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 Agent may, irrespective of whether it is taking any of the actions described in Section 7.2 or otherwise, make demand upon Borrower to, and forthwith upon such demand Borrower will, pay to the Agent on behalf of the Lenders in same-day funds at the Agent's Lending Office, for deposit in a cash collateral account, an amount equal to the aggregate face amount of all Letters of Credit then outstanding. If at any time the Agent determines that any funds held in any such cash collateral account are subject to any right or claim of any Person other than the Agent and the Lenders or that the total amount of such funds is less than the aggregate face amount of all Letters of Credit, Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in such cash collateral account, an amount equal to the excess of (a) such aggregate face amount of all outstanding Letters of Credit over (b) the total amount of funds, if any, then held in such cash collateral account that the Agent determines to be free and clear of any such right and claim.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, irrespective of whether it is taking any of the actions described in Section 7.2 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lenders in same-same day funds at the Agent's Lending Officeoffice designated in such demand, for deposit in a cash collateral accountthe L/C Cash Collateral Account, an amount equal to the aggregate face amount Available Amount of all Letters of Credit then outstanding. If at any time the Agent determines that any funds held in any such cash collateral account the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lenders or that the total amount of such funds is less than the aggregate face amount Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in such cash collateral accountthe L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate face amount of all outstanding Letters of Credit Available Amount over (b) the total amount of funds, if any, then held in such cash collateral account the L/C Cash Collateral Account that the Agent determines to be free and clear of any such right and claim.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, or shall at the request of the Required Banks, irrespective of whether it is taking any of the actions described in Section 7.2 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lenders Banks in same-same day funds at the Agent's Lending Office’s office designated in such demand, for deposit in a cash collateral accountthe Cash Collateral Account, an amount equal to the aggregate face amount Available Amount of all Letters of Credit then outstanding. If at any time the Agent determines that any funds held in any such cash collateral account the Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lenders Banks or that the total amount of such funds is less than the aggregate face amount Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in such cash collateral accountthe Cash Collateral Account, an amount equal to the excess of (a) such aggregate face amount of all outstanding Letters of Credit Available Amount over (b) the total amount of funds, if any, then held in such cash collateral account the Cash Collateral Account that the Agent determines to be free and clear of all such rights and claims. Upon the drawing of any Letter of Credit for which funds are on deposit in the Cash Collateral Account, such right and claimfunds 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 Agent may, irrespective of whether it is taking any of the actions described in Section 7.2 or otherwise, may make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf for the benefit of the Lenders Banks in same-same day funds at the Agent's Lending Office’s office designated in such demand, for deposit in a cash collateral accountspecial letter of credit collection account with the Agent (the “L/C Cash Collateral Account”), an amount equal to the aggregate face available unfunded amount of all Letters of Credit then outstanding. If at any time the Agent determines that any funds held in any such cash collateral account the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lenders or that the total amount of such funds is less than the aggregate face available unfunded amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in such cash collateral accountthe L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate face available unfunded amount of all outstanding Letters of Credit thereof over (b) the total amount of funds, if any, then held in such cash collateral account the L/C Cash Collateral Account that the Agent determines to be free and clear of any such right and claim.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, irrespective of whether it is taking any of the actions described in Section 7.2 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lenders Lender Parties in same-same day funds at the Agent's Lending Officeoffice designated in such demand, for deposit in a cash collateral accountthe L/C Cash Collateral Account, an amount equal to the aggregate face amount Available Amount of all Letters of Credit then outstanding. If at any time the Agent determines that any funds held in any such cash collateral account the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lenders Lender Parties or that the total amount of such funds is less than the aggregate face amount Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in such cash collateral accountthe L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate face amount of all outstanding Letters of Credit Available Amount over (b) the total amount of funds, if any, then held in such cash collateral account the L/C Cash Collateral Account that the Agent determines to be free and clear of any such right and claim.