Common use of Borrowing Base Collateral Clause in Contracts

Borrowing Base Collateral. As to each Account that is identified by the Credit Parties as an Eligible Account in a Borrowing Base Certificate submitted to Agent, such Account is, (i) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account Debtor in the Ordinary Course of Business of the applicable Credit Party, (ii) owed to the applicable Credit Party without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (iii) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Billed Account, Eligible Exar Billed Account, Eligible Unbilled Account, Eligible Exar Unbilled Account, or Eligible Investment Grade Billed Account, as the case may be.

Borrowing Base Collateral. (a) As to each Account that is identified by the Credit Parties Borrowers as an Eligible Account or Eligible Unbilled Account in a Borrowing Base Certificate submitted to Agent, such Account is, is (i) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account Debtor in the Ordinary Course of Business of the applicable Credit PartyBorrower, (ii) owed to the applicable Credit Party Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (iii) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Billed Account, Eligible Exar Billed Account, Account or Eligible Unbilled Account, Eligible Exar Unbilled Account, or Eligible Investment Grade Billed Account, as the case may beapplicable.