Collateral Requirements. The Borrower shall cause there to be Eligible Collateral of the Borrower in the Collateral Account such that the Borrowing Base is at all times equal to or greater than the Secured L/C Obligations. If at any time the Secured L/C Obligations exceed the Borrowing Base, the Borrower shall as promptly as possible (and in any event within two (2) Business Days) deposit into the Collateral Account Eligible Collateral of the Borrower or reduce the Secured L/C Obligations, or a combination of the foregoing, in an amount sufficient to eliminate such excess.
Appears in 5 contracts
Samples: Credit Agreement (Globe Life Inc.), Credit Agreement (Globe Life Inc.), Credit Agreement (Torchmark Corp)
Collateral Requirements. The Borrower shall cause there to be Eligible Collateral of the Borrower in the Collateral Account such that the Borrowing Base is at all times equal to or greater than the Secured L/C Obligations. If at any time the Secured L/C Obligations exceed the Borrowing Base, the Borrower shall as promptly as possible (and in any event within two (2) Business Days) deposit into the Collateral Account Eligible Collateral of the Borrower or reduce the Secured L/C Obligations, or a combination of the foregoing, in an amount sufficient to eliminate such excess.reduce
Appears in 1 contract
Samples: Credit Agreement (Globe Life Inc.)
