BORROWER REPRESENTS AND WARRANTS THAT. (A) The Collateral Value as defined in the Agreement of all Collateral prior to this Advance is: $_________________
BORROWER REPRESENTS AND WARRANTS THAT. (a) Borrower possesses all necessary and lawful authority and power to carry on his or its business and to comply with the terms, covenants and conditions of this Agreement, any and all documents, instruments and agreements mentioned herein or contemplated to be delivered hereunder, and any and all documents, instruments and agreements evidencing, securing or pertaining to all or any part of the Loan, including, without limitation, the Security Agreement, the Note, the Deeds of Trust and all the Security Instruments (this Agreement and all such documents, instruments and agreements, together with any and all renewals, extensions and modifications thereof, herein sometimes being collectively called the "Loan Papers").
BORROWER REPRESENTS AND WARRANTS THAT. EACH RECEIVABLE ----------- COVERS AND SHALL COVER A BONA FIDE SALE OR LEASE AND DELIVERY BY IT OF GOODS OR THE RENDITION BY IT OF SERVICES IN THE ORDINARY COURSE OF ITS BUSINESS, AND SHALL BE FOR A LIQUIDATED AMOUNT AND FINOVA'S SECURITY INTEREST SHALL NOT BE SUBJECT TO ANY OFFSET, DEDUCTION, COUNTERCLAIM, RIGHTS OF RETURN OR CANCELLATION, LIEN OR OTHER CONDITION. IF ANY REPRESENTATION OR WARRANTY HEREIN IS BREACHED AS TO ANY RECEIVABLE OR ANY RECEIVABLE CEASES TO BE AN ELIGIBLE RECEIVABLE FOR ANY REASON OTHER THAN PAYMENT THEREOF, THEN FINOVA MAY, IN ADDITION TO ITS OTHER RIGHTS HEREUNDER, DESIGNATE ANY AND ALL RECEIVABLES OWING BY THAT ACCOUNT DEBTOR AS NOT ELIGIBLE RECEIVABLES; PROVIDED, THAT FINOVA SHALL -------- IN ANY SUCH EVENT RETAIN ITS SECURITY INTEREST IN ALL RECEIVABLES, WHETHER OR NOT ELIGIBLE RECEIVABLES, UNTIL THE OBLIGATIONS HAVE BEEN FULLY SATISFIED AND FINOVA'S OBLIGATION TO PROVIDE LOANS HEREUNDER HAS TERMINATED. (II) FINOVA AT ANY TIME SHALL BE ENTITLED TO (I) ESTABLISH AND INCREASE OR DECREASE RESERVES AGAINST ELIGIBLE RECEIVABLES AND ELIGIBLE INVENTORY, (II) REDUCE THE ADVANCE RATES IN THE SCHEDULE OR RESTORE SUCH ADVANCE RATES TO ANY LEVEL EQUAL TO OR BELOW THE ADVANCE RATES SET FORTH IN THE SCHEDULE OR (III) IMPOSE ADDITIONAL RESTRICTIONS (OR ELIMINATE THE SAME) TO THE STANDARDS OF ELIGIBILITY SET FORTH IN THE DEFINITIONS OF "ELIGIBLE RECEIVABLES" AND "ELIGIBLE INVENTORY", IN THE EXERCISE OF ITS PERMITTED DISCRETION. FINOVA MAY BUT SHALL NOT BE REQUIRED TO RELY ON THE SCHEDULES AND/OR REPORTS DELIVERED TO FINOVA IN CONNECTION HEREWITH IN DETERMINING THE THEN ELIGIBILITY OF RECEIVABLES AND INVENTORY. RELIANCE THEREON BY FINOVA FROM TIME TO TIME SHALL NOT BE DEEMED TO LIMIT THE RIGHT OF FINOVA TO REVISE ADVANCE OR STANDARDS OF ELIGIBILITY AS PROVIDED ABOVE.
BORROWER REPRESENTS AND WARRANTS THAT
