Common use of Eligible M&E Clause in Contracts

Eligible M&E. As to each item of M&E that is identified by Borrowers as Eligible M&E in a Borrowing Base Certificate submitted to Agent, such M&E is (a) of good and merchantable quality (ordinary wear and tear excepted), free from known defects, and (b) 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 M&E.

Eligible M&E. As to each item of M&E that is identified by Borrowers as Eligible M&E in a Borrowing Base Certificate submitted to AgentLender, such M&E is (a) of good and merchantable quality (ordinary wear and tear excepted)quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any AgentLender-discretionary criteria) set forth in the definition of Eligible M&E.