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

As to Letter-of-Credit Rights. (a) Each Grantor, by granting a security interest in its Letter-of-Credit Rights to the Administrative Agent, intends to (and hereby does) collaterally assign to the Administrative Agent its rights (including its contingent rights) to the Proceeds of all Letter-of-Credit Rights of which it is or hereafter becomes a beneficiary or assignee. (b) Upon the occurrence and during the continuance of an Event of Default, such Grantor will, promptly upon request by the Administrative Agent, (i) notify (and such Grantor hereby authorizes the Administrative Agent to notify) the issuer and each nominated Person with respect to each of the Letters of Credit of such Grantor that the Proceeds thereof have been assigned to the Administrative Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Administrative Agent and (ii) arrange for the Administrative Agent to become the transferee beneficiary of each such Letter of Credit.

As to Letter-of-Credit Rights. (a) Each Grantor, by granting a security interest in its Letter-of-Credit Rights to the Administrative Agent, intends to (and hereby does) collaterally assign to the Administrative Agent its rights (including its contingent rightsrights ) to the Proceeds of all Letter-of-Credit Rights of which it is or hereafter becomes a beneficiary or assignee. (b) Upon the occurrence and during the continuance continuation of an Event of Default, such Grantor will, promptly upon request by the Administrative Agent, (i) notify (and such Grantor hereby authorizes the Administrative Agent to notify) the issuer and each nominated Person with respect to each of the Letters of Credit of such Grantor that the Proceeds thereof have been assigned to the Administrative Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Administrative Agent and (ii) arrange for the Administrative Agent to become the transferee beneficiary of each such Letter of Credit.

As to Letter-of-Credit Rights. (a) Each Grantor, by granting a security interest in its LetterReceivables consisting of letter-of-Credit Rights credit rights to the Administrative Agent, intends to (and hereby does) collaterally assign to the Administrative Agent for the benefit of the Secured Parties its rights (including its contingent rights) to the Proceeds proceeds of all Letter-of-Credit Rights Related Contracts consisting of letters of credit of which it is or hereafter becomes a beneficiary or assigneebeneficiary. (b) Upon the occurrence and during the continuance of an a Default or Event of Default, such each Grantor will, promptly upon request by the Administrative Agent, (i) notify (and such Grantor hereby authorizes the Administrative Agent to notify) the issuer and each nominated Person person with respect to each of the Letters Related Contracts consisting of Credit letters of such Grantor credit that the Proceeds proceeds thereof have been assigned to the Administrative Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Administrative Agent or its designee and (ii) arrange for the Administrative Agent to become the transferee beneficiary of each such Letter letter of Creditcredit.

As to Letter-of-Credit Rights. (a) Each Grantor, by granting a security interest in its LetterReceivables consisting of letter-of-Credit Rights credit rights to the Administrative Collateral Agent, intends to (and hereby does) collaterally assign to the Administrative Collateral Agent its rights (including its contingent rights) to the Proceeds proceeds of all Letter-of-Credit Rights Related Contracts consisting of letters of credit of which it is or hereafter becomes a beneficiary or assignee. (b) Upon the occurrence and during the continuance of an Event of Default, such each Grantor will, promptly upon request by the Administrative Collateral Agent, (i) notify (and such Grantor hereby authorizes the Administrative Collateral Agent to notify) the issuer and each nominated Person person with respect to each of the Letters Related Contracts consisting of Credit letters of such Grantor credit that the Proceeds proceeds thereof have been assigned to the Administrative Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Administrative Collateral Agent or its designee and (ii) arrange for the Administrative Collateral Agent to become the transferee beneficiary of each such Letter letter of Creditcredit.

As to Letter-of-Credit Rights. (a) Each Grantor, by granting a security interest in its Letter-of-Credit Rights to the Administrative Agent, intends to (and hereby does) collaterally assign to the Administrative Agent its rights (including its contingent rights) to the Proceeds of all Letter-of-Credit Rights of which it is or hereafter becomes a beneficiary or assignee. (b) Upon the occurrence and during the continuance of an Event of Default, such Grantor will, promptly upon request by the Administrative Agent, (i) notify (and such Grantor hereby authorizes the Administrative Agent to notify) the issuer and each nominated Person with respect to each of the Letters of Credit of such Grantor that the Proceeds thereof have been assigned to the Administrative Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Administrative Agent and (ii) arrange for the Administrative Agent to become the transferee beneficiary of each such Letter of Credit.