Common use of Excess Letters of Credit Outstanding Clause in Contracts

Excess Letters of Credit Outstanding. To the extent that any excess calculated pursuant to Section 3.04(a) is attributable to undrawn Letters of Credit, then the applicable Borrower Party may Cash Collateralize the Letter of Credit Liability in the amount of such excess, when required pursuant to the terms of Section 3.04

Excess Letters of Credit Outstanding. To the extent that If any excess calculated pursuant to Section 3.04(a) is attributable to undrawn Letters of Credit, then the applicable Borrower Party may Parties shall promptly Cash Collateralize such excess with the Letter of Credit Liability in the amount of such excess, when required Administrative Agent pursuant to the terms of Section 3.042.07(h), as security for such portion of the Obligations; provided that the Borrower Parties shall not be required to Cash Collateralize any Letters of Credit unless the amount of any such excess is not fully reduced by prepaying Loans in accordance with Section 3.04(a).