Excess Relating to Benchmark Loans and Letters of Credit Clause Samples

Excess Relating to Benchmark Loans and Letters of Credit. Subject to Section 5.8(b), if to pay an Excess it is necessary to repay an Advance made by way of Benchmark Loan or Letter of Credit prior to the Maturity Date thereof, the Borrower will not be required to repay such Advances until the Maturity Date applicable thereto, provided, however, that at the request of the Agent, the Borrower will forthwith pay the Excess to the Agent for deposit into a Cash Collateral Account maintained by and in the name of the Agent for the benefit of the applicable Lenders. The Excess will be held by the Agent for set-off against future Obligations owing by the Borrower to the applicable Lenders in respect of such Excess, if any, or shall make such other arrangements to affect the same as may be agreed to by the affected Lenders. The Agent shall have exclusive control over all amounts at any time on deposit in such Cash Collateral Account. The deposit of the Excess by the Borrower with the Agent as herein provided, will not operate as a repayment of the Aggregate Principal Amount until such time as the Excess is actually paid to the Lenders as a Principal Repayment. If at any time the Borrower is no longer required to pay the Excess on deposit with the Agent, the Agent shall promptly return the Excess to the Borrower.
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Related to Excess Relating to Benchmark Loans and Letters of Credit

  • Conditions to All Loans and Letters of Credit The obligation of each Lender to make any Loan (other than any Revolving Credit Loan the proceeds of which are to be used to repay Refunded Swing Line Loans) and the obligation of each Issuing Lender to issue any Letter of Credit is subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date:

  • Loans and Letters of Credit On the Closing Date:

  • 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.

  • 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 ▇▇▇▇▇), 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.

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