Common use of Prepayments of the Clause in Contracts

Prepayments of the. Revolving Credit Facility made pursuant to clause (i), (ii), (iii) or (iv) above shall be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and fourth deposited in the L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstanding; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii) or (iv) above, the amount remaining (if any) after the prepayment in full of the Advances then outstanding and the 100% cash collateralization of the aggregate Available Amount of Letters of Credit then outstanding may be retained by the Borrower. Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account (including following the Termination Date), such funds shall be applied to reimburse the Issuing Banks or Revolving Credit Lenders, as applicable.

Appears in 2 contracts

Samples: Credit Agreement (Steel Dynamics Inc), Credit Agreement (Steel Dynamics Inc)

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Prepayments of the. Revolving Credit Facility made pursuant to clause (i), (ii), or (iii) or (iv) above shall be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, and third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and fourth deposited in the L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstandingfull; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii) or (ivii) above, the amount remaining (if any) after the prepayment in full of the Advances then outstanding and (the 100% cash collateralization sum of the aggregate Available Amount such prepayment amounts in respect of Letters Revolving Credit Advances, Letter of Credit then outstanding Advances and Swing Line Advances, and remaining amount being referred to herein as the "REDUCTION AMOUNT") may be retained by the BorrowerBorrower and the Revolving Credit Facility shall be permanently reduced as set forth in Section 2.05(b)(iii). Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account (including following the Termination Date)Account, such funds shall be applied to reimburse the Issuing Banks Bank or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Building Materials Manufacturing Corp)

Prepayments of the. Revolving Credit Facility made pursuant to clause (i), (ii), (iii) or (iv) above shall be first applied to prepay Letter of Credit Advances then outstanding until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, full and third applied to prepay Revolving Credit Advances then outstanding comprising part of the same Borrowings until such Advances are paid in full and fourth deposited in the L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstanding; and, in the case of prepayments of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii) or (iv) above, and the amount remaining (if any) after the prepayment in full of the Advances then outstanding and the 100% cash collateralization of the aggregate Available Amount of Letters of Credit then outstanding may be retained by the Borrower. Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account (including following the Termination Date)Account, such funds shall be applied to reimburse the Issuing Banks Bank or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Credit Agreement (Kansas City Southern)

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Prepayments of the. Revolving Credit Facility made pursuant to clause (i), ) and (ii), (iii) or (iv) above shall be first applied to prepay Letter of Credit Advances then outstanding outstanding, if any, until such Advances are paid in full, second applied to prepay Swing Line Advances then outstanding until such Advances are paid in full, third applied ratably to prepay Revolving Credit Advances then outstanding outstanding, if any, comprising part of the same Borrowings until such Advances are paid in full and fourth third, if required under Section 2.03(g), deposited in the L/C Cash Collateral Account to cash collateralize 100% of the Available Amount of the Letters of Credit then outstandingAccount; and, in the case of prepayments any prepayment of the Revolving Credit Facility required pursuant to clause (i), (ii), (iii) or (iv) above, the amount remaining (remaining, if any) , from the Revolving Credit Facility’s ratable portion of such Net Cash Proceeds after the prepayment in full of the Letter of Credit Advances and the Revolving Credit Advances then outstanding and the 100% any required cash collateralization of the aggregate Available Amount of Letters of Credit Dxxx—Revolving Credit and Guaranty Agreement then outstanding may be retained by the BorrowerBorrower for use in its business and operations in the ordinary course. Upon the drawing of any Letter of Credit for which funds are on deposit in the L/C Cash Collateral Account (including following the Termination Date)Account, such funds shall be applied to reimburse the applicable Issuing Banks Bank or Revolving Credit Lenders, as applicable.

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Dana Holding Corp)

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