Common use of Initial Repayment; Initial Borrowing Availability Clause in Contracts

Initial Repayment; Initial Borrowing Availability. Immediately upon IE's receipt of proceeds of the Offering, IE shall pay to IBMCC the net proceeds of the Offering to reduce IE's borrowings against the XLC Borrowing Base under the Credit Facility to an amount equal to the Initial Remaining Balance. As of such date, XLC shall be permitted to borrow under the Sublimit in an amount equal to the excess, if any, of the XLC Borrowing Base over the Remaining Balance.

Initial Repayment; Initial Borrowing Availability. Immediately upon IE's receipt of proceeds of the Offeringoffering, IE shall pay to IBMCC the net proceeds of the Offering to reduce IE's borrowings against the XLC Borrowing Base under the Credit Facility to an amount equal to the Initial Remaining Balance. As of such date, XLC shall be permitted to borrow under the Sublimit in an amount equal to the excess, if any, of the XLC Borrowing Base over the Remaining Balance.