Common use of Amounts Held for Contingent Secured Obligations Clause in Contracts

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party shall be entitled to receive distributions from the applicable Shared Collateral Account of any moneys in respect of any unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then the Shared Collateral Agent shall, at the written direction of the Required Shared Collateral Secured Parties and subject to subsection 3.6, separate such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties for the benefit of the applicable Shared Collateral Secured Parties and shall, at the written direction of such Shared Collateral Secured Party, invest such moneys in obligations of the kinds referred to in subsection 3.3 maturing within three months after they are acquired by the Shared Collateral Agent and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Shared Collateral Agent shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party shall, as soon as practicable thereafter, notify the Grantors and the Shared Collateral Agent in writing and (y) such investments, and the proceeds thereof, shall be held in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending application in accordance with the provisions of subsection 3.4.

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party shall be entitled to receive distributions from the applicable Shared Collateral Account of any moneys in respect of any unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then the Shared Collateral Agent shall, at the written direction of the Required Shared Collateral Secured Parties and subject to subsection 3.6Parties, separate such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties for the benefit of the applicable Shared Collateral Secured Parties and shall, at the written direction of such Shared Collateral Secured Party, invest such moneys in obligations of the kinds referred to in subsection 3.3 maturing within three months after they are acquired by the Shared Collateral Agent and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Shared Collateral Agent shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party shall, as soon as practicable thereafter, notify the Grantors and the Shared Collateral Agent in writing and (y) such investments, and the proceeds thereof, shall be held in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending application in accordance with the provisions of subsection 3.4.

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party Holder or Holder Representative shall be entitled to receive distributions from the applicable Shared Collateral Account of any moneys pursuant to subsection 3.4 in respect of any unliquidated, unmatured or the contingent portion of the outstanding Secured Obligations, then such Holder or Holder Representative, as the Shared Collateral Agent shallcase may be, at the written direction of the Required Shared Collateral Secured Parties and subject to subsection 3.6, separate such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties for the benefit of the applicable Shared Collateral Secured Parties and shall, at the written direction of such Shared Collateral Secured Party, shall invest such moneys in obligations of the kinds referred to in clauses (a) and (b) of subsection 3.3 maturing within three months 90 days after they are acquired by the Shared Collateral Agent such Holder or Holder Representative and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case such Holder or Holder Representative, as the Shared Collateral Agent case may be, shall distribute apply to the payment of such fixed claim from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors Borrower and the Corporate Trustee or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party Holder or Holder Representative, as the case may be, shall, as soon as practicable thereafter, notify the Grantors Borrower and the Shared Collateral Agent in writing Corporate Trustee and (y) shall distribute from such investments, and the proceeds thereof, shall be held an amount equal to the portion of contingent claim which has been extinguished together with interest earned thereon from the date first invested until so distributed, to the Corporate Trustee for deposit in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending and application in accordance with the provisions of subsection 3.4.

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party shall be entitled to receive any distributions from the applicable Shared Collateral Account of any moneys in respect of any unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then the Shared Collateral Agent Trustee shall, at the written direction request of the Required Shared Collateral Secured Parties and subject to subsection 3.6Directing Parties, separate deposit such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties for the benefit subaccount of the applicable Shared Collateral Secured Parties Account and shall, at the written direction of such Shared Collateral Secured Party, invest such moneys in obligations of the kinds referred to in subsection Section 3.3 maturing within three months after they are acquired by the Shared Collateral Agent Trustee and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent Trustee that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Shared Collateral Agent Trustee shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors Company or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party shall, as soon as practicable thereafter, notify the Grantors Company and the Shared Collateral Agent in writing Trustee and (y) such investments, and the proceeds thereof, shall be held in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending application in accordance with the provisions of subsection Section 3.4.

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party shall be entitled to receive any distributions from the applicable Shared Collateral Account of any moneys in respect of any unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then the Shared Collateral Agent shall, at the written direction request of the Required Shared Collateral Secured Parties and subject to subsection 3.6Applicable Directing Parties, separate deposit such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties for the benefit subaccount of the applicable Shared Collateral Secured Parties Account and shall, at the written direction of such Shared Collateral Secured Party, invest such moneys in obligations of the kinds referred to in subsection Section 3.3 maturing within three months after they are acquired by the Shared Collateral Agent and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Shared Collateral Agent shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors Company or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party shall, as soon as practicable thereafter, notify the Grantors Company and the Shared Collateral Agent in writing and (y) such investments, and the proceeds thereof, shall be held in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending application in accordance with the provisions of subsection 3.4Section 3.5.

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party shall be entitled to receive distributions from the applicable Shared Collateral Account of any moneys in respect of any the unliquidated, unmatured or contingent portion of the outstanding Secured ObligationsObligations (including, without limitation, obligations under then outstanding letters of credit, guarantees and termination liabilities with respect to Designated Hedging Obligations which are not determinable or are unmatured), then the Shared Collateral Agent shallTrustee, at the pursuant to written direction of the Required Shared Collateral Secured Parties and subject to Controlling Party as provided in accordance with subsection 3.6, separate such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties for the benefit of the applicable Shared Collateral Secured Parties and shall, at the written direction of such Shared Collateral Secured Party, 3.3 shall invest such moneys as shall be specified in obligations of the kinds referred to in subsection 3.3 maturing within three months after they are acquired by the Shared Collateral Agent Trustee and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent Trustee that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Shared Collateral Agent Trustee shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors Company or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party shall, as soon as practicable thereafter, notify the Grantors Company and the Shared Collateral Agent in writing Trustee and (y) such investments, and the proceeds thereof, shall be held in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending application in accordance with the provisions of subsection 3.4.

Amounts Held for Contingent Secured Obligations. In the event any Shared Collateral Secured Party shall be entitled to receive distributions from the applicable Shared Collateral Account of any moneys in respect of any unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then the Shared Collateral Agent Trustee shall, at the written direction of the Required Shared Collateral Secured Parties and subject to subsection 3.6Controlling Party, separate such moneys into a separate account to be opened by the Required Shared Collateral Secured Parties Controlling Party for the benefit of the applicable Shared Collateral Secured Parties and shall, at the written direction of such Shared Collateral Secured Party, invest such moneys in obligations of the kinds referred to in subsection 3.3 maturing within three months after they are acquired by the Shared Collateral Agent Trustee and shall hold all such amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Shared Collateral Secured Party and for no other purpose until (i) such Shared Collateral Secured Party shall have notified the Shared Collateral Agent Trustee that all or part of such unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Shared Collateral Agent Trustee shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Shared Collateral Secured Party for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Grantors or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Shared Collateral Secured Party shall, as soon as practicable thereafter, notify the Grantors and the Shared Collateral Agent Trustee in writing and (y) such investments, and the proceeds thereof, shall be held in the applicable Shared Collateral Account in trust for all applicable Shared Collateral Secured Parties pending application in accordance with the provisions of subsection 3.4.