Deposit Obligations of Borrowers Sample Clauses

Deposit Obligations of Borrowers. In the event any Letters of Credit are outstanding at the time that Borrowers prepay in full or are required to repay the Obligations or the Revolving Loan Commitment is terminated, Borrowers shall (i) deposit with Agent for the benefit of all Revolving Lenders cash in an amount equal to one hundred ten percent (110%) of the aggregate outstanding Letter of Credit Liabilities to be available to Agent, for its benefit and the benefit of issuers of Letters of Credit, to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto, and (ii) prepay the fee payable under Section 2.5(b) with respect to such Letters of Credit for the full remaining terms of such Letters of Credit assuming that the full amount of such Letters of Credit as of the date of such repayment or termination remain outstanding until the end of such remaining terms. Upon termination of any such Letter of Credit and so long as no Event of Default has occurred and is continuing, the unearned portion of such prepaid fee attributable to such Letter of Credit shall be refunded to Borrowers, together with the deposit described in the preceding clause (i) attributable to such Letter of Credit, but only to the extent not previously applied by Agent in the manner described herein.
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Deposit Obligations of Borrowers. (a) In the event any Letters of Credit are outstanding at the time that any Borrower prepays or is required to repay the Obligations or the Revolving Credit Commitments are terminated, the Borrowers shall (i) deposit with Revolving Agent for the benefit of all Revolving Lenders cash in an amount equal to one hundred and three percent (103%) of the aggregate outstanding Letter of Credit Liabilities to be available to Revolving Agent, for its benefit and the benefit of the LC Issuers, to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto and (ii) prepay the fee payable under Section 3.02 with respect to such Letters of Credit for the full remaining terms of such Letters of Credit. (b) Upon each Specified Revolving Loan LC Issuance, the Revolving Agent shall either (i) be deemed to have deposited with itself for the benefit of all Revolving Lenders an amount equal to the corresponding Specified Revolving Loan proceeds as cash collateral in respect of and as required by the applicable Support Agreement or Lender Letter of Credit or (ii) transfer an amount equal to the corresponding Specified Revolving Loan proceeds to the applicable LC Issuer for the purpose of cash collateralizing the Specified Revolving Loan LC Issuance. (c) Upon the drawing of any Letter of Credit that has been cash collateralized, the funds held as cash collateral shall be applied (without any further action by or notice to or from any Borrower or any other Loan Party) to reimburse the LC Issuer or the Revolving Lenders, as applicable. Upon termination of any such Letter of Credit, the unearned portion of such prepaid fee or interest, as applicable, attributable to such Letter of Credit shall be refunded to Borrowers, together with the deposit described in the preceding clause (i), as applicable, to the extent not previously applied by Revolving Agent in the manner described herein; provided that in the case of any Specified Revolving Loan LC Issuance, the deposit described in the preceding clause (i) shall be used to prepay, or cause to be prepaid, such Specified Revolving Loans funded in connection therewith.
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Deposit Obligations of Borrowers. In the event any Letters of Credit are outstanding at the time that Borrowers prepay, or are required to repay, the Obligations or the Commitment is terminated, Borrowers shall (i) Cash Collateralize all Letter of Credit Liabilities, in an amount equal to one hundred and two percent (102%) of the aggregate outstanding Letter of Credit Liabilities, to be available to Issuer to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto, and (ii) prepay the fee payable under Section 1.4(b) with respect to such Letters of Credit for the full remaining terms of such Letters of Credit. Upon termination of any such Letter of Credit, the unearned portion of such prepaid fee attributable to such Letter of Credit shall be refunded to Borrowers, together with the deposit described in the preceding clause (i) to the extent not previously applied by Issuer in the manner described herein.
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Deposit Obligations of Borrowers. In the event any Letters of Credit are outstanding at the time that Borrowers prepay or are required to repay the Obligations in full or the Revolving Loan Commitment is terminated in full, Borrowers shall (i) deposit with Administrative Agent for the benefit of all Revolving Lenders cash in an amount equal to one hundred and five percent (105%) of the aggregate outstanding Letter of Credit Liability to be available to Administrative Agent, for its benefit and the benefit of issuers of Lender Letters of Credit, to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto and (ii) prepay the fee payable under Section 2.5(b) with respect to such Letters of Credit for the full remaining terms of such Letters of Credit. Upon termination of any such Letter of Credit and provided no Event of Default then exists, the unearned portion of such prepaid fee attributable to such Letter of Credit shall be refunded to Borrowers, together with the deposit described in the preceding clause (i) attributable to such Letter of Credit, but only to the extent not previously applied by Administrative Agent in the manner described herein provided, that if an Event of Default then exists, Administrative Agent may either retain such portion of the deposit and unearned portion of such prepaid fee as cash collateral to secure the Obligations and/or apply any or all such amounts against then outstanding Obligations; provided, further, that upon the cure or waiver of such Event of Default, and if no other Event of Default then exists, the Administrative Agent shall promptly return the applicable portion of the deposit described in clause (i) above to Borrowers, but only to the extent not previously applied by Administrative Agent in the manner described above.
Sample 1
Deposit Obligations of Borrowers. In the event any Letters of Credit are outstanding at the time that any Borrower prepays or is required to repay the Obligations or the Revolving Loan Commitments are terminated, Borrowers shall (i) deposit with Administrative Agent for the benefit of all Revolving Lenders cash in an amount equal to one hundred and five percent (105%) of the aggregate outstanding Letter of Credit Liabilities to be available to Administrative Agent, for its benefit and the benefit of the LC Issuers, to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto and
Sample 1
Deposit Obligations of Borrowers. In the event any Letters of Credit are outstanding on the Revolving Credit Termination Date, the Borrowers shall (A) Cash Collateralize all Letter of Credit Liabilities, in an amount equal to one hundred and two percent (102%) of the aggregate outstanding Letter of Credit Liabilities, to be available to Issuer to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto, and (B) prepay the fee payable under Section 1.4(b) with respect to such Letters of Credit for the full remaining terms of such Letters of Credit. Upon termination of any such Letter of Credit, the unearned portion of such prepaid fee attributable to such Letter of Credit shall be refunded to Borrowers, together with the deposit described in the preceding clause (i) to the extent not previously applied by Issuer in the manner described herein.
Sample 1

Related to Deposit Obligations of Borrowers

  • Reimbursement Obligation of the Borrower The Borrower agrees to reimburse each Issuing Lender on each date on which such Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender (but in any event no such reimbursement shall be required before the date on which Base Rate Loans would be made (or the procedure specified in Section 2.26 would become applicable) as described in the last two sentences of this Section) for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment shall be made to such Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 7(f) shall have occurred and be continuing with respect to the Borrower, in which case the procedures specified in Section 2.26 for funding by L/C Participants shall apply) constitute a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to Section 2.5, if the Administrative Agent had received a notice of such borrowing at the time of such drawing under such Letter of Credit.

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