owned by Borrower free and clear of all liens, encumbrances and rights of others, except the security interests granted to CNB; (is) permanently located in the United States of America and in the physical possession of Borrower, and (c) is not, in CNB's opinion, obsolete, unsalable, damaged, unfit for further processing or otherwise unacceptable to CNB. Eligible Inventory will be valued at... the lower of cost or market in accordance with GAAP. View More

Eligible Inventory. Eligible Inventory includes all of my Inventory that is and continues to be acceptable to you in all respects. Criteria for eligibility may be revised by you at any time. Eligible Inventory excludes all Inventory that I do not own or that is subject to a competing claim, lien or encumbrance or that which you in your sole discretion disqualify as Eligible Inventory.

Eligible Inventory. Shall mean Inventory of Borrower which is acceptable to Lender in its sole discretion for lending purposes. Without limiting Lender's discretion, Lender shall, in general, consider Inventory to be Eligible Inventory if it meets, and so long as it continues to meet, the following requirements: (i) it is owned by Borrower, Borrower has the right to subject it to a security interest in favor of Lender and it is subject to a first priority perfected security interest in favor of... Lender and to no other claim, lien, security interest or encumbrance whatsoever, other than Permitted Liens; (ii) it is located on one of the premises listed on Exhibit A (or other locations of which Lender has been advised in writing pursuant to subsection 12(b)(i) hereof) and is not in transit; (iii) if held for sale or lease or furnishing under contracts of service, it is (except as Lender may otherwise consent in writing) new and unused and free from defects which would, in Lender's sole determination, affect its market value; (iv) it is not stored with a bailee, consignee, warehouseman, processor or similar party unless Lender has given its prior written approval and Borrower has caused any such bailee, consignee, warehouseman, processor or similar party to issue and deliver to Lender, in form and substance acceptable to Lender, such Uniform Commercial Code financing statements, warehouse receipts, waivers and other documents as Lender shall require; (v) it is not "work-in-progress" Inventory; (vi) it is not raw materials other than coiled or slitted steel, wide flange steel, angle or flat bar steel or junior beam steel; (vii) Lender has determined, in accordance with Lender's customary business practices, that it is not unacceptable due to age, type, category or quantity; and (viii) it is not Inventory (A) with respect to which any of the representations and warranties contained in this Agreement are untrue; or (B) which violates any of the covenants of Borrower contained in this Agreement. View More