Common use of Actions in Respect of the Letters of Credit upon Default Clause in Contracts

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties to, and forthwith upon such demand the Account Parties will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties to, and forthwith upon such demand the Account Parties will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's ’s office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank Banks or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's ’s office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of CreditCredit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any all such right rights and claimclaims. Upon the drawing of any Letter of CreditCredit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required BanksLenders, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lenders in same day funds at the Administrative Agent's ’s office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or BanksLenders, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request irrespective of the Required Banks, after having taken whether it is taking any of the actions described in Section 6.01(ii) 10.2 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lenders in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at and upon the request of the Required BanksLenders shall, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lender Parties in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lender Parties or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request irrespective of the Required Banks, after having taken whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lenders in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent Agent, the Co-Agents and the Banks Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, for deposit in the Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the Cash Collateral Account that the Administrative Agent determines to be free and clear of any all such right rights and claimclaims. Upon the drawing of any Letter of CreditCredit for which funds are on deposit in the Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's ’s office designated in such demand, for deposit in the Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the Cash Collateral Account that the Administrative Agent determines to be free and clear of any all such right rights and claimclaims. Upon the drawing of any Letter of CreditCredit for which funds are on deposit in the Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of CreditCredit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required BanksLenders, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lenders in same day funds at the Administrative Agent's office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or BanksLenders, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken any of the actions described in Section 6.01(ii7.01(ii) or otherwise, make demand upon the Account Parties Borrowers to, and forthwith upon such demand the Account Parties Borrowers will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's ’s office designated in such demand, an amount equal to the aggregate Available Stated Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance existence of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Stated Amount of all Letters of 85 Credit, the Account Parties Borrowers will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Stated Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank Banks or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required BanksLenders, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lenders in same day funds at the Administrative Agent's ’s office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the applicable Issuing Bank or BanksLenders, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required BanksLenders, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lenders in same day funds at the Administrative Agent's office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of 70 any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or BanksLenders, as applicable, to the extent permitted by applicable law.]

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request irrespective of the Required Banks, after having taken whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks Lender Parties in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent and the Banks Lender Parties or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If -------------------------------------------------------- any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties to, and forthwith upon such demand the Account Parties will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken any of the actions described in Section 6.01(ii) or otherwise, make demand upon the Account Parties Party to, and forthwith upon such demand the Account Parties Party will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateral. If at any time during the continuance of an Event of Default the Administrative Agent determines that such funds are subject to any right or claim of any Person other than the Administrative Agent and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Party will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateral, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, such funds shall be applied to reimburse the Issuing Bank or Banks, as applicable, to the extent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required Banks, after having taken irrespective of whether it is taking any of the actions described in Section 6.01(ii) 6.01 or otherwise, make demand upon the Account Parties Borrower to, and forthwith upon such demand the Account Parties Borrower will, pay to the Administrative Agent on behalf of the Banks in same day funds at the Administrative Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding as cash collateraloutstanding. If at any time during the continuance of an Event of Default the Administrative Agent determines that such any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Administrative Agent Agents and the Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Account Parties Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional cash collateralfunds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of CreditCredit for which funds are on deposit in the L/C Cash Collateral Account, such funds shall be applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the extent permitted by applicable law.