Inventory in Transit Sample Clauses
The 'Inventory in Transit' clause defines how goods that are being shipped but have not yet reached their destination are treated under a contract. It typically specifies when ownership and risk of loss transfer from the seller to the buyer, such as at the point of shipment or upon delivery. This clause is essential for clarifying responsibility for the goods during transportation, thereby preventing disputes over liability if the inventory is damaged or lost while in transit.
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Inventory in Transit. With respect to Inventory for a particular Operating PSC which is not received at such Operating PSC on or prior to the Initial Closing Date ("Inventory In Transit"), Purchaser agrees to accept such Inventory In Transit. Purchaser shall reimburse Seller for any prepaid amounts in respect of such Inventory In Transit that is received at any Operating PSC. With respect to any remaining amounts owed to any vendor relating to any Inventory In Transit, Purchaser shall negotiate with such vendor for the direct payment by Purchaser to such vendor of such remaining amounts. To the extent that Sellers retain any Liability in respect of the Inventory In Transit, Purchaser shall reimburse Sellers for the net landed cost of such .Inventory In Transit. The payment obligations of Purchaser described in this paragraph shall be on an order-by-order basis on or prior to the due date for payment specified in the vendor's invoice.
Inventory in Transit. The following shall be inserted as a new Section 4.18 in Article IV (Covenants) of the Purchase Agreement:
Inventory in Transit. Goodyear and SRI shall, and shall cause their applicable Group Members to, use commercially reasonable efforts to implement the following approach to any Inventory that is, as of the Closing Date, in transit from an SRI Group Member to any location or facility in North America or Oceania that is either (i) owned or leased by the Goodyear Group or (ii) a location or facility where such Inventory will be held on behalf of the Goodyear Group:
(a) Prior to Departure from Port of Exit. For any such in-transit Inventory that has not yet departed from the relevant port of exit as of the Closing Date, the order relating to such in-transit Inventory shall be cancelled and of no further effect.
Inventory in Transit. Within 10 Business Days following the end of each month, to the extent not listed on any other report required hereby, a schedule of each item of Inventory purchased by Reseller but not yet invoiced which is in transit or for which Reseller otherwise has received an electronic confirmation of shipment.
Inventory in Transit. Inventory which has been ordered by Seller prior to Closing but arrives after the Closing will be accepted and paid for by Buyer as described on a list to be delivered to Buyer at Closing; provided, however, that Seller shall use its reasonable best efforts to cancel any outstanding orders for inventory for the Business.
Inventory in Transit. Any inventory of equipment and materials -------------------- in transit as of the Closing Date from the Telecom Division's suppliers or in transit from the Telecom Division's suppliers directly to (or as ordered by) the Telecom Division's customers (to the extent that any such items in transit exist, the parties shall use their reasonable efforts to effect the commercially reasonable disposition of same on terms and conditions that are mutually acceptable to the parties);
Inventory in Transit. All inventory of equipment and materials in transit as of the Closing Date from Seller's suppliers or in transit from Seller's suppliers directly to (or as ordered by) Seller's customers, including, without limitation, the equipment and materials that are listed on Schedule 2.1(a) hereto (the "Inventory in Transit");
Inventory in Transit. Inventory not ordered in the Ordinary Course of Business, delivery of which is not received on or prior to the Closing Date, shall remain the property of the Seller and shall not be deemed part of the Inventory transferred hereunder.
Inventory in Transit. The Borrower may include as Eligible Inventory, Inventory which is in transit or in Borrower's possession not more than 30 days prior to its receipt at Borrower's principal place of business or other place of business approved by the Bank so long as, at all times during which such Inventory is claimed by Borrower to be Eligible Inventory, Borrower evidences to the Bank's satisfaction that (i) such Inventory is subject to a perfected, first priority security interest in such Inventory in favor of the Bank, (ii) such Inventory is covered by the insurance required by Section 4.6, above, and (iii) Borrower has delivered to the Bank copies or originals of such bills of lading, warehouse receipts, documents of title and the like as the Bank may require.
Inventory in Transit. In order for any Inventory of the Company or a Restricted Subsidiary constituting inventory in transit to the Company or a Restricted Subsidiary to constitute Eligible Inventory, the Company or such Restricted Subsidiary shall (i) prior to each shipment from a supplier, provide the Administrative Agent with a description of such Inventory, the place of shipment, the place of origin of the shipment, the name, address and telephone number of the shipper, the destination of such Inventory and such other information as the Administrative Agent shall request, (ii) endorse and deliver to the Administrative Agent the originals of any negotiable bill of lading or other shippin▇ ▇▇cument or document of title concerning the shipment of such Inventory, and (iii) execute and deliver to Administrative Agent such UCC financing statements and other documents as the Administrative Agent may require to enable the Administrative Agent to perfect or maintain the perfection of the Administrative Agent's Lien on such Inventory.