Common use of Application of Cash Collateral for Letters of Credit Clause in Contracts

Application of Cash Collateral for Letters of Credit. The Revolving Agent will apply funds in the XX Xxxx Collateral Account to reimburse issuers of letters of credit outstanding under the Revolving Credit Agreement on the First Lien Purchase Date for drawings thereunder and for any customary fees charged by such issuers in connection with such draws, and facing, fronting or similar fees. After giving effect to each such payment, any remaining funds in the XX Xxxx Collateral Account which exceed 103% of the sum of the aggregate undrawn amount of all such outstanding letters of credit and the aggregate facing, fronting and similar fees that will accrue thereon through the stated maturity of such letters of credit (assuming no drawings thereon before stated maturity) will be returned to the First Lien Purchasing Parties (as their interests appear). When all such letters of credit have been cancelled with the consent of the beneficiary thereof, expired or been fully drawn, and after all payments from the account described above have been made, any funds in the XX Xxxx Collateral Account will be returned to the First Lien Purchasing Parties (as their interest may appear).

Application of Cash Collateral for Letters of Credit. The Revolving Agent will apply funds in the Revolver Purchase XX Xxxx Collateral Account to reimburse issuers of letters of credit outstanding under the Revolving Credit Agreement on the First Lien Revolver Purchase Date for drawings thereunder and for any customary fees charged by such issuers in connection with such draws, and facing, fronting or similar fees. After giving effect to each such payment, any remaining funds in the Revolver Purchase XX Xxxx Collateral Account which exceed 103% of the sum of the aggregate undrawn amount of all such outstanding letters of credit and the aggregate facing, fronting and similar fees that will accrue thereon through the stated maturity of such letters of credit (assuming no drawings thereon before stated maturity) will be returned to the First Lien Revolver Purchasing Parties (as their interests appear). When all such letters of credit have been cancelled with the consent of the beneficiary thereof, expired or been fully drawn, and after all payments from the account described above have been made, any funds in the Revolver Purchase XX Xxxx Collateral Account will be returned to the First Lien Revolver Purchasing Parties (as their interest may appear).