Common use of Revolving Credit Aggregate Commitment Clause in Contracts

Revolving Credit Aggregate Commitment. If at any time and for any reason, the sum of (A) the Dollar Amount of the aggregate outstanding principal amount of all Revolving Credit Advances plus (B) the Dollar Amount of the aggregate outstanding principal amount of all Swing Line Advances plus (C) the Dollar Amount of the outstanding Letter of Credit Obligations, exceeds the lesser of the then applicable Revolving Credit Aggregate Commitment and the Borrowing Base (as used in this clause (a), the “Excess”), the Borrower shall: (i) immediately repay that portion of the Revolving Credit then carried as a Prime-based Advance, if any, by the amount of such Excess, and/or reduce any pending request for an Advance on such day by the Excess, to the extent thereof; (ii) immediately deposit that portion of the Revolving Credit then carried as a Eurodollar-based Advance in a cash collateral account as described and to be applied as provided in Section 2.14(b); and (iii) if any Excess remains thereafter to provide cash collateral in support of any Letter of Credit Obligations in an amount equal to the lesser of the amount of any Letter of Credit Obligations and the amount of such remaining Excess, with such cash collateral to be provided on the basis set forth in Section 9.2 hereof. Compliance with this Section 2.13(a) shall be tested on a daily or other basis satisfactory to Agent in its sole discretion. Notwithstanding the foregoing, upon the occurrence and during the continuance of any Default or Event of Default, or if any Excess remains after recalculating said Excess based on ninety-five percent (95%) of the Dollar Amount of any Revolving Credit Advances denominated in euros (and one hundred percent (100%) of any Advances or Letters of Credit denominated in Dollars), Borrower shall be obligated immediately to reduce the foregoing Indebtedness hereunder by an amount sufficient to eliminate such Excess.