Repayment of Loans; Cash Collateralization of Escrow Agreements and Letters of Credit Sample Clauses

Repayment of Loans; Cash Collateralization of Escrow Agreements and Letters of Credit. If the Aggregate Credit Exposure exceeds the amount of the Commitments on the Mandatory Reduction Date (after the Commitments have been reduced on such date), Borrower shall repay Loans on the Mandatory Reduction Date in the amount of the lesser of (A) such excess or (B) the amount of Loans outstanding. Borrower shall repay all Revolving Credit Loans before it repays any Treasury Rate Term Loans pursuant to the first sentence. Any repayment of a Treasury Rate Term Loan on the Mandatory Reduction Date pursuant to the first sentence of this clause (iii) shall be subject to the Treasury Rate Term Loan Prepayment Premium. If the aggregate of the undrawn face amount of Letters of Credit scheduled to expire after the Mandatory Reduction Date plus obligations under the Escrow Agreements scheduled to terminate after the Mandatory Reduction Date exceeds the amount of Commitments on such Mandatory Reduction Date after reduction of such Commitments (such excess shall be referred to as the "Amount to be Collateralized"), then Borrower shall, on or before the date which is fifteen (15) days before such Mandatory Reduction Date, Cash Collateralize Letters of Credit and Escrow Agreements in an aggregate amount equal to or exceeding such Amount to be Collateralized. Borrower shall select outstanding Escrow Agreements and Letters of Credit for Cash Collateralization for purposes of the preceding sentence in the following order of priority: (i) first, Borrower shall select Escrow Agreements and Letters of Credit in reverse order of the amount of obligations under or face amount of, as the case may be, such Escrow Agreements or Letters of Credit (so that, for example, a Letter of Credit will be Cash Collateralized before an Escrow Agreement if the face amount of the Letter of Credit will exceed the obligations under the Escrow Agreement on the Mandatory Reduction Date); (ii) second, if (A) two or more Letters of Credit shall have the same face amount, (B) the amount of the obligations under two or more Escrow Agreements shall be the same or (C) the face amount of a Letter of Credit shall equal the amount of the obligations under an Escrow Agreement, then, in such event, Borrower shall Cash Collateralize such Letters of Credit and Escrow Agreements (the obligations under or face amounts of which are the same) in order of the amount of the Contingent Exposure of the Issuing Banks or Escrow Banks which issued or entered into such Letters of Credit or Escrow Agreements (so that,...
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Related to Repayment of Loans; Cash Collateralization of Escrow Agreements and Letters of Credit

  • Cash Collateral, Repayment of Swingline Loans If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 3.10.

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • Conditions Precedent to Loans and Letters of Credit 32 Section 3.1 Conditions To Effectiveness.................................................32 Section 3.2 Each Credit Event...........................................................33 Section 3.3 Delivery of Documents.......................................................34

  • Loans and Letters of Credit On the Closing Date:

  • First Loans and Letters of Credit On the Closing Date:

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Cash Collateral, Repayment of Swing Line Loans If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.15.

  • Use of Loans and Letters of Credit The proceeds of the Loans and the Letters of Credit shall be used for working capital, for lease acquisitions, for exploration and production operations, for development (including the drilling and completion of producing xxxxx), for the payment of fees and expenses incurred in connection with this Agreement and for any other general business purposes. The Credit Parties are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

  • Conditions to All Loans and Letters of Credit The obligations of the Lenders to make any Loan or issue any Letter of Credit is subject to the satisfaction of the following conditions precedent on the relevant borrowing or issue date, as applicable:

  • Payments Pursuant to Letters of Credit The Borrower agrees to reimburse immediately the Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support, and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against the Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrower to the Agent for a Borrowing of a Base Rate Revolving Loan in the amount of such drawing. The Funding Date with respect to such borrowing shall be the date of such drawing.

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