Common use of Failure to Repay Clause in Contracts

Failure to Repay. If and to the extent that the Principal Borrower fails to make sufficient repayments to eliminate such Currency Excess (the remainder thereof being herein called the “Currency Excess Deficiency”), the Principal Borrower shall place an amount equal to the Currency Excess Deficiency on deposit with the Agent in an interest-bearing account with interest at rates prevailing at the time of deposit for the account of the Principal Borrower, to be held and applied to maturing Bankers’ Acceptances or LIBO Rate Loans, as the case may be (converted if necessary at the exchange rate for determining the Equivalent Amount on the date of such application). The Agent is hereby irrevocably directed by the Principal Borrower to apply any such sums on deposit to maturing Loans under the applicable Credit Facility as provided in the preceding sentence. Upon the Currency Excess being eliminated as aforesaid or by virtue of subsequent changes in the exchange rate for determining the Equivalent Amount, then, provided no Default or Event of Default is then continuing, such funds on deposit, together with interest thereon, shall be returned to the Principal Borrower.

Failure to Repay. If and to the extent that the Principal Borrower fails to make sufficient repayments to eliminate such Currency Excess (the remainder thereof being herein called the “Currency Excess Deficiency”), the Principal Borrower shall place an amount equal to the Currency Excess Deficiency on deposit with the Agent in an interest-interest- ‑ 78 ‑ bearing account with interest at rates prevailing at the time of deposit for the account of the Principal Borrower, to be held and applied to maturing Bankers’ Acceptances or LIBO Rate Loans, as the case may be (converted if necessary at the exchange rate for determining the Equivalent Amount on the date of such application). The Agent is hereby irrevocably directed by the Principal Borrower to apply any such sums on deposit to maturing Loans under the applicable Credit Facility as provided in the preceding sentence. Upon the Currency Excess being eliminated as aforesaid or by virtue of subsequent changes in the exchange rate for determining the Equivalent Amount, then, provided no Default or Event of Default is then continuing, such funds on deposit, together with interest thereon, shall be returned to the Principal Borrower.

Failure to Repay. If and to the extent that the Principal Borrower fails to make sufficient repayments to eliminate such Currency Excess (the remainder thereof being herein called the “Currency Excess Deficiency”), the Principal Borrower shall place an amount equal to the Currency Excess Deficiency on deposit with the Agent in an interest-bearing account with interest at rates prevailing at the time of deposit for the account of the Principal Borrower, to be held and applied to maturing Bankers’ Acceptances or LIBO Rate Loans, as the case may be (converted if necessary at the exchange rate for determining the Equivalent Amount on the date of such application). The Agent is hereby irrevocably directed by the Principal Borrower to apply any such sums on deposit to maturing Loans under the applicable Credit Facility Tranche as provided in the preceding sentence. Upon the Currency Excess being eliminated as aforesaid or by virtue of subsequent changes in the exchange rate for determining the Equivalent Amount, then, provided no Default or Event of Default is then continuing, such funds on deposit, together with interest thereon, shall be returned to the Principal Borrower.