Acceleration of LC Obligations. If the Obligations or any part thereof become immediately due and payable pursuant to Section 8.1 then, unless Required Lenders otherwise specifically elect to the contrary (which election may thereafter be retracted by Required Lenders at any time), all LC Obligations shall be deemed to become immediately due and payable without regard to whether or not actual drawings or payments on the Letters of Credit have occurred, and Borrower shall be obligated to pay to LC Issuer immediately an amount equal to the aggregate LC Obligations which are then outstanding, which amount shall be held by LC Issuer as security for LC Obligations (the “LC Collateral”) and the other Obligations, and such LC Collateral may be applied from time to time to any Matured LC Obligations or any other Obligations which are due and payable.
Appears in 5 contracts
Sources: Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc)
Acceleration of LC Obligations. If the Obligations or any part thereof become immediately due and payable pursuant to Section 8.1 then, unless Required Majority Lenders otherwise specifically elect to the contrary (which election may thereafter be retracted by Required Majority Lenders at any time), all LC Obligations shall be deemed to become immediately due and payable without regard to whether or not actual drawings or payments on the Letters of Credit have occurred, and Borrower shall be obligated to pay to LC Issuer immediately an amount equal to the aggregate LC Obligations which are then outstanding, which amount . All amounts so paid shall first be applied to Matured LC Obligations and then held by LC Issuer as security for LC Collateral until such LC Obligations (the “become Matured LC Collateral”) and the other Obligations, and at which time such LC Collateral may shall be applied from time to time to any such Matured LC Obligations or any other Obligations which are due and payableObligations.
Appears in 5 contracts
Sources: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (United States Exploration Inc), Credit Agreement (North Coast Energy Inc / De/)
Acceleration of LC Obligations. If the Obligations or any part thereof become immediately due and payable pursuant to Section 8.1 then, unless Required Lenders otherwise specifically elect to the contrary (which election may thereafter be retracted by Required Lenders at any time), all LC Obligations shall be deemed to become immediately due and payable without regard to whether or not actual drawings or payments on the Letters of Credit have occurred, and Borrower shall be obligated to pay to LC Issuer immediately an amount equal to the aggregate LC Obligations which are then outstanding, which amount shall be held by LC Issuer as security for LC Collateral securing the remaining LC Obligations (the “LC Collateral”) and the other Obligations, and such LC Collateral may be applied from time to time to any Matured LC Obligations or any other Obligations which are due and payable.
Appears in 2 contracts
Sources: Credit Agreement (Comfort Systems Usa Inc), Credit Agreement (Comfort Systems Usa Inc)
Acceleration of LC Obligations. If the Obligations or any part ------------------------------ thereof become immediately due and payable pursuant to Section 8.1 8.2 then, unless Required Lenders otherwise specifically elect to the contrary (which election may thereafter be retracted by Required Lenders at any time), all LC Obligations shall be deemed to become immediately due and payable without regard to whether or not actual drawings or payments on the Letters of Credit have occurred, and Borrower shall be obligated to pay to LC Issuer immediately an amount equal to the aggregate LC Obligations which are then outstanding, which amount . All amounts so paid shall first be applied to Matured LC Obligations and then held by LC Issuer as security for LC Collateral until such LC Obligations (the “become Matured LC Collateral”) and the other Obligations, and at which time such LC Collateral may shall be applied from time to time to any such Matured LC Obligations or any other Obligations which are due and payableObligations.
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Acceleration of LC Obligations. If the Secured Obligations or any part thereof become immediately due and payable pursuant to Section 8.1 then, unless Required Lenders otherwise specifically elect to the contrary (which election may thereafter be retracted by Required Lenders at any time), all LC Obligations shall be deemed to become immediately due and payable without regard to whether or not actual drawings or payments on the Letters of Credit have occurred, and Borrower shall be obligated to pay to LC Issuer immediately an amount equal to the aggregate LC Obligations which are then outstanding, which amount shall be held by LC Issuer as security for LC Collateral securing the remaining LC Obligations (the “LC Collateral”) and the other Secured Obligations, and such LC Collateral may be applied from time to time to any Matured LC Obligations or any other Secured Obligations which are due and payable.
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