Common use of Cash Collateralization Following Certain Events Clause in Contracts

Cash Collateralization Following Certain Events. If and when the applicable Revolving Facility Borrower, pursuant to Section 2.16(a), or to the extent provided by any Defaulting Lender, such Defaulting Lender, is required to provide Cash Collateral, such Revolving Facility Borrower or such Defaulting Lender, as applicable, shall deposit Cash Collateral in a Controlled Account with or at the direction of the Collateral Agent, in the name of the Collateral Agent and for the benefit of the USD Revolving Facility Lenders or Multicurrency Revolving Facility Lenders, as applicable. Each deposit of Cash Collateral (x) made pursuant to this Section 2.16(b) or (y) made by the Administrative Agent pursuant to Section 2.17(a)(ii), in each case, shall be held by the Collateral Agent as collateral for the payment and performance of the obligations of such Revolving Facility Borrower under this Agreement. The Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Controlled Account and the applicable Revolving Facility Borrower or such Defaulting Lender, as applicable, hereby grants the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Collateral Agent and at the risk and expense of such Revolving Facility Borrower or such Defaulting Lender, as applicable, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any person other than the Collateral Agent or an L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, such Revolving Facility Borrower or such Defaulting Lender, as applicable, will, promptly upon demand by the Administrative Agent, pay or provide to the Collateral Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

Cash Collateralization Following Certain Events. If and when the applicable Revolving Facility Borrower, pursuant to Section 2.16(a), or to the extent provided by any Defaulting Lender, such Defaulting Lender, Borrower is required to provide Cash CollateralCollateralize any Letters of Credit pursuant to any provision hereof, such Revolving Facility the Borrower or such Defaulting Lender, as applicable, shall deposit Cash Collateral in a Controlled Account an account with or at the direction of the Collateral Administrative Agent, in the name of the Collateral Administrative Agent and for the benefit of the USD Revolving Facility Lenders or Multicurrency applicable Issuing Banks and Revolving Facility Lenders, an amount in cash equal to 102% of the Revolving L/C Exposure as applicableof such date plus any accrued but unpaid interest thereon (or, in the case of Sections 2.09(h) and 2.24(a)(v), the portion thereof required by such Sections). Each deposit of Cash Collateral (x) made pursuant to this Section 2.16(b) or (y) made by the Administrative Agent pursuant to Section 2.17(a)(ii), in each case, paragraph shall be held by the Collateral Administrative Agent as collateral for the payment and performance of the obligations of such Revolving Facility the Borrower under this Agreement. The Collateral Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Controlled Account such account and the applicable Revolving Facility Borrower or such Defaulting Lender, as applicable, hereby grants the Collateral Administrative Agent, for the ratable benefit of the Secured PartiesIssuing Banks and applicable Revolving Facility Lenders, a security interest in such account. Other than any interest earned on the investment of such deposits, which investments shall be made (unless an Event of Default shall be continuing) at the option and sole discretion of the Collateral Agent Borrower’s request in Permitted Investments and at the risk and expense of such Revolving Facility Borrower or such Defaulting Lender, as applicablethe Borrower, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. If at any time Moneys in such account shall be applied by the Administrative Agent determines that Cash Collateral is subject to any right or claim of any person other than the Collateral Agent or an reimburse each Issuing Bank for L/C Issuer as herein providedDisbursements for which such Issuing Bank has not been reimbursed and, or that to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the Revolving L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Facility Lenders with Revolving L/C Exposure representing greater than 50% of the total Revolving L/C Exposure), be applied to satisfy other Obligations. If the Borrower is required to provide an amount of such Cash Collateral is less than hereunder as a result of the Minimum Collateral Amountoccurrence of an Event of Default or the existence of a Defaulting Lender or the occurrence of a limit under Section 2.09(h) being exceeded, such Revolving Facility Borrower or such Defaulting Lender, as applicable, will, promptly upon demand by the Administrative Agent, pay or provide amount (to the Collateral Agent additional Cash Collateral in an amount sufficient extent not applied as aforesaid) shall be returned to eliminate such deficiencythe Borrower within three (3) Business Days after all Events of Default are no longer continuing or the termination of the Defaulting Lender status or the limit under Section 2.09(h) is no longer being exceeded.

Cash Collateralization Following Certain Events. If and when the applicable Revolving Facility Borrower or Designated Borrower, as applicable, pursuant to Section 2.16(a), or to the extent provided by any Defaulting Lender, such Defaulting Lender, is required to provide Cash Collateral, such Revolving Facility the Borrower or Designated Borrower or such Defaulting Lender, as applicable, shall deposit Cash Collateral in a Controlled Account with or at the direction of the Collateral Agent, in the name of the Collateral Agent and for the benefit of the USD Revolving Facility Lenders or Multicurrency Revolving Facility Lenders, as applicable. Each deposit of Cash Collateral (x) made pursuant to this Section 2.16(b) or (y) made by the Administrative Agent pursuant to Section 2.17(a)(ii), in each case, shall be held by the Collateral Agent as collateral for the payment and performance of the obligations of such Revolving Facility the Borrower or Designated Borrower, as applicable, under this Agreement. The Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Controlled Account and the applicable Revolving Facility Borrower or Designated Borrower or such Defaulting Lender, as applicable, hereby grants the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Collateral Agent and at the risk and expense of such Revolving Facility the Borrower or Designated Borrower or such Defaulting Lender, as applicable, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any person other than the Collateral Agent or an L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, such Revolving Facility the Borrower or the Designated Borrower or such Defaulting Lender, as applicable, will, promptly upon demand by the Administrative Agent, pay or provide to the Collateral Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.