Common use of Excess Amounts Clause in Contracts

Excess Amounts. The Agent shall monitor the Outstanding Guarantee Amounts not less than monthly. If at any time and from time to time by reason of fluctuations in the currency conversion rates or interest rates the Agent reasonably considers that the aggregate of all Outstanding Guarantee Amounts of Bank Guarantees then in issue and the other Outstandings as at the date of determination exceed the Commitments, the Agent shall notify the Borrowers and require the Borrowers to pay an amount equal to the excess certified by the Agent to the Cash Collateral Accounts and/or prepay the Outstandings by an amount equal to the excess within two (2) Banking Days of the Agent's notice whereupon the Borrowers shall be liable to make such payment within such period. The Borrowers shall be entitled to the release of amounts paid to the Cash Collateral Accounts under this Clause from time to time provided no Event of Default has occurred and is continuing to the extent that the Commitments as reduced or suspended pursuant to Clause 9.3 and/or any other relevant provisions of this Agreement at the time of the Borrowers' request then exceed the Outstandings expressed in Dollars. In determining the Outstanding Guarantee Amounts for the purposes of this Clause the Agent shall in relation to interest by reference to which each Issuing Bank's liability under the outstanding Bank Guarantees may be calculated take into account only such amounts as have accrued to form part of such Issuing Bank's liability under the relevant Bank Guarantees at the time the Agent's determination is made.

Excess Amounts. The Agent shall monitor the Outstanding Guarantee Amounts not less than monthly. If at any time and from time to time by reason of fluctuations in the currency conversion rates or interest rates the Agent reasonably considers that the aggregate of all Outstanding Guarantee Amounts of Bank Guarantees then in issue and the other Outstandings as at the date of determination exceed the Commitments, the Agent shall notify the Borrowers Borrower and require the Borrowers Borrower to pay an amount equal to the excess certified by the Agent to the Cash Collateral Accounts Account and/or prepay the Outstandings by an amount equal to the excess within two (2) Banking Days of the Agent's notice whereupon the Borrowers Borrower shall be liable to make such payment within such period. The Borrowers Borrower shall be entitled to the release of amounts paid to the Cash Collateral Accounts Account under this Clause from time to time provided no Event of Default has occurred and is continuing to the extent that the Commitments as reduced or suspended pursuant to Clause 9.3 9.4 and/or any other relevant provisions of this Agreement at the time of the Borrowers' Borrower's request then exceed the Outstandings expressed in Dollars. In determining the Outstanding Guarantee Amounts for the purposes of this Clause the Agent shall in relation to interest by reference to which each Issuing Bank's liability under the outstanding Bank Guarantees may be calculated take into account only such amounts as have accrued to form part of such Issuing Bank's liability under the relevant Bank Guarantees at the time the Agent's determination is made.