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. Schedule 1.1 of the Credit Agreement is hereby amended by deleting clause (c) of the definition of “Eligible M&E” in its entirety and replacing it with the following:
Eligible M&E. As to each item of machinery and Equipment that is identified by any Borrower as Eligible M&E on the most recent Borrowing Base Certificate submitted to Agent, such machinery and Equipment:
Eligible M&E. The definition of “Eligible M&E” set forth in Schedule 1.1 to the Credit Agreement is hereby amended by deleting the reference to “Term Loan Amount” in clause (i) of such definition and replacing it with “Term Loan Formula Amount”.
Eligible M&E. Schedule 1.1 of the Credit Agreement is hereby amended by deleting clause (c) of the definition of “Eligible M&E” in its entirety and replacing it with the following: “(c) it is (i) located at the ColorMaster dye house in Calhoun, Georgia or is subject to a Lien in favor of Lineage PCR, Inc. (it being understood that this clause (i) shall no longer apply after the payment and satisfaction of the ColorMaster Indebtedness and the release of all Liens granted to Lineage PCR, Inc. securing such Indebtedness), (ii) located at the premises leased by Masland from Xxxxxxx and RFP in Calhoun, Georgia or is subject to a Lien in favor of Xxxxxxx (it being understood that this clause (ii) shall no longer apply after the payment and satisfaction of the Xxxxxxx Indebtedness and the release of all Liens granted to Xxxxxxx securing such Indebtedness), or (iii) not located at one of the locations in the continental United States set forth on Schedule 4.30;”. (b)
