Common use of Inventory Matters Clause in Contracts

Inventory Matters. (a) As to each item of Inventory that is identified by Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to the Revolving Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Revolving Agent- discretionary criteria) set forth in the definition of Eligible Inventory; (b) [reserved]; and (c) Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof.

Inventory Matters. (a) As to each item of Inventory that is identified by Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to the Revolving Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Revolving Agent- Agent-discretionary criteria) set forth in the definition of Eligible Inventory; (b) [reserved]; and (c) Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof.