Eligible Inventory

Eligible Inventory. Shall mean inventory consisting of finished goods and raw materials which are deemed acceptable to Bank, for Advance purposes, in Bank's sole discretion.

Eligible Inventory. 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

Eligible Inventory. The cost of Borrower's inventory (but not including work in process).

Eligible Inventory. Inventory that is: in-transit; located at any warehouse, job site or other premises not approved by the Lender in writing; not subject to a duly perfected first priority security interest in the Lender's favor; subject to any lien or encumbrance that is subordinate to the Lender's first priority security interest; covered by any negotiable or non-negotiable warehouse receipt, bill of lading or other document of title; on consignment from any Person; on consignment to any Person or subject to... any bailment unless such consignee or bailee has executed an agreement with the Lender. View More

Eligible Inventory. All Inventory at any location other than the premises owned by the Borrower in Bemidji, MN and Fairmont, MN;

Eligible Inventory. The gross amount of the Company's keyboard finished goods Inventory and raw materials (consisting solely of plastic resin and electronic components), located at the Company's El Paso warehouse location and subject to a valid, exclusive first priority and fully perfected security interest in favor of CIT and which conforms to the warranties contained herein and which, at all times, continues to be acceptable to CIT in the exercise of its reasonable business judgment, less without duplication,... any (a) work in process, (b) supplies (other than raw material consisting of plastic resin or electronic components), (c) Inventory not present in the United States, (d) Inventory returned or rejected by the Company's customers (other than goods that are undamaged and resaleable in the normal course of business) and goods to be returned to the Company's suppliers, (e) Inventory in transit to third parties (other than the Company's agents or warehouses), or in the possession of a warehouseman, bailee, third party processor, or other third party, unless such warehouseman, bailee or third party has executed a waiver agreement (in form and substance acceptable to CIT) and CIT shall have a first priority perfected security interest in such Inventory, and (f) less any reserves required by CIT in its reasonable discretion, including without limitation for special order goods, customer specific Inventory, discontinued, slow-moving and obsolete Inventory, market value declines, bill and holds (deferred shipment), consignment sales, shrinkage and any applicable customs, freight duties and Taxes View More

Eligible Inventory. The definition of "Eligible Inventory" in Section 1.34 of the Loan Agreement is hereby amended by deleting clause (f)(iii)(A) thereof in its entirety and substituting the following therefor: "(A) as to locations which are leased by any Borrower, if Lender shall have received a Collateral Access Agreement from the owner and lessor of such location, duly authorized, executed and delivered by such owner and lessor or, if Lender shall not have received such Collateral Access Agreement (or Lender... shall determine to accept a Collateral Access Agreement that does not include all required provisions or provisions in the form otherwise required by Lender), Lender may, at its option, nevertheless consider Inventory at such location to be Eligible Inventory to the extent Lender shall have established such Reserves in respect of amounts at any time payable by such Borrower to the owner and lessor thereof as Lender shall determine in good faith." View More

Eligible Inventory. All of Borrower's Inventory that is either a finished good or raw material and continues to be acceptable to Bank in all respects. Criteria for eligibility may be revised by Bank at any time. Without limitation, Eligible Inventory excludes all of the following Inventory: all Inventory that Borrower does not own or that is subject to a competing claim, lien or encumbrance; and Inventory which Bank in Bank's sole discretion disqualifies as Eligible Inventory. The "gross value" of Eligible... Inventory is the lesser of such Eligible Inventory's cost as determined using generally accepted accounting principles or the fair market value as determined by Bank in its sole discretion. View More

Eligible Inventory. Seed corn inventory owned by the Company :(i) for which the Company has either made payment or been invoiced by Hubner and title has been passed to the Company and is classified as the Company's inventory under GAAP, (ii) that is held in a warehouse in Illinois or Indiana approved in advance by the Bank, or at Hubner's plant located in West Lebanon, Indiana (each of the foregoing called a "Warehouse"), (iii) which is segregated at each such Warehouse from other non-Fielder's Choice Direct seed... corn inventory that is clearly marked in bags or other containers with the words "Fielder's Choice Direct" or another name clearly identifying the Company's seed corn supported by the books and records of the Company as being owned by the Company, (iv) as to which all creditors of the owner or lessee of the Warehouse where such inventory is located have entered into an Ownership Acknowledgment Agreement or similar agreement, appropriate lien waivers have been executed, and appropriate UCC financing statements disclaiming any interest in such seed corn inventory have been filed, complete copies of which have been provided to the Bank, and (v) as to which the Bank has filed the appropriate UCC financing statements giving notice of the Bank's security interest in the Company's seed corn inventory located at such Warehouse and perfecting the Bank's lien thereon. View More

Eligible Inventory. Shall mean Inventory as defined in the California Uniform Commercial Code in which the Collateral Agent has a perfected first priority security interest except for Liens permitted under Sections 7.01(c) and 7.01(d) of the Credit Agreement but excluding (a) Inventory which is not owned by L-P free and clear of all security interests, liens, encumbrances except for Liens permitted under the Security Agreement or the Credit Agreement or claims asserted by any third party, and (b) Inventory which... the Collateral Agent, in its reasonable discretion, deems to be obsolete, slow-moving, unsalable, damaged, defective or unfit for further processing. View More