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

Cash Collateralization of Letters of Credit. (i) If the Administrative Agent notifies Borrower at any time that the Letter of Credit Usage exceeds the Letter of Credit Sublimit then in effect, then, within two Business Days after receipt of such notice, Borrower shall Cash Collateralize Letters of Credit in an aggregate amount sufficient to reduce such Letter of Credit Usage (net of Cash Collateralized amounts) as of such date of payment to an amount not to exceed 100% of the Letter of Credit Sublimit then in effect. (ii) With respect to any Letter of Credit with an expiration date on or after the Revolving Commitment Termination Date, no later than ten Business Days prior to the Revolving Commitment Termination Date, the Borrower shall either provide Cash Collateral or backstop letters of credit satisfactory to the Issuing Bank in an amount equal to the Minimum Collateral Amount. (iii) In the event that Borrower does not for any reason comply with its obligation to provide Cash Collateral or backstop letters of credit as set forth in clause (ii) above, Issuing Bank shall promptly notify each Lender with a Revolving Commitment of the applicable Minimum Collateral Amount and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving Commitment shall, not later than 12:00 p.m. (New York City time) on the first Business Day after the date notified by Issuing Bank, make Revolving Loans that are Base Rate Loans in the amount of such Lender’s Pro Rata Share of the Minimum Collateral Amount, the proceeds of which shall be applied directly by Administrative Agent to satisfy Borrower’s obligation to provide Cash Collateral as set forth in clause (ii) above.

Cash Collateralization of Letters of Credit. (i) If the Administrative Agent notifies Borrower at any time time, including on any Revaluation Date, that the Letter of Credit Usage exceeds the Letter of Credit Sublimit then in effect, then, within two Business Days after receipt of such notice, Borrower shall Cash Collateralize Letters of Credit in an aggregate amount sufficient to reduce such Letter of Credit Usage (net of Cash Collateralized amounts) as of such date of payment to an amount not to exceed 100% of the Letter of Credit Sublimit then in effect. (ii) With respect to any Letter of Credit of any Issuing Bank with an expiration date on or after the Revolving Commitment Termination Date, no later than ten five Business Days prior to the Revolving Commitment Termination Date, the Borrower shall either provide Cash Collateral or backstop letters of credit satisfactory to the applicable Issuing Bank in an amount equal to the Minimum Collateral Amount. (iii) In the event that Borrower does not for any reason comply with its obligation to provide Cash Collateral or backstop letters of credit as set forth in clause (ii) above, the applicable Issuing Bank shall promptly notify each Lender with a Revolving Commitment of the applicable Minimum Collateral Amount and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving Commitment shall, not later than 12:00 p.m. (New York City time) on the first Business Day after the date notified by the applicable Issuing Bank, make Revolving Loans that are Base Rate Loans in the amount of such Lender’s Pro Rata Share of the Minimum Collateral Amount, the proceeds of which shall be applied directly by Administrative Agent to satisfy Borrower’s obligation to provide Cash Collateral as set forth in clause (ii) above.

Cash Collateralization of Letters of Credit. (ia) If To cash collateralize a Letter of Credit issued hereunder, the Borrower shall provide for the funding in full of such undrawn Letter of Credit by paying to and depositing with the Administrative Agent notifies Borrower at any time that (for the Letter benefit of Credit Usage exceeds the Letter Issuing Lender) cash collateral in Canadian Dollars equal to 103% of Credit Sublimit then in effect, then, within two Business Days after receipt of such notice, Borrower shall Cash Collateralize Letters of Credit in an aggregate the undrawn face amount sufficient to reduce such Letter of Credit Usage (net of Cash Collateralized amounts) as of such date of payment to an amount not to exceed 100% of the Letter of Credit Sublimit then in effectto be so cash collateralized. (iib) With respect Such cash collateral deposited by the Borrower shall be held by the Administrative Agent (for the benefit of the Issuing Lender) in an interest-bearing cash collateral account with interest to be credited to the Borrower at rates prevailing at the time of deposit for similar accounts with the Administrative Agent. (c) Such cash collateral account shall be assigned to the Administrative Agent as security for the obligations of the Borrower in relation to the applicable Letter of Credit pursuant to a security agreement in form and substance satisfactory to the Administrative Agent and the Issuing Lender. The Borrower shall deliver such other agreements and documents (including legal opinions) as may be reasonably requested by the Administrative Agent or the Issuing Lender in connection therewith. (d) Such cash collateral shall be applied to satisfy the Obligations of the Borrower for such Letter of Credit if drawn, and the Administrative Agent is hereby irrevocably directed by the Borrower to turn over any such cash collateral to the Issuing Lender for application against such Obligations to the extent same is drawn. Amounts held in such cash collateral accounts may not be withdrawn by the Borrower prior to the expiry of such Letter of Credit, without the consent of the Issuing Lender. (e) If after expiry or cancellation of any Letter of Credit for which such funds are held and application by the Issuing Lender of the amounts in such cash collateral accounts to satisfy the obligations of the Borrower hereunder with an expiration date on or after the Revolving Commitment Termination Date, no later than ten Business Days prior respect to the Revolving Commitment Termination Dateapplicable Letter of Credit, any excess remains, such excess shall first be applied to pay any unpaid Obligations then due with the Borrower shall either provide Cash Collateral or backstop letters of credit satisfactory balance to be promptly remitted to the Issuing Bank in an amount equal to the Minimum Collateral AmountBorrower. (iiif) In The Borrower agrees to indemnify the event that Borrower does not Lenders for any reason comply with its obligation to provide Cash Collateral or backstop letters of credit as set forth in clause (ii) above, Issuing Bank shall promptly notify each Lender with a Revolving Commitment of the applicable Minimum Collateral Amount and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving Commitment shall, not later than 12:00 p.m. (New York City time) on the first Business Day after the date notified by Issuing Bank, make Revolving Loans that are Base Rate Loans deficiency in the amount of such Lender’s Pro Rata Share funds on deposit to satisfy the obligations of the Minimum Collateral Amount, Borrower to repay the proceeds Face Amount of which shall be applied directly by Administrative Agent to satisfy Borrower’s obligation to provide Cash Collateral as set forth in clause (ii) aboveany Letter of Credit presented for payment.

Cash Collateralization of Letters of Credit. (i) If the Administrative Agent notifies Borrower at any time that the Letter of Credit Usage exceeds the Letter of Credit Sublimit then in effect, then, within two Business Days after receipt of such notice, Borrower shall Cash Collateralize Letters of Credit in an aggregate amount sufficient to reduce such Letter of Credit Usage (net of Cash Collateralized amounts) as of such date of payment to an amount not to exceed 100% of the Letter of Credit Sublimit then in effect. (ii) With respect to any Letter of Credit with an expiration date on or after the Revolving Commitment Termination Date, no later than ten Business Days prior to the Revolving Commitment Termination Date, the Borrower shall either provide Cash Collateral or backstop letters of credit satisfactory to the applicable Issuing Bank in an amount equal to the Minimum Collateral Amount. (iii) In the event that Borrower does not for any reason comply with its obligation to provide Cash Collateral or backstop letters of credit as set forth in clause (ii) above, Issuing Bank Administrative Agent shall promptly notify each Lender with a Revolving Commitment of the applicable Minimum Collateral Amount and of such Lender’s respective participation therein in the Letter of Credit based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Subject to satisfaction or waiver of the conditions specified in Section 3.2, each Lender with a Revolving Commitment shall, not later than 12:00 p.m. (New York City time) on the first Business Day after the date notified by the applicable Issuing Bank, make Revolving Loans that are Base Rate Loans in the amount of such Lender’s Pro Rata Share of the Minimum Collateral Amount, the proceeds of which shall be applied directly by Administrative Agent to satisfy Borrower’s obligation to provide Cash Collateral as set forth in clause (ii) above.

Cash Collateralization of Letters of Credit. (i) If the Administrative Agent notifies Borrower at any time that (a) the Letter of Credit Usage exceeds the Letter of Credit Sublimit then in effect or (b) the Letter of Credit Foreign Usage exceeds the Letter of Credit Foreign Sublimit then in effect, then, within two Business Days after receipt of such notice, Borrower shall Cash Collateralize Letters of Credit in an aggregate amount sufficient to reduce such Letter of Credit Usage and/or Letter of Credit Foreign Usage, as applicable (net of Cash Collateralized amounts) ), as of such date of payment to an amount not to exceed 100% of the Letter of Credit Sublimit and/or Letter of Credit Foreign Sublimit, as applicable, then in effect. (ii) With respect to any Letter of Credit with an expiration date on or after the Revolving Commitment Termination Date, no later than ten Business Days prior to the Revolving Commitment Termination Date, the Borrower shall either provide Cash Collateral or backstop letters of credit satisfactory to the Issuing Bank Banks in an amount equal to the Minimum Collateral Amount. (iii) In the event that Borrower does not for any reason comply with its obligation to provide Cash Collateral or backstop letters of credit as set forth in clause (ii) above, Issuing Bank Administrative Agent shall promptly notify each Lender with a Revolving Commitment of the applicable Minimum Collateral Amount and of such Lender’s respective participation therein in the Letter of Credit based on such Lender’s Pro Rata Share of the Revolving Commitments. Each Lender with a Revolving Commitment shall, not later than 12:00 p.m. (New York City time) on the first Business Day after the date notified by the applicable Issuing Bank, make Revolving Loans that are Base Rate Loans in the amount of such Lender’s Pro Rata Share of the Minimum Collateral Amount, the proceeds of which shall be applied directly by Administrative Agent to satisfy Borrower’s obligation to provide Cash Collateral as set forth in clause (ii) above.