Common use of Lc Collateral Clause in Contracts

Lc Collateral. (a) LC Obligations in Excess of Borrowing Base or upon Termination of Commitments. (i) If, after the making of all mandatory prepayments required under Section 2.10, the aggregate amount of all Advances outstanding plus all LC Obligations outstanding including LC Obligations secured by cash collateral pursuant to Section 3.6 will exceed the Borrowing Base, then Borrower will immediately pay to Issuing Bank an amount in cash equal to such excess, or (ii) should any LC Obligations remain outstanding on the Final Maturity Date, then Borrower will immediately pay Issuing Bank an amount in cash equal to the aggregate amount of such Issuing Bank's Matured LC Obligations. Issuing Bank will hold such amount as security for the remaining LC Obligations ("LC Collateral") until such LC Obligations become Matured LC Obligations, at which time such LC Collateral may be applied to such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which Issuing Bank may have under any other document or agreement relating to any Letter of Credit or LC Obligation, including any LC Application, or any rights which Issuing Bank or Lenders may have to otherwise apply any payments by Borrower and LC Collateral under Section 2.11.

Lc Collateral. (a) LC Obligations in Excess of Borrowing Base or upon Termination of ----------------------------------------------------------------- Commitments. (i) If, after the making of all mandatory prepayments required ----------- under Section 2.10, the aggregate amount of all Advances Loans outstanding plus all LC Obligations outstanding including excluding LC Obligations secured by cash collateral pursuant to Section 3.6 will exceed the Borrowing Base, then Borrower will immediately pay to Issuing Bank an amount in cash equal to such excess, or (ii) should any LC Obligations remain outstanding on the Final Maturity Date, then Borrower will immediately pay Issuing Bank an amount in cash equal to the aggregate amount of such Issuing Bank's Matured LC Obligations. Issuing Bank will hold such amount as security for the remaining LC Obligations ("LC Collateral") until such LC Obligations become Matured LC Obligations, at which time such LC Collateral may be applied to such Matured LC Obligations. Neither this subsection nor the following subsection shall, however, limit or impair any rights which Issuing Bank may have under any other document or agreement relating to any Letter of Credit or LC Obligation, including any LC Application, or any rights which Issuing Bank or Lenders may have to otherwise apply any payments by Borrower and LC Collateral under Section 2.11.