Common use of Mandatory Prepayment and Cash Collateralization Clause in Contracts

Mandatory Prepayment and Cash Collateralization. In the event of any termination of the Commitment, the Borrower shall repay or prepay all its outstanding Loans (and irrevocably cash collateralize the L/C Exposure in the manner contemplated by Section 2.21(j) hereof) on the date of such termination. In the event of any partial reduction of the Commitment, then (i) at or prior to the effective date of such reduction or termination, the Administrative Agent shall notify the Borrower and the Lenders of the aggregate amount of outstanding Revolving Loans or Total Exposure, as the case may be, after giving effect thereto and (ii) if the sum of the aggregate amount of outstanding Revolving Loans or Total Exposure, as the case may be, and the aggregate outstanding principal amount of the Competitive Loans, at the time would exceed the Commitment, after giving effect to such reduction or termination, then the Borrower shall, on the date of such reduction or termination, repay or prepay Borrowings in an amount sufficient to eliminate such excess.

Mandatory Prepayment and Cash Collateralization. In the event of any termination of the CommitmentCommitments, the Borrower shall repay or prepay all its outstanding Loans Borrowings (and irrevocably cash collateralize the L/C Exposure in the manner contemplated by Section 2.21(j) hereof) on the date of such termination. In the event of any partial reduction of the CommitmentCommitments, then (i) at or prior to the effective date of such reduction or termination, the Administrative Agent shall notify the Borrower and the Lenders of the aggregate amount of outstanding Revolving Loans or Total Exposure, as the case may be, after giving effect thereto and (ii) if the sum of the aggregate amount of outstanding Revolving Loans or Total Exposure, as the case may be, and the aggregate outstanding principal amount of the Competitive Loans, at the time would exceed the CommitmentTotal Commitments, after giving effect to such reduction or termination, then the Borrower shall, on the date of such reduction or termination, repay or prepay Borrowings in an amount sufficient to eliminate such excess.