11Eligible Inventory; Inventory Generally Sample Clauses

11Eligible Inventory; Inventory Generally. (a) Borrower and its Subsidiaries (and, prior to the Restructuring Date, Holdings) keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof. (b) As to each item of Inventory that is identified by Borrower as Eligible Inventory in a Borrowing Base Certificate submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects other than wear and tear commensurate with age and grade of the Collectible, 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 Inventory. (c) The Inventory of Borrower and its Subsidiaries (and, prior to the Restructuring Date, Holdings) is not stored with a bailee, warehouseman, or similar party and, unless otherwise specified on the Borrowing Base Certificate, is located only at, or in-transit between, the locations identified on Schedule 5.11 to this Agreement (as such Schedule may be updated pursuant to Section 6.4(d)).