Common use of Cash Collateralization of Certain Letters of Credit Clause in Contracts

Cash Collateralization of Certain Letters of Credit. Notwithstanding the provisions of Section 3.1(a), if requested by the Borrower, each Issuing Lender agrees to issue one or more Letters of Credit hereunder, with expiry dates that would occur after the fifth (5th) Business Day prior to the Scheduled Maturity Date, based upon the Borrower’s agreement to fully cash collateralize the L/C Obligations in accordance with Section 3.8 If the Borrower fails to fully cash collateralize the outstanding L/C Obligations in accordance with the requirements of Section 3.8, each outstanding Letter of Credit shall automatically be deemed to be drawn in full on such date, and the Borrower shall be deemed to have requested a borrowing of a Revolving Loan in the amount deemed drawn, in accordance with the provisions set forth in Section 2.1, which, in the case of a Letter of Credit denominated in Dollars, shall be a Base Rate Loan in the amount of such draft or, in the case of a Letter of Credit denominated in an Alternative Currency, shall constitute a Base Rate Loan in the amount equal to the Dollar Equivalent of such drawing on the date of such drawing, in each case to be funded by the Revolving Lenders (including such Issuing Lender) and in accordance with the terms of Sections 3.4 and 3.5 to reimburse such deemed drawing (with the proceeds of such Base Rate Loan being used to cash collateralize outstanding L/C Obligations pursuant to terms consistent with those set forth in Section 3.1(c)). In the event a Base Rate Loan cannot be made due to failure to satisfy the conditions in Section 6.2 (including as a result of an Event of Default under Section 10.1(f) or (g)) or otherwise, each Revolving Lender agrees to immediately fund and pay to the Issuing Lender its participation interest in respect of such deemed drawing (with the proceeds of such funded participation interest being used to cash collateralize outstanding L/C Obligations pursuant to terms consistent with those set forth in Section 3.1(c)). Each Revolving Lender acknowledges and agrees that its obligation to fund a Revolving Loan and its participation interest in accordance with this Section to reimburse the Issuing Lenders for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI.

Cash Collateralization of Certain Letters of Credit. Notwithstanding the provisions of Section 3.1(a)Any Issuing Bank may, if requested by the Borrowerin its sole discretion, each Issuing Lender agrees to issue one or more Letters of Credit hereunder, with expiry dates that would occur after the fifth (5th) Business Day prior to the Scheduled Maturity Termination Date, based upon the applicable Borrower’s agreement to fully cash collateralize Cash Collateralize the L/C Obligations relating to such Letters of Credit on the date that is ten Business Days before the Termination Date (the “Cash Collateral Trigger Date”), which each Borrower hereby agrees to do pursuant to terms consistent with those set forth in accordance with Section 3.8 6.02. If the applicable Borrower fails to fully cash collateralize Cash Collateralize the outstanding L/C Obligations in accordance with on the requirements of Section 3.8Cash Collateral Trigger Date, each outstanding Letter of Credit shall automatically be deemed to be drawn in full on such date, and the applicable Borrower shall be deemed to have requested a borrowing of a Revolving Loan Credit Advance in the amount deemed drawn, in accordance with the provisions set forth in Section 2.12.01, which, in the case of a Letter of Credit denominated in Dollars, shall be a Base Rate Loan Advance in the amount of such draft or, in the case of a Letter of Credit denominated in an Alternative a Committed Currency, shall constitute a Base Rate Loan Advance in the amount equal to the Dollar Equivalent of such drawing in Dollars on the date of such drawing, in each case to be funded by the Revolving applicable Issuing Bank and the Lenders (including such Issuing Lender) and in accordance with the terms of Sections 3.4 and 3.5 Section 2.04(c) to reimburse such deemed drawing (with the proceeds of such Base Rate Loan Advance being used to cash collateralize Cash Collateralize outstanding L/C Obligations pursuant to terms consistent with those set forth in Section 3.1(c)6.02). In the event a Base Rate Loan cannot be made due No Lender shall have any obligation with respect to failure to satisfy the conditions in Section 6.2 (including as a result of an Event of Default any drawing under Section 10.1(f) or (g)) or otherwise, each Revolving Lender agrees to immediately fund and pay to the Issuing Lender its participation interest in respect of such deemed drawing (with the proceeds of such funded participation interest being used to cash collateralize outstanding L/C Obligations pursuant to terms consistent with those set forth in Section 3.1(c)). Each Revolving Lender acknowledges and agrees that its obligation to fund a Revolving Loan and its participation interest in accordance with this Section to reimburse the Issuing Lenders for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of made after the conditions set forth in Section 2.3(a) or Article VI.Termination Date applicable to such Lender. Five Year Credit Agreement

Cash Collateralization of Certain Letters of Credit. Notwithstanding the provisions of Section 3.1(a), if requested by the Borrower, each Issuing Lender agrees to issue one or more Letters of Credit hereunder, with expiry dates that would occur after the fifth (5th) Business Day prior to the Scheduled Maturity Date, based upon the Borrower’s agreement to fully cash collateralize the L/C Obligations in accordance with Section 3.8 3.8. If the Borrower fails to fully cash collateralize the outstanding L/C Obligations in accordance with the requirements of Section 3.8, each outstanding Letter of Credit shall automatically be deemed to be drawn in full on such date, and the Borrower shall be deemed to have requested a borrowing of a Revolving Loan in the amount deemed drawn, in accordance with the provisions set forth in Section 2.1, which, in the case of a Letter of Credit denominated in Dollars, shall be a Base Rate Loan in the amount of such draft or, in the case of a Letter of Credit denominated in an Alternative Currency, shall constitute a Base Rate Loan in the amount equal to the Dollar Equivalent of such drawing on the date of such drawing, in each case to be funded by the Revolving Lenders (including such Issuing Lender) and in accordance with the terms of Sections 3.4 and 3.5 to reimburse such deemed drawing (with the proceeds of such Base Rate Loan being used to cash collateralize outstanding L/C Obligations pursuant to terms consistent with those set forth in Section 3.1(c)). In the event a Base Rate Loan cannot be made due to failure to satisfy the conditions in Section 6.2 (including as a result of an Event of Default under Section 10.1(f) or (g)) or otherwise, each Revolving Lender agrees to immediately fund and pay to the applicable Issuing Lender its participation interest in respect of such deemed drawing (with the proceeds of such funded participation interest being used to cash collateralize outstanding L/C Obligations pursuant to terms consistent with those set forth in Section 3.1(c)). Each Revolving Lender acknowledges and agrees that its obligation to fund a Revolving Loan and its participation interest in accordance with this Section to reimburse the Issuing Lenders for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI.