Common use of Compliance with Borrowing Base Clause in Contracts

Compliance with Borrowing Base. After giving effect to the --------------------------------- making of such Loans or the issuance of such Letters of Credit, the sum of (i) the aggregate principal amount of Loans then outstanding plus (ii) the Letter of Credit Obligations at such time does not exceed the Borrowing Base Amount at such time. The acceptance by the Borrower of the proceeds of each Loan made on any Funding Date other than the Effective Date or the issuance of any Letter of Credit in accordance with this Agreement shall constitute a representation and warranty by the Borrower as of such Funding Date or issuance date that all the conditions contained in this Section 4.02 have been satisfied or ------------- waived in writing pursuant to Section 12.08. -------------

Compliance with Borrowing Base. After giving -------------------------------- effect to the --------------------------------- making of such Loans or the issuance of such Letters of Credit, the sum of of (i) the aggregate principal amount of Loans then outstanding plus (ii) the Letter of Credit Obligations obligations at such time does not exceed the Borrowing Base Amount at such time. The acceptance by the Borrower of the proceeds of each Loan made on any Funding Date other than the Effective Initial Funding Date or the issuance of any Letter of Credit in accordance with this Agreement shall constitute a representation and warranty by the Borrower as of such Funding Date or issuance date that all the conditions contained in this Section 4.02 have been satisfied or ------------- ------------ waived in writing pursuant to Section 12.08. -------------------------- ================================================================= -56-