Common use of LC Obligations in Excess of Borrowing Base Clause in Contracts

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.6, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other Obligations, and such collateral may be applied from time to time to pay Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans required under Section 2.7. Borrower will immediately pay to LC Issuer Lender an amount equal to such excess. LC Issuer Lender will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "“LC Collateral"”) and the other Obligations, and such collateral may be applied from time to time to pay any Matured LC ObligationsObligations or other Obligations which are due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer Lender may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrowing Base Deficiency Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Bank Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.6, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer Administrative Agent an amount equal to such excess. LC Issuer Administrative Agent will hold such amount amounts as collateral security for the ratable benefit of each LC Issuer for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and as collateral security for the other Obligations, and such collateral may be applied from time to time to pay Matured LC ObligationsObligations or any other Obligations which are then due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC CollateralCOLLATERAL") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights Exhibit 10.13 which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Bank Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other Obligations, and such collateral may be applied from time to time to pay any Matured LC ObligationsObligations or other Obligations which are due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the sum of the outstanding LC Obligations and the outstanding principal amount of the SG Obligations will exceed the lesser of Borrowing BaseBase or the Aggregate Commitment, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "“LC Collateral"”) and the other Obligations, and such collateral may be applied from time to time to pay any Matured LC ObligationsObligations or other Obligations which are due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans required under Section 2.7 Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "“LC Collateral"”) and the other Secured Obligations, and such collateral Collateral may be applied from time to time to pay any Matured LC ObligationsObligations or other Secured Obligations which are due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Bank Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrowing Base Deficiency Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC CollateralCOLLATERAL") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Bank Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the principal balance of the Loans is zero, but outstanding LC Obligations will exceed the Borrowing Base, then in addition to such prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Bank Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to such prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other until such LC Obligations become Matured LC Obligations, and at which time such collateral LC Collateral may be applied from time to time to pay such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral Credit or LC Obligation, including any LC Application, or any rights which any Lender Bank Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.7, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans required under Section 2.7 Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "“LC Collateral"”) and the other Obligations, and such collateral may be applied from time to time to pay any Matured LC ObligationsObligations or other Obligations which are due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.

LC Obligations in Excess of Borrowing Base. If, after the making of all mandatory prepayments required under Section 2.62.8 or 2.11, the outstanding LC Obligations will exceed the Borrowing Base, then in addition to prepayment of the entire principal balance of the Loans Borrower will immediately pay to LC Issuer an amount equal to such excess. LC Issuer will hold such amount as collateral security for the remaining LC Obligations (all such amounts held as collateral security for LC Obligations being herein collectively called "LC Collateral") and the other Obligations, and such collateral may be applied from time to time to pay any Matured LC ObligationsObligations or other Obligations which are due and payable. Neither this subsection nor the following subsection shall, however, limit or impair any rights which LC Issuer may have under any other document or agreement relating to any Letter of Credit, LC Collateral or LC Obligation, including any LC Application, or any rights which any Lender Party may have to otherwise apply any payments by Borrower and any LC Collateral under Section 3.1.