Common use of Representations Regarding Collateral Clause in Contracts

Representations Regarding Collateral. The Company represents and ------------------------------------ warrants to PanLabs, and so long as this Security Agreement remains in effect shall be deemed to continue to represent and warrant that: (i) the Collateral is genuine and what it purports to be; (ii) each account and chattel paper represents a bona fide transaction and is enforceable according to the contract underlying the account or the writings constituting the chattel paper; (iii) the amount shown on Company's books and on any invoice or statement delivered to PanLabs with respect to accounts, chattel paper, and appropriate general intangibles is correct and duly owing to the Company; (iv) no set-off or counterclaim to any account or chattel paper exists, and other discounts or deductions given in the ordinary course of business are fully disclosed on the books and records of the Company and on financial statements given to PanLabs; and (v) no agreement has been made with any person under which any deduction or discount may be claimed, except regular discounts allowed by the Company for prompt payments of accounts.

Representations Regarding Collateral. The Company Grantor represents and ------------------------------------ warrants to PanLabsBank, and so long as this Security Agreement remains in effect shall be deemed to continue to represent and warrant that: (i) the Collateral collateral is genuine and what it purports to be; (ii) each account and chattel paper represents a bona fide transaction and is enforceable according to the contract underlying the account or the writings constituting the chattel paper; (iii) the amount shown on CompanyGrantor's books and on any invoice or statement delivered to PanLabs the Bank with respect to accounts, chattel paper, and appropriate general intangibles is correct and duly owing to the CompanyGrantor; (iv) no set-off or counterclaim to any account or chattel paper exists, and other discounts or deductions given in the ordinary course of business are and fully disclosed on the books and records of the Company Grantor and on financial statements given to PanLabsthe Bank; and (v) no agreement has been made with any person under which any deduction or discount may be claimed, except regular discounts allowed by the Company Grantor for prompt payments of accounts.