Common use of Mandatory Payments and Prepayments Clause in Contracts

Mandatory Payments and Prepayments. (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the aggregate outstanding principal of the Loans shall be due and payable in full on the Tranche 1 Maturity Date. (b) In the event that, at any time, the aggregate Tranche 1 Credit Exposure shall exceed the aggregate Tranche 1 Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Borrowers will immediately prepay the outstanding principal amount of the Loans in the amount of such excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained by the Administrative Agent and held in the Cash Collateral Account as cover for Tranche 1 Letter of Credit Exposure, as more particularly described in Section 3.8, and thereupon such cash shall be deemed to reduce the Tranche 1 Letter of Credit Exposure by an equivalent amount. (c) In the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure at such time shall exceed the lesser of (y) the aggregate Tranche 2 Commitments at such time (after giving effect to any concurrent termination or reduction thereof) and (z) the aggregate Collateral Value at such time, the Borrowers will, to the extent they have not deposited additional Collateral in a Custodial Account having a Collateral Value at least equal to such excess within the three (3) Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash Collateral Account as cover for Tranche 2 Letter of Credit Exposure, as more particularly described in Section 3.8, and thereupon such funds shall be deemed to reduce the aggregate Tranche 2 Letter of Credit Exposure by an equivalent amount. (d) In the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure pertaining to any Borrower shall exceed the Collateral Value in the Custodial Account of such Borrower, such Borrower will, to the extent it has not deposited additional Collateral in its Custodial Account having a Collateral Value at least equal to such excess within the three (3) Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash Collateral Account as cover for the Tranche 2 Letter of Credit Exposure pertaining to it, as more particularly described in Section 3.8, and thereupon such funds shall be deemed to reduce the Tranche 2 Letter of Credit Exposure pertaining to such Borrower by an equivalent amount.

Mandatory Payments and Prepayments. (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreementhereof, each Borrower shall repay to the aggregate outstanding principal of the Loans shall be due and payable in full Lenders on the Tranche 1 Maturity DateDate the aggregate outstanding principal amount of Loans made to such Borrower. (b) In Subject to the provisions of Section 3.8(a), in the event that, at any time, the aggregate Tranche 1 Credit Exposure shall exceed the aggregate Tranche 1 Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Borrowers each Borrower will immediately prepay the outstanding principal amount of the Loans made to it in its pro rata portion of the amount of such excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained by the Administrative Agent and held in the such Borrower’s Cash Collateral Account as cover for the aggregate Tranche 1 Letter of Credit ExposureExposure of such Borrower, as more particularly described in Section 3.8, and thereupon such cash shall be deemed to reduce the aggregate Tranche 1 Letter of Credit Exposure by an equivalent amountDollar Amount. (c) In Subject to the provisions of Section 3.8(b), in the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure at such time shall exceed the lesser of (y) the aggregate Tranche 2 Commitments at such time (after giving effect to any concurrent termination or reduction thereof) and (z) the aggregate Collateral Value at such time), the Borrowers will, to the extent they have not deposited additional Collateral in a Custodial each Account having a Collateral Value at least equal to such excess Party shall within the three (3) one Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay or deliver to the Administrative Agent an amount of cash or Cash Equivalents in an aggregate amount equal to its pro rata portion of the amount of such excess in Dollars and in immediately available funds to be excess, with any such cash or Cash Equivalents retained by the Administrative Agent and held in the such Account Party’s Cash Collateral Account as cover for the aggregate Tranche 2 Letter of Credit ExposureExposure of such Account Party, as more particularly described in Section 3.8, and thereupon such funds cash or Cash Equivalents shall be deemed to reduce the aggregate Tranche 2 Letter of Credit Exposure by an equivalent amount. (d) In Subject to the provisions of Section 2.6(c) and Section 3.8(b), in the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure pertaining attributable to any Borrower Account Party exceeds the Borrowing Base of such Account Party at such time, such Account Party shall exceed the Collateral Value in the immediately deposit into a Custodial Account of such Borrower, such Borrower will, to the extent it has not deposited additional Eligible Collateral in or reduce its Custodial Account having a Collateral Value at least equal to such excess within the three (3) Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash Collateral Account as cover for the Tranche 2 Letter Obligations, or a combination of Credit Exposure pertaining the foregoing, in an amount sufficient to it, as more particularly described in Section 3.8, and thereupon eliminate such funds shall be deemed to reduce the Tranche 2 Letter of Credit Exposure pertaining to such Borrower by an equivalent amountexcess.

Mandatory Payments and Prepayments. (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreementhereof, each Borrower shall repay to the aggregate outstanding principal of the Loans shall be due and payable in full Lenders on the Tranche 1 Maturity DateDate the aggregate outstanding principal amount of Loans made to the Borrower. (b) In Subject to the provisions of Section 3.8(a), in the event that, at any time, the aggregate Tranche 1 Credit Exposure shall exceed the aggregate Tranche 1 Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Borrowers Borrower will immediately prepay the outstanding principal amount of the Loans made to it in the amount of such excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of Loans outstanding immediately prior to the application of such prepayment, each Credit Party shall immediately pay or deliver to the Administrative Agent an amount of cash or Cash Equivalents in an aggregate amount equal to its pro rata portion of the amount so prepaid of such excess amount, which shall be retained by the Administrative Agent and held in the respective Credit Party’s Cash Collateral Account as cover for the aggregate Tranche 1 Letter of Credit Exposure, as more particularly described in Section 3.8, and thereupon such cash shall be deemed to reduce the Tranche 1 Letter of Credit Exposure by an equivalent amount. (c) In Subject to the provisions of Section 3.8(b), in the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure at such time shall exceed the lesser of (y) the aggregate Tranche 2 Commitments at such time (after giving effect to any concurrent termination or reduction thereof) and (z) the aggregate Collateral Value at such time), the Borrowers will, to the extent they have not deposited additional Collateral in a Custodial Account having a Collateral Value at least equal to such excess each Credit Party shall within the three (3) one Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay or deliver to the Administrative Agent an amount of cash or Cash Equivalents in an aggregate amount equal to its pro rata portion of the amount of such excess in Dollars and in immediately available funds to be excess, with any such cash or Cash Equivalents retained by the Administrative Agent and held in the such Credit Party’s Cash Collateral Account as cover for the aggregate Tranche 2 Letter of Credit ExposureExposure of such Credit Party, as more particularly described in Section 3.8, and thereupon such funds shall be deemed to reduce the aggregate Tranche 2 Letter of Credit Exposure by an equivalent amount. (d) In the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure pertaining to any Borrower shall exceed the Collateral Value in the Custodial Account of such Borrower, such Borrower will, to the extent it has not deposited additional Collateral in its Custodial Account having a Collateral Value at least equal to such excess within the three (3) Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash Collateral Account as cover for the Tranche 2 Letter of Credit Exposure pertaining to it, as more particularly described in Section 3.8, and thereupon such funds shall be deemed to reduce the Tranche 2 Letter of Credit Exposure pertaining to such Borrower by an equivalent amount.

Mandatory Payments and Prepayments. (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the aggregate outstanding principal of the Loans shall be due and payable in full on the Tranche 1 Maturity Date. (b) In the event that, at any time, the aggregate Tranche 1 Credit Exposure shall exceed the aggregate Tranche 1 Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Borrowers will immediately prepay the outstanding principal amount of the Loans in the amount of such excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained by the Administrative Agent and held in the Cash Collateral Account as cover for Tranche 1 Letter of Credit Exposure, as more particularly described in Section 3.83.7, and thereupon such cash shall be deemed to reduce the Tranche 1 Letter of Credit Exposure by an equivalent amount. (c) In the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure at such time shall exceed the lesser of (y) the aggregate Tranche 2 Commitments at such time (after giving effect to any concurrent termination or reduction thereof) and (z) the aggregate Collateral Value at such time, the Borrowers will, to the extent they have not deposited additional Collateral in a Custodial Account having a Collateral Value at least equal to such excess within the three (3) Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash Collateral Account as cover for Tranche 2 Letter of Credit Exposure, as more particularly described in Section 3.83.7, and thereupon such funds shall be deemed to reduce the aggregate Tranche 2 Letter of Credit Exposure by an equivalent amount. (d) In the event that, at any time, the aggregate Tranche 2 Letter of Credit Exposure pertaining to any Borrower shall exceed the Collateral Value in the Custodial Account of such Borrower, such Borrower will, to the extent it has not deposited additional Collateral in its Custodial Account having a Collateral Value at least equal to such excess within the three (3) Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash Collateral Account as cover for the Tranche 2 Letter of Credit Exposure pertaining to it, as more particularly described in Section 3.83.7, and thereupon such funds shall be deemed to reduce the Tranche 2 Letter of Credit Exposure pertaining to such Borrower by an equivalent amount.

Mandatory Payments and Prepayments. (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreementhereof, IPC Holdings shall repay to the aggregate outstanding principal of the Loans shall be due and payable in full Lenders on the Tranche 1 Maturity DateDate the aggregate outstanding principal amount of the Loans. (b) In the event that, at If on any time, date the aggregate Tranche 1 Credit Exposure shall exceed the aggregate Tranche 1 Commitments at such time (after giving effect to any concurrent termination or reduction thereof), the Borrowers IPC Holdings will immediately on such date prepay the outstanding principal amount of the Loans in the amount of such excess; provided that, to the extent such excess amount is greater than the aggregate principal amount of Loans outstanding immediately prior to the application of such prepayment, the amount so prepaid shall be retained by the Administrative Agent and held in the IPC Holdings' Cash Collateral Account as cover for the aggregate Tranche 1 Letter of Credit ExposureExposure of the Credit Parties, as more particularly described in Section 3.8SECTION 4.8, and thereupon such cash shall be deemed to reduce the aggregate Tranche 1 Letter of Credit Exposure by an equivalent amount. (c) In the event that, at If on any timedate, the aggregate Tranche 2 Letter of Credit Exposure at such time shall exceed the lesser of (y) the aggregate Tranche 2 Commitments at such time (after giving effect to any concurrent termination or reduction thereof) and (z) the aggregate Collateral Value at such time), the Borrowers will, to the extent they have not deposited additional Collateral in a Custodial each Account having a Collateral Value at least equal to such excess Party shall within the three (3) one Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay or deliver to the Administrative Agent an amount of cash or Cash Equivalents in an aggregate amount equal to its pro rata portion of the amount of such excess in Dollars and in immediately available funds to be excess, with any such cash or Cash Equivalents retained by the Administrative Agent and held in the such Account Party's Cash Collateral Account as cover for the aggregate Tranche 2 Letter of Credit ExposureExposure of such Account Party, as more particularly described in Section 3.8SECTION 4.8, and thereupon such funds cash or Cash Equivalents shall be deemed to reduce the aggregate Tranche 2 Letter of Credit Exposure by an equivalent amount. (d) In the event that, at If on any timedate, the aggregate Tranche 2 Letter of Credit Exposure pertaining attributable to any Borrower shall exceed Account Party exceeds the Collateral Value in the Custodial Account Borrowing Base of such BorrowerAccount Party, such Borrower will, to the extent it has not deposited additional Collateral in its Custodial Account having a Collateral Value at least equal to such excess Party shall within the three (3) one Business Day period specified in Section 8.12 and subject to the other terms of this Agreement, immediately pay to the Administrative Agent the amount of such excess in Dollars and in immediately available funds to be retained by the Administrative Agent and held in the Cash deposit Eligible Collateral into its Collateral Account as cover for the or reduce its Tranche 2 Letter Obligations, or a combination of Credit Exposure pertaining the foregoing, in an amount sufficient to it, as more particularly described in Section 3.8, and thereupon eliminate such funds shall be deemed to reduce the Tranche 2 Letter of Credit Exposure pertaining to such Borrower by an equivalent amountexcess.