No Default or Event of Default shall exist at the time of, or result from, such funding or issuance , or, in the case of a Borrowing of Loans under an Incremental FILO Facility, no Event of Default shall exist at the time of, or result from, such Borrowing only in the case of, and to the extent of, a deemed Borrowing of Loans under an Incremental FILO Facility upon the inception of any Incremental FILO Facility at a time when Loans are then outstanding that have been borrowed in reliance on a Borrowing Base including assets of the same type as the FILO Borrowing Base. .