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. Upon the occurrence of Event of Default (unless waived in writing by the Banks in accordance with this Agreement), to the extent that any Letters of Credit have been issued which then are outstanding, the Agent, for the benefit of the Letter of Credit Bank and the Banks, may, and upon the direction of the Required Bank's shall (whether in addition to taking any of the actions described in this Section 0 or otherwise), make demand upon Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent in same day funds, for deposit in a special cash collateral account (the "Letter of Credit Collateral Account"), to secure the obligations of the Borrower in respect of any outstanding Letters of Credit, to be maintained at such office of the Agent as Agent shall direct, an amount equal to the maximum amount available to be drawn under the Letters of Credit. In the event that Borrower shall not deposit such funds upon demand by the Agent, the Agent may, in its sole discretion, deposit any other funds of Borrower in the possession of the Agent, to the Letter of Credit Collateral Account until the amount deposited in such account equals the maximum amount available to be drawn under the Letters of Credit. The Letter of Credit Collateral Account shall be in the name of Agent (as a cash collateral account), but under the sole dominion and control of the Agent and subject to the terms of this Agreement.

Actions in Respect of the Letters of Credit upon Default. Upon the occurrence of an Event of Default (unless waived in writing by the Banks in accordance with Section 13.1 of this Agreement), to the extent that any Letters of Credit have been issued for the account of any Borrower which then are outstanding, the Agent, for the benefit of the Letter of Credit Bank and the Banks, may, and upon the direction of the Required Bank's shall Administrative Agent may (whether in addition to taking any of the actions described in this Section 0 8 or otherwise), make demand upon such Borrower to, and forthwith upon such demand the such Borrower will, pay to the Administrative Agent in same day fundsfunds in the currency in which such Letter of Credit is denominated, for deposit in a special cash collateral account (the "Letter of Credit Collateral Account"), to secure the obligations of the such Borrower in respect of any outstanding Letters of Credit, to be maintained at such office of the Administrative Agent as the Administrative Agent shall direct, an amount equal to the maximum amount available to be drawn under the Letters of Credit. In the event that such Borrower shall not deposit such funds upon demand by the Administrative Agent, the Administrative Agent may, in its sole discretion, deposit collections or any other funds of such Borrower in the possession of the Agent, Administrative Agent to the Letter of Credit Collateral Account until the amount deposited in such account equals the maximum amount available to be drawn under the Letters of Credit. The Letter of Credit Collateral Account shall be in the name of Administrative Agent for the benefit of the Loan Parties (as a cash collateral account), but under the sole dominion and control of the Administrative Agent and subject to the terms of this Agreement.

Actions in Respect of the Letters of Credit upon Default. Upon the occurrence of an Event of Default (unless waived in writing by the Banks in accordance with pursuant to this AgreementSection 14.1), to the extent that any Letters of Credit have been issued which then are outstanding, the Agent, for the benefit of the Letter of Credit Bank and the Banks, may, and upon the direction of the Required Bank's Banks shall (whether in addition to taking any of the actions described in this Section 0 10 or otherwise), make demand upon Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent in same day funds, for deposit in a special cash collateral account (the "Letter of Credit Collateral Account"), to secure the obligations of the Borrower in respect of any outstanding Letters of Credit, to be maintained at such office of the Agent as Agent shall direct, an amount equal to the maximum amount available to be drawn under the Letters of Credit. In the event that the Borrower shall not deposit such funds upon demand by the Agent, the Agent may, in its sole discretion, deposit collections received pursuant to Section 5 of this Agreement, or any other funds of the Borrower in the possession of the Agent, to the Letter of Credit Collateral Account until the amount deposited in such account equals the maximum amount available to be drawn under the Letters of Credit. The Letter of Credit Collateral Account shall be in the name of Agent (as a cash collateral account), but under the sole dominion and control of the Agent and subject to the terms of this Agreement.