Common use of Eligible Securities Clause in Contracts

Eligible Securities. As to each Eligible Security included in the Borrowing Base on the date of this Agreement, on a Funding Date and on each date on which Collateral Value is determined, Borrower shall be deemed to make the following representations and warranties to each of Lender and Agent as of such date (certain defined terms used herein and not otherwise defined in the Loan Agreement appearing in Part II to this Schedule 1). With respect to any representations and warranties made to the best of Borrower's knowledge or actual knowledge, in the event that it is discovered that the circumstances with respect to the related Eligible Security are not accurately reflected in such representation and warranty notwithstanding the knowledge or lack of knowledge of Borrower, then, notwithstanding that such representation and warranty is made to the best of Borrower's knowledge, the Collateral Value of such Eligible Security may be redetermined by Agent acting in good faith (which redetermination may result in a Collateral Value of zero) in light of such inaccuracy.