Common use of Prepayments of the Revolving Credit Facility Clause in Contracts

Prepayments of the Revolving Credit Facility. made pursuant to clause (i), (ii), (iii), (iv), (v) or (vi) above shall be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and fourth deposited in the L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstanding; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii), (iv) or (v) above, the amount remaining (if any) after the prepayment in full of the Advances then outstanding and the 100% cash collateralization of the aggregate Available Amount of Letters of Credit then outstanding (the sum of such prepayment amounts, cash collateralization amounts and remaining amount being referred to herein as the "REDUCTION AMOUNT") may be retained by the Borrower and the Revolving Credit Facility shall be permanently reduced as set forth in Section 2.05(b)(v). Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the Issuing Banks or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Steel Dynamics Inc)

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Prepayments of the Revolving Credit Facility. made pursuant to clause (i), (ii), (iii), (iv), (v) or (viiv) above of this Section 2.05(b), first, shall be first applied ratably to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay the Unreimbursed Obligations and the Swing Line Advances then Loans, second, shall be applied ratably to the outstanding until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part of Loans, and, third, shall be used to Cash Collateralize the same Borrowings until such Advances are paid in full and fourth deposited in the remaining L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstandingObligations; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii), ) or (iv) or (v) aboveof this Section 2.05(b), the amount remaining (remaining, if any) , after the prepayment in full of the Advances then all Unreimbursed Obligations, Swing Line Loans and Revolving Credit Loans outstanding at such time and the 100% cash collateralization Cash Collateralization of the aggregate Available Amount of Letters of Credit then outstanding remaining L/C Obligations in full (the sum of such prepayment amounts, cash collateralization amounts and remaining amount being referred to herein as being, collectively, the "REDUCTION AMOUNTReduction Amount") may be retained by the Borrower for use in the ordinary course of its business, and the Revolving Credit Facility shall be automatically and permanently reduced by the Reduction Amount as set forth in Section 2.05(b)(v2.06(b)(iii). Upon the drawing of any Letter of Credit for which that has been Cash Collateralized, the funds are on deposit in held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party) to reimburse the L/C Cash Collateral Account, such funds shall be applied to reimburse Issuer or the Issuing Banks or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Del Monte Foods Co)

Prepayments of the Revolving Credit Facility. made pursuant to clause (i), (ii), (iii), (iv), (v) or (viiii) above this Section 2.06 shall be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and fourth third deposited in the L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstanding; and, and in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii), (iv) or (vii) above, the amount remaining (if any) after the prepayment in full of the Revolving Credit Advances then outstanding and the 100% cash collateralization of the aggregate Available Amount of Letters of Credit then outstanding (the sum of such prepayment amounts, cash collateralization amounts and remaining amount being referred to herein as being, collectively, the "REDUCTION AMOUNTReduction Amount") may be retained by the Borrower and the Revolving Credit Facility shall be permanently reduced as set forth in Section 2.05(b)(v2.05(b)(iii). Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the Issuing Banks Bank or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Key3media Group Inc)

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Prepayments of the Revolving Credit Facility. made pursuant to clause (i), (ii), (iii), ) and (iv), (v) or (vi) above shall be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and fourth deposited in the L/C Cash Collateral Account to cash collateralize collateralized 100% of the Available Amount of the Letters of Credit then outstanding; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii), ) and (iv) or (v) aboveiv)above, the amount remaining (if any) after the prepayment in full of the Advances then outstanding and the 100% cash collateralization of the aggregate Available Amount of Letters of Credit then outstanding (the sum of such prepayment amountsamounts in respect of Revolving Credit Advances, the Letter of Credit Advances and Swing Line Advances, cash collateralization amounts and the remaining amount being referred to herein as the "REDUCTION AMOUNTReduction Amount") may be retained by the Borrower and the Revolving Credit Facility shall be permanently reduced as set forth in Section 2.05(b)(v2.04(b)(iv). Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the Issuing Banks Bank or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Headwaters Inc)

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