Common use of Excess L/C Obligations Clause in Contracts

Excess L/C Obligations. If at any time the outstanding amount of all L/C Obligations exceeds the L/C Commitment, then, in each such case, the Borrower shall promptly make a payment of cash collateral into a cash collateral account opened by the Administrative Agent, for the benefit of itself and the Lenders, in an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit (such cash collateral to be applied in accordance with Section 11.2(b)).

Excess L/C Obligations. If If, at any time (as determined by the Administrative Agent under Section 2.4(b)(iv)), the outstanding principal amount of all L/C Obligations exceeds the L/C Commitment, then, in each such case, the Borrower shall promptly make a payment shall, with respect to any Letters of Credit then outstanding, deposit cash collateral into a cash collateral account opened by the Administrative Agent, Agent for the benefit of itself and the Lenders, Lenders in an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit excess (such cash collateral to be applied in accordance with Section 11.2(b9.2(b)).