Revolving Loans, Swing Loans and Letters of Credit. Each Borrower shall from time to time prepay first, in the case of the U.S. Borrower, Swing Line Loans, second, its Revolving Loans and third cash collateralize its outstanding Letters of Credit, to the extent necessary so that the Total Utilization of U.S. Revolving Commitments shall not at any time exceed the U.S. Revolving Commitments then in effect and the Total Utilization of Canadian Revolving Commitments shall not at any time exceed the Canadian Revolving Commitments then in effect, as applicable.
Revolving Loans, Swing Loans and Letters of Credit. The Borrower shall from time to time prepay first, Swing Line Loans, second, its Revolving Loans and third cash collateralize its outstanding Letters of Credit, to the extent necessary so that the Total Utilization of Revolving Commitments shall not at any time exceed the Revolving Commitments then in effect.
Revolving Loans, Swing Loans and Letters of Credit. In the event that the Total Utilization of Revolving Commitments exceeds the Revolving Commitment by 3.0% or more due solely to fluctuations in currency exchange rates or by any amount, if not due solely to fluctuations in currency exchange rates (in either case, including on any date on which the Canadian Dollar Equivalent of any amount denominated in U.S. Dollars is determined pursuant to Section 10.7), Company shall, within five Business Days of either an Authorized Officer of Company learning thereof or the request of Administrative Agent, from time to time first, prepay the Swing Line Loans, second, prepay the Revolving Loans, and third, replace outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.5(n), in an aggregate amount sufficient to eliminate such excess. In the event that the Letter of Credit Usage exceeds the Letter of Credit Sublimit then in effect (including on any date on which the Canadian Dollar Equivalent of any amount denominated in U.S. Dollars is determined pursuant to Section 10.7), Company shall, without notice or demand, immediately replace outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.5(n), in an aggregate amount sufficient to eliminate such excess. In the event that the outstanding principal amount of Swing Line Loans exceeds the Swing Line Loan Subcommitment then in effect (including on any date on which the Canadian Dollar Equivalent of any amount denominated in U.S. Dollars is determined pursuant to Section 10.7), Swing Line Lender is authorized by Company, without notice or demand to Company, to deliver a notice pursuant to Section 2.4(d) to have Swing Line Loans repaid with the proceeds of Revolving Loans in accordance with Section 2.4(d) in an aggregate amount sufficient to eliminate such excess.
