Borrowing Base Excess. The Credit Agreement is hereby amended by deleting Section 2.4(e)(i) and inserting the following in lieu thereof:
Borrowing Base Excess. On the date on which financial statements in respect of any fiscal quarter of Borrower are delivered pursuant to Section 5.3(b) hereof, permit the total of (i) the aggregate principal amount -------------- of outstanding advances under the Line of Credit (including any such advances arising pursuant to Section 2.1 (d) hereof as a result --------------- of payment of a draft by the Agent under the Letter of Credit) plus (ii) the aggregate amount of the undrawn face amount of all outstanding Letters of Credit and all unpaid reimbursement and other obligations in respect of Letters of Credit (other than any such obligation that has been converted into an advance under the Line of Credit pursuant to Section 2.1(d) hereof) to exceed the amount -------------- of the Borrowing Base as in effect on such date.
Borrowing Base Excess. From and after the date that is 30 days after the Amendment No. 1 Effective Date and until termination of all of the Commitments and payment in full of the Obligations, as of the last day of each calendar month, not permit the amount of the Borrowing Base (based upon the most recent Borrowing Base Certificate delivered by Borrowers to Agent, whether delivered pursuant to Schedule 5.2 or otherwise) minus the principal amount of all Loans outstanding at such time to be less than or equal to fifteen million dollars ($15,000,000).
