In the case of the making of any Loan (other than a Loan to fund an Excluded Borrowing) to, or the issuance, renewal, extension or amendment of any Letter of Credit for the account of, any Subsidiary Borrower, then on each applicable Subsidiary Borrower Representation and Warranty Date, each of the Baseline Representations and Warranties made by the applicable Subsidiary Borrower in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, true and correct (after giving effect to any qualification therein) in all respects as of the applicable Subsidiary Borrower Representation and Warranty Date) on and as of such date as if made on and as of such date except for representations and warranties expressly stated to relate to a specific earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.