Common use of Representations Concerning the Collateral Clause in Contracts

Representations Concerning the Collateral. Borrower represents ----------------------------------------- and warrants (each of which such representations and warranties shall be deemed repeated upon the making of each request for a Revolving Credit Advance and made as of the time of each and every Revolving Credit Advance hereunder): (a) all the Collateral (i) is owned by Borrower free and clear of all claims, liens, security interests and encumbrances (including without limitation any claims of infringement) except (A) those in Lender's favor and (B) Permitted Liens and (ii) is not subject to any agreement prohibiting the granting of a security interest or requiring notice of or consent to the granting of a security interest; (b) all Receivables (i) represent complete bona fide transactions which require no further act under any circumstances on Borrower's part to make such Receivables payable by Customers excepting, only , furnishing the invoice therefor to customer on or before the fifth Business Day following the last day of the month in which the services related to such invoice have been performed, (ii) to the best of Borrower's knowledge, are not subject to any present, future or contingent Disputes and (iii) do not represent xxxx and hold sales, consignment sales, guaranteed sales, sale or return or other similar understandings or obligations of any Affiliate or Subsidiary of Borrower.

Representations Concerning the Collateral. Each Borrower represents ----------------------------------------- and warrants (each of which such representations and warranties shall be deemed repeated upon the making of each request for a Revolving Credit Advance and made as of the time of each and every Revolving Credit Advance hereunder): (a) all the Collateral Collateral: (i) is owned by such Borrower free and clear of all claims, liens, security interests and encumbrances (including without limitation any claims of infringement) ), except (A) those in Lender's favor and (B) Permitted Liens Liens; and (ii) is not subject to any agreement prohibiting the granting of a security interest or requiring notice of or consent to the granting of a security interest; (b) all Receivables (i) represent complete bona fide transactions which require no further act under any circumstances on such Borrower's part to make such Receivables payable by Customers exceptingthe Customers, only , furnishing the invoice therefor to customer except for Receivables whereby such Borrower estimates its time spent and bills Receivables on or before the fifth Business Day following the last day of the month in which the services related to such invoice have been performedbasis, (ii) to the best of such Borrower's knowledge, are not subject to any present, future or contingent Disputes offsets or counterclaims (other than allowances, accommodations, compromises or adjustments made in the ordinary course of business or which have the effect of reducing availability under this Agreement), and (iii) do not represent xxxx bill and hold sales, consignment sales, guaranteed sales, sale or return rxxxxn or other similar understandings or obligations of any Affiliate or Subsidiary of such Borrower.

Representations Concerning the Collateral. Each Borrower represents ----------------------------------------- and warrants (each of which such representations and warranties shall be deemed repeated upon the making of each request for a Revolving Credit Advance and made as of the time of each and every Revolving Credit Advance hereunder): (a) all the Collateral Collateral: (i) is owned by such Borrower free and clear of all claims, liens, security interests and encumbrances (including without limitation any claims of infringement) ), except (A) those in Lender's favor and (B) Permitted Liens Liens; and (ii) is not subject to any agreement prohibiting the granting of a security interest or requiring notice of or consent to the granting of a security interest; (b) all Receivables (i) represent complete bona fide transactions which require no further act under any circumstances on such Borrower's part to make such Receivables payable by Customers exceptingthe Customers, only , furnishing the invoice therefor to customer except for Receivables whereby such Borrower estimates its time spent and bills Receivables on or before the fifth Business Day following the last day of the month in which the services related to such invoice have been performedbasis, (ii) to the best of such Borrower's knowledge, are not subject to any present, future or contingent Disputes offsets or counterclaims (other than allowances, accommodations, compromises or adjustments made in the ordinary course of business or which have the effect of reducing availability under this Agreement), and (iii) do not represent xxxx and hold sales, consignment sales, guaranteed sales, sale or return or other similar understandings or obligations of any Affiliate or Subsidiary of such Borrower.