Inventory. All Inventory is usable and fit for the purpose for which it was produced or manufactured, and none of such Inventory is obsolete, damaged, or defective.
Inventory. Upon any termination of this Agreement pursuant to Section 8.2 or Section 8.3, Assignee, and any Licensee whose license was in effect as of immediately prior to such termination but did not remain in effect after termination as contemplated by Section 8.4(a)(i) or Section 8.4(a)(ii), as applicable, shall be entitled to finish any work-in-progress and to sell any completed inventory of Products which remain on hand as of the date of the termination, for up to six (6) months after termination, subject to payment of royalties to Assignor in accordance with Section 3.4.
the Net Recovery Percentage of Eligible Inventory (other than, for the avoidance of doubt, Eligible Letter of Credit Inventory and Eligible In-Transit Inventory), multiplied by the Inventory Advance Rate multiplied by the Cost of Eligible Inventory (other than, for the avoidance of doubt, Eligible Letter of Credit Inventory and Eligible In-Transit Inventory), net of Inventory Reserves attributable to Eligible Inventory; plus
“Eligible Inventory” shall mean collectively Eligible Finished Goods Inventory, Eligible Raw Material Inventory, and Eligible In-Transit Finished Goods Inventory.
“Eligible Tobacco Inventory” means Eligible Inventory consisting of Tobacco Inventory.
Eligible Work-In-Process Inventory: Inventory that would be Eligible Inventory except that such Inventory consists of work-in-process. Borrowers acknowledge that no Inventory shall constitute Eligible Work‑In‑Process Inventory until Agent receives the March 31, 2017 Inventory appraisal.
up to the sum of # the lesser of # seventy-five percent (75%), subject to the provisions of [Section 2.1(c)] hereof (the "Eligible Inventory Advance Rate"), of the value of the Eligible Mexican Inventory and # ninety percent (90%) of the appraised net orderly liquidation value ("Eligible Inventory NOLV Advance Rate"; together with the Receivables Advance Rate, Insured Receivables Advance Rate, and Eligible Inventory Advance Rate, the "Advance Rates") of the Eligible Mexican Inventory (as evidenced by an Inventory appraisal satisfactory to [[Organization B:Organization]] in its Permitted Discretion, which will reflect a six-month liquidation process), # the lesser of # the product of the Eligible Inventory Advance Rate and the value of the Eligible Canadian Inventory and # the product of the Eligible Inventory NOLV Advance Rate and the Eligible Canadian Inventory (as evidenced by an Inventory appraisal satisfactory to [[Organization B:Organization]] in its Permitted Discretion, which will reflect a six-month liquidation process), and # the lesser of # the product of the Eligible Inventory Advance Rate and the value of the Eligible U.S. Inventory and # the product of the Eligible Inventory NOLV Advance Rate and the Eligible U.S. Inventory (as evidenced by an Inventory appraisal satisfactory to [[Organization B:Organization]] in its Permitted Discretion, which will reflect a six-month liquidation process), provided that up to $2,000,000 of advances after applying the Eligible Inventory NOLV Advance Rate from "Excess and Obsolete" Inventory (as defined in the most recent Inventory appraisal) may be included under this [subsection (iii)], minus
Inventory Formula Amount: the sum of # the lesser of # 75% of the Value of Eligible Inventory; or # 85% of the NOLV Percentage of the Value of Eligible Inventory, # the least of # 75% of the Value of Eligible Work-In-Process Inventory, # 85% of the NOLV Percentage of the Value of Eligible Work-In-Process Inventory and # $5,000,000 until such date as Agent has received an updated 2019 appraisal of Borrowers’ Eligible Work-In-Process Inventory performed by an appraiser satisfactory to Agent, whereupon such $5,000,000, shall be increased to $15,000,000 and # an amount not greater than $10,000,000 representing positive capitalized variances for Inventory that would not otherwise be Eligible Inventory.
ninety (90%) percent of the Net Recovery Percentage for the Eligible Inventory (other than Eligible Unaffixed Tax Stamp Inventory) of the Retail Division multiplied by the Value of such Eligible Inventory; plus
“(b) the Cost of Eligible Inventory, net of Inventory Reserves, multiplied by the product of # Appraisal Percentage multiplied by # the Appraised Value of Eligible Inventory;”
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