Common use of As to Letter-of-Credit Rights Clause in Contracts

As to Letter-of-Credit Rights. Upon the occurrence of a Default or Event of Default, each Grantor will, promptly upon request by the Collateral Agent, (a) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of credit that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and (b) arrange for the Collateral Agent to become the transferee beneficiary of letter of credit.

As to Letter-of-Credit Rights. Upon the occurrence of a Default or Event of Default, each Grantor will, promptly upon request by the Collateral Agent, (ai) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of credit that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and (bii) arrange for the Collateral Agent to become the transferee beneficiary of letter of credit.

As to Letter-of-Credit Rights. Upon the occurrence and during the continuance of a Default or an Event of Default, each Grantor will, promptly upon written request by the Collateral Agent, (ai) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of credit that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and (bii) arrange for the Collateral Agent to become the transferee beneficiary of letter of credit.

As to Letter-of-Credit Rights. Upon the occurrence of a Default or Event of Default, each Grantor will, promptly upon request by the Collateral Agent, (a) notify a)notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related Contracts consisting of letters of credit that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and (b) arrange b)arrange for the Collateral Agent to become the transferee beneficiary of letter of credit.