Discretionary Loans Sample Clauses

Discretionary Loans. (a) Each Lender may, in its sole discretion and on terms and conditions satisfactory to it and the Company that are not inconsistent with the provisions of this Agreement, make additional Loans to the Company under its Commitment in Dollars, on any one or more Business Days on or after the Closing Date and prior to the Termination Date ("Discretionary Loans"), which Loans will be payable to the appropriate Lender upon such terms and conditions; provided that the Company will not permit to remain outstanding any Discretionary Loans from any Lender, and no Lender will make any Discretionary Loans to the Company, if the aggregate principal amount of the Discretionary Loans and Conventional Loans payable to such Lender, together with such Lender's LC Exposure at such time and, for as long as the Revolver Reserve is in effect, such Lender's Applicable Percentage of the Revolver Reserve, exceeds such Lender's Commitment. Should any Discretionary Loan be outstanding from any Lender on a date on which a Conventional Borrowing is to be made, such Borrowing shall be made available only if the Company has paid or shall simultaneously with the making of such Conventional Loan pay such portions of Discretionary Loans (including, without limitation, the payment of the amount of any losses payable pursuant to Section 2.02(e) actually incurred by such Lender as a result of such prepayment) as shall be necessary to make available a portion of each Lender's Commitment at least equal to such Lender's share of such Conventional Borrowing. No Discretionary Loan shall have a maturity, final payment date or interest period that extends beyond the Termination Date. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness to such Lender resulting from each Discretionary Loan made by such Lender. The entries made in the accounts maintained pursuant to this Section 2.05(a) shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Company to repay the Discretionary Loans in accordance with their terms. The Company hereby unconditionally promises to pay to each Lender the then unpaid principal amount of each Discretionary Loan made by such Lender on the earlier of the Termination Date and the date on which such principal amount is due pursuant to the t...
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Discretionary Loans. In the event the LLC is in need of additional funds, O'Charley's may, but shall not be obligated to, make loans to the LLC. Any such loan shall bear interest at a rate, and shall have repayment terms, as the Board shall approve.
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Discretionary Loans. (a) Notwithstanding anything to the contrary contained herein, Administrative Agent may make any Protective Advance or any Loan to pay any Facility Obligations as permitted under Section 2.03(c) hereof or to fund any payment item related to any controlled disbursement account as permitted under Section 2.03(d) hereof (collectively, the “Discretionary Loans”), solely as permitted under clauses (b) and (c), below. (b) Administrative Agent may make Discretionary Loans in a principal amount of up to $5,000,000 in the aggregate without the consent of Borrower. Contemporaneously with or promptly after making such Discretionary Loan, Administrative Agent shall provide written notice to a Financial Officer of Borrower setting forth the amount of the Discretionary Loan and the application of the proceeds thereof. Borrower agrees to maintain secured Debt capacity under the agreements identified (specifically or otherwise) in Section 3.26 of this Agreement (the “Subject Agreements”) at all times in an amount equal to the difference between (i) $5,000,000 and (ii) the aggregate principal amount of Discretionary Loans (if any) made by Administrative Agent in reliance on this Section 9.22(b). (c) Administrative Agent may make Discretionary Loans in addition to those permitted under clause (b) above (“Additional Discretionary Loans”) with Borrower’s consent as provided in this Section 9.22(c). If Administrative Agent desires to make an Additional Discretionary Loan, Administrative Agent shall provide written notice to a Financial Officer of Borrower setting forth the amount of the desired Additional Discretionary Loan and requesting (i) Borrower’s prior written consent to the making of such Additional Discretionary Loan (which consent Borrower may give or withhold in its sole discretion) and (ii) if Borrower is willing to consent to such Loan, a determination by Borrower as to whether the making of such Discretionary Loan by Administrative Agent would result in a breach or violation of the terms of any Subject Agreement. Borrower shall promptly notify Administrative Agent in writing whether it will provide or withhold its consent to the making of such Additional Discretionary Loan by the Administrative Agent and, if it consents to the making thereof, whether such Additional Discretionary Loan would result in a breach or violation of the terms of any Subject Agreement (such notice being a “Borrower Reply”). If the Borrower Reply indicates Borrower’s consent to the making ...
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Discretionary Loans. As a consequence of the existence and continuance of the Designated Defaults, the conditions precedent to making a Loan or issuing, increasing, renewing or extending a Letter of Credit cannot be satisfied, and therefore, the Lender Parties have no obligation to make any additional Loans under the Credit Agreement or to issue, extend, amend or increase any Letters of Credit thereunder. Notwithstanding the foregoing, the Lender Parties, at their sole and absolute discretion may consider making additional Loans under the Credit Agreement; provided that should the Lender Parties proceed to make any such Loans, neither the making of such Loans nor any consideration given thereto shall (i) operate as a waiver of any right or remedy available to any Lender Party, (ii) indicate, or be in any way construed as, an agreement on any Lender Party's part to forbear from exercising (except as set forth in this Agreement), or to waive, any of its rights and remedies available under contract or under law, all of which the Administrative Agent, the Issuer and each Lender expressly reserve, (iii) cause, or be deemed to be, a modification of the Credit Agreement or any other Loan Document, (iv) establish a custom or a course of dealing with respect to the Credit Agreement or any other Loan Document, (v) operate as, or in any way deemed to be, a waiver of any existing or future Default or Event of Default under the Loan Documents, (vi) entitle the Borrower or any Guarantor to such Loan or any other Loan or extensions of credit under the Credit Agreement, (vii) entitle the Borrower or any Guarantor to any notice or demand whatsoever, (viii) in any way modify, change, impair, affect, diminish or release the Borrower's or any Guarantor's obligations or liability under the Loan Documents or any other liability the Borrower or any Guarantor may have to the Administrative Agent, the Issuer, or any other Lender Party, or (ix) waive, limit, or condition the Administrative Agent's or any other Lender Party's rights and remedies under the Loan Documents, all of which rights and remedies are expressly reserved.
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Discretionary Loans. (a) Each Bank may, in its sole discretion and on terms and conditions in writing satisfactory to it and the Company that are not inconsistent with the provisions of this Agreement, make additional Loans to the Company under its Commitment in Dollars on any one or more Business Days on or after the date hereof and prior to the Termination Date, which Discretionary Loans will be payable to the appropriate Bank upon such terms and conditions; provided, however, that the Company will not permit to remain outstanding any Discretionary Loans from any Bank, and no Bank will make any Discretionary Loans to the Company, if the aggregate principal amount of the Discretionary Loans and the Conventional Loans payable to such Bank exceeds such Bank's Commitment. Should any Discretionary Loan be outstanding from any Bank on a date on which a Conventional Borrowing is to be made, such Conventional Borrowing shall be made available only if the Company has paid or shall, simultaneously with the making of such Conventional Borrowing, pay such portions of Discretionary Loans (including, without limitation, the payment of the amount of any losses payable pursuant to Section 2.01(f) actually incurred by such Bank as a result of such prepayment) as shall be necessary to make available a portion of each Bank's Commitment at least equal to such Bank's Pro Rata Share of such Conventional Borrowing. No Discretionary Loan shall have a maturity date or interest period that extends beyond the Termination Date. Each Bank shall maintain
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Discretionary Loans. The Revolving Credit may also, at Lender's sole and absolute discretion, be utilized in the form of Loans to Borrower which either represent new Loans or a conversion of outstanding Committed Loans which are no longer supported by Eligible Mortgage Loans, in each case, without regard to the Borrowing Base limitations contained herein (such Loans so made or converted being hereinafter referred to collectively as the "Discretionary Loans" and individually as a "Discretionary Loan"). Except in the case of Discretionary Loans which represent a conversion of Committed Loans, the proceeds of the Discretionary Loans will be used by the Borrower solely to pay the purchase price owing by the Borrower to HFS for Borrower's repurchase of Mortgage Loans from HFS. The amount of any such Discretionary Loan shall not exceed 20% (or such other percentage to which Lender in its sole discretion shall agree) of such purchase price, and Borrower hereby unconditionally and irrevocably authorizes the Lender in its sole discretion, to make Discretionary Loans to Borrower hereunder without the necessity of prior notice to, or request by, Borrower to satisfy any delinquent repurchase obligations of Borrower to HFS
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Discretionary Loans. A. Prepayments due on account of sales of Mortgage Loans =================== 1. Number of sales during period A1 2. Minimum payment amount per sale =================== A2
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Discretionary Loans. Subject to the terms and conditions set forth in this Agreement, the Lender may lend to the Borrower and the Borrower may borrow, from time to time between the Closing Date and the End Date, upon notice by the Borrower to the Lender given in accordance with Section 2.5, such sums as are requested by the Borrower (each a "CREDIT LOAN"), PROVIDED, that the sum of the Outstanding amount of the Credit Loans (after giving effect to all amounts requested) shall not at any time exceed Availability. THIS AGREEMENT DOES NOT CONSTITUTE A COMMITTED LINE OF CREDIT; RATHER ALL CREDIT LOANS SHALL BE MADE IN THE DISCRETION OF THE LENDER. Each request for a Credit Loan hereunder shall constitute a representation and warranty by the Borrower that the conditions set forth in Section 8 and Section 9, in the case of the initial Credit Loan, and Section 9, in the case of all other Credit Loans, have been satisfied on the date of such request.
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Related to Discretionary Loans

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • Repayment of Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Revolving Loans outstanding on such date.

  • Protective Advances and Optional Overadvances (i) Any contrary provision of this Agreement or any other Loan Document notwithstanding, but subject to Section 2.2(e)(iv), at any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any of the other applicable conditions precedent set forth in Section 3 are not satisfied, Agent hereby is authorized by Borrowers and the Lenders, from time to time, in Agent's sole discretion, to make Revolving Loans to, or for the benefit of, Borrowers, on behalf of the Revolving Lenders, that Agent, in its Permitted Discretion, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations) (the Revolving Loans described in this Section 2.2(e)(i) shall be referred to as "Protective Advances"). Notwithstanding the foregoing, the aggregate amount of all Protective Advances outstanding at any one time shall not exceed $8,000,000. (ii) Any contrary provision of this Agreement or any other Loan Document notwithstanding, but subject to Section 2.2(e)(iv), the Lenders hereby authorize Agent or Swing Lender, as applicable, and either Agent or Swing Lender, as applicable, may, but is not obligated to, knowingly and intentionally, continue to make Revolving Loans (including Swing Loans) to Borrowers notwithstanding that an Overadvance exists or would be created thereby, so long as (A) after giving effect to such Revolving Loans, the outstanding Revolver Usage does not exceed the Borrowing Base by more than $8,000,000, and (B) after giving effect to such Revolving Loans, the outstanding Revolver Usage (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) does not exceed the Maximum Revolver Amount. In the event Agent obtains actual knowledge that the Revolver Usage exceeds the amounts permitted by the immediately foregoing provisions, regardless of the amount of, or reason for, such excess, Agent shall notify the Lenders as soon as practicable (and prior to making any (or any additional) intentional Overadvances (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) unless Agent determines that prior notice would result in imminent harm to the Collateral or its value, in which case Agent may make such Overadvances and provide notice as promptly as practicable thereafter), and the Lenders with Revolver Commitments thereupon shall, together with Agent, jointly determine the terms of arrangements that shall be implemented with Borrowers intended to reduce, within a reasonable time, the outstanding principal amount of the Revolving Loans to Borrowers to an amount permitted by the preceding sentence. In such circumstances, if any Lender with a Revolver Commitment objects to the proposed terms of reduction or repayment of any Overadvance, the terms of reduction or repayment thereof shall be implemented according to the determination of the Required Lenders. The foregoing provisions are meant for the benefit of the Lenders and Agent and are not meant for the benefit of Borrowers, which shall continue to be bound by the provisions of Section 2.3(e)(1). Each Lender with a Revolver Commitment shall be obligated to settle with Agent as provided in Section 2.2(f) (or Section 2.2(h), as applicable) for the amount of such Lender's Pro Rata Share of any unintentional Overadvances by Agent reported to such Lender, any intentional Overadvances made as permitted under this Section 2.2(e)(ii), and any Overadvances resulting from the charging to the Loan Account of interest, fees, or Lender Group Expenses. (iii) Each Protective Advance and each Overadvance (each, an "Extraordinary Advance") shall be deemed to be a Revolving Loan hereunder, except that no Extraordinary Advance shall be eligible to be a LIBOR Rate Loan and, prior to Settlement therefor, all payments on the Extraordinary Advances shall be payable to Agent solely for its own account. The Extraordinary Advances shall be repayable on demand, secured by Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Revolving Loans that are Base Rate Loans. The provisions of this Section 2.2(e) are for the exclusive benefit of Agent, Swing Lender, and the Lenders and are not intended to benefit Borrowers (or any other Loan Party) in any way. (iv) Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary: (A) no Extraordinary Advance may be made by Agent if such Extraordinary Advance would cause the aggregate principal amount of Extraordinary Advances outstanding to exceed an amount equal to 10% of the Maximum Revolver Amount; and (B) to the extent that the making of any Extraordinary Advance causes the aggregate Revolver Usage to exceed the Maximum Revolver Amount, such portion of such Extraordinary Advance shall be for Agent's sole and separate account and not for the account of any Lender and shall be entitled to priority in repayment in accordance with Section 2.3(b).

  • Funding of Revolving Loans Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in U.S. dollars) of immediately available funds at the offices of the Administrative Agent at its principal office in New York, New York, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender's Commitment Percentage. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion without any obligation to do so) make available to the relevant Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the relevant Borrower and such Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or such Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) from such Borrower at the applicable rate for such Loan pursuant to the Notice of Borrowing and (b) from a Lender at the Federal Funds Rate.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Revolving Advances (a) The Note A-2 Holder hereby agrees to advance to the Mortgage Loan Borrower any Revolving Advance required to be made under Note A-2 and the Mortgage Loan Documents, it being the specific intent of the parties hereto that no other Noteholder shall have any obligation and shall not be liable for making any Revolving Advance. The Note A-2 Holder shall remit each Revolving Advance on the date that such Revolving Advance is required to be made pursuant to the Mortgage Loan Documents and Note A-2. The parties hereto agree that (i) the determination of whether the Mortgage Loan Borrower is entitled to receive any Revolving Advance shall rest solely with the Note A-2 Holder, who shall be responsible for conducting any and all due diligence, loan documentation and pre-funding requirements in connection therewith, and (ii) the Note A-2 Holder shall be solely responsible for funding the Revolving Advance to the Mortgage Loan Borrower following such determination that the Mortgage Loan Borrower is entitled to receive such Revolving Advance under the terms of the Mortgage Loan Agreement. (b) For so long as the Revolving Advance Obligation has not been fully discharged and any Securitization is outstanding, Note A-2 may only be transferred to a transferee: (i) that is a Qualified Institutional Lender, or (ii) if the credit rating of the transferee from any applicable Rating Agency is lower than the credit rating of the Initial Note A-2 Holder, as to which the A-2 Holder has received confirmation in writing from each such Rating Agency that such Transfer will not result in a qualification, downgrade or withdrawal of its then current ratings of the Certificates, which confirmation will not be predicated upon any action by the Mortgage Loan Borrower. In addition, for so long as the Revolving Advance Obligation has not been fully discharged, (i) no Transfer of Note A-2 shall violate the Mortgage Loan Documents and (ii) the transferee shall assume all Revolving Advance Obligations pursuant to an assignment and assumption agreement whereby such transferee agrees to be bound by all provisions applicable to the Note A-2 Holder. (c) The Note A-2 Holder shall indemnify and hold harmless each other Noteholder, any Servicer, the Certificate Administrator and the Trustee (each a “Revolving Advance Indemnified Party”), against any and all losses, claims, damages, costs, expenses (including the fees and disbursements of outside counsel retained by any such person) and liabilities in connection with, arising out of, or as a result of the Note A-2 Holder's failure to satisfy its obligations to make any and all Revolving Advances, including without limitation, (i) any claims made by the Mortgage Loan Borrower or its Affiliates or (ii) any failure of payment by the Mortgage Loan Borrower under the Mortgage Loan, in each case that results from a failure to make any Revolving Advance as required under the Mortgage Loan Documents, except, as to such Future Funding Indemnified Party, to the extent that it is finally judicially determined that any losses, claims, damages, costs, expenses or liabilities resulted primarily from the bad faith or willful misconduct of such Revolving Advance Indemnified Party. Each Revolving Advance Indemnified Party shall be a third party beneficiary of this Agreement with respect to the indemnification obligations of the Note A-2 Holder set forth in this Section 41. In the event that the Note A-2 Holder becomes involved in any action, proceeding or investigation in connection with any transaction or matter referred to or contemplated by this Agreement, the Note A-2 Holder shall promptly reimburse such Revolving Advance Indemnified Party upon demand therefor in an amount equal to its reasonable legal and other expenses (including the costs of any investigation and preparation) incurred in connection therewith to the extent such party is entitled to indemnification for such legal or other costs and expenses hereunder. In addition, the Note A-2 Holder agrees that each Revolving Advance Indemnified Party may deduct and offset any amount to be indemnified hereunder from and against any amount that is due to the Note A-2 Holder under the Servicing Agreement. The indemnification obligations of the Note A-2 Holder hereunder shall survive any termination of the Agreement. Each Revolving Advance Indemnified Party's rights pursuant to this Section 41 are in addition to any other rights a Revolving Advance Indemnified Party may have at law or in equity. (d) The Note A-2 Holder shall provide notice of the making of any Revolving Advance and the amount of such Revolving Advance to each other Noteholder, the Master Servicer, the Special Servicer and the Operating Advisor. (e) The Note A-1-A-1 Holder (or at any time when such Note is included in a Securitization, the Master Servicer) shall maintain a record of each Revolving Advance advanced by the Note A-2 Holder and will increase the Note A-2 Principal Balance by the amount of such Revolving Advance.

  • Loans, Advances and Investments Neither the Seller nor any Restricted Subsidiary shall make any loan (other than Mortgage Loans), advance, or capital contribution to, or investment in (including any investment in any Restricted Subsidiary, joint venture or partnership), or purchase or otherwise acquire any of the capital stock, securities, ownership interests, or evidences of indebtedness of, any Person (collectively, “Investment”), or otherwise acquire any interest in, or control of, another Person, except for the following: (a) Cash Equivalents; (b) Any acquisition of securities or evidences of indebtedness of others when acquired by the Seller in settlement of accounts receivable or other debts arising in the ordinary course of its business, so long as the aggregate amount of any such securities or evidences of indebtedness is not material to the business or condition (financial or otherwise) of the Seller; (c) Mortgage Notes acquired in the ordinary course of the Seller’s business; (d) Investment in any existing Affiliate or any Subsidiary (including Investments by the Seller in CH Funding, LLC, a Delaware limited liability company) or JV; provided that (i) at the time any such investment is made and immediately thereafter, the Seller and the Restricted Subsidiaries are in compliance with all covenants set forth in the Repurchase Documents and no Default or Event of Default shall have occurred and be continuing and (ii) the aggregate outstanding amount of all such Investments shall not exceed $10,000,000 at any time; (e) Loans to officers or employees in an aggregate amount not to exceed $300,000; and (f) Investments in companies in the business of originating and servicing mortgage loans so long as such Investment is a direct equity investment and so long as such Investment does not cause a breach of any other covenant (affirmative or negative) hereunder.

  • Repayment of Participation Advances 2.9.4.1 Upon (and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds from the Borrower (i) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any Lender has made a Participation Advance to the Administrative Agent, or (ii) in payment of interest on such a payment made by the Issuing Lender under such a Letter of Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the same funds as those received by the Administrative Agent, the amount of such Lender’s Ratable Share of such funds, except the Administrative Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in respect of such payment by the Issuing Lender. 2.9.4.2 If the Administrative Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian, or any official in any Insolvency Proceeding, any portion of any payment made by any Loan Party to the Administrative Agent for the account of the Issuing Lender pursuant to this Section in reimbursement of a payment made under the Letter of Credit or interest or fee thereon, each Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative Agent for the account of the Issuing Lender the amount of its Ratable Share of any amounts so returned by the Administrative Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to the Administrative Agent, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time.

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments in accordance with the terms hereof, the Borrower shall, on the date of such termination, repay or prepay all of its outstanding Revolving Borrowings and, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i). (ii) In the event of any partial reduction of the Revolving Commitments in accordance with the terms hereof, then (x) at or prior to the effective date of such reduction, the Administrative Agent shall notify the Borrower and the Revolving Lenders of the sum of the Revolving Exposures after giving effect thereto and (y) if the sum of the Revolving Exposures would exceed the aggregate amount of Revolving Commitments after giving effect to such reduction, then the Borrower shall, on the date of such reduction, first, repay or prepay Revolving Borrowings and second, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i), in an aggregate amount sufficient to eliminate such excess. (iii) In the event that at any time the sum of all Lenders’ Revolving Exposures exceeds the Revolving Commitments then in effect, the Borrower shall, without notice or demand, immediately first, repay or prepay Revolving Borrowings, and second, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i), in an aggregate amount sufficient to eliminate such excess. (iv) In the event that the aggregate LC Exposure exceeds the LC Sublimit then in effect, the Borrower shall, without notice or demand, immediately, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i), in an aggregate amount sufficient to eliminate such excess.

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