Common use of Cash Collateralization Upon Event of Default Clause in Contracts

Cash Collateralization Upon Event of Default. Without limiting Issuing Banks’ or Administrative Agent’s rights under applicable law or pursuant to Section 2.2(d)(i) or the applicable Issuer Documents, upon the occurrence and during the continuation of an Event of Default under Section 7 (Events of Default), Administrative Agent may, and at the direction of the Requisite Lenders shall, require Borrower to Cash Collateralize the outstanding Letters of Credit.

Cash Collateralization Upon Event of Default. Without limiting Issuing Banks’ or Administrative Agent’s rights under applicable law or pursuant to Section 2.2(d)(i2.2(e)(i) or the applicable Issuer Documents, upon the occurrence and during the continuation of an Event of Default under Section 7 (Events of Default), Administrative Agent may, and at the direction of the Requisite Lenders shall, require Borrower to Cash Collateralize the outstanding Letters of Credit.