Common use of Certificate of Compliance Clause in Contracts

Certificate of Compliance. Simultaneously with the delivery of each set of financial statements referred to in (a) above, a certificate of the Borrower signed by the Authorized Representative stating that (i) the Borrower has made a review of its activities during the preceding annual or quarterly period, as the case may be, for the purpose of determining whether or not the Borrower has complied with all of the terms, provisions and conditions of the Loan Documents and (ii) to the best knowledge of the Authorized Representative, the Borrower is not in default in the performance or observance of any of the terms, covenants, provisions or conditions of any of the Loan Documents, or if the Borrower shall be in default, such certificate shall specify each such default, the nature and status thereof and any remedial steps taken or proposed to correct each such default.