Common use of Cash Cover Clause in Contracts

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of Lenders having more than 50% of the Letter of Credit Liabilities, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i) or 6.01(i) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 4 contracts

Samples: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Lyondell Chemical Co), Assignment and Assumption Agreement (Lyondell Chemical Co)

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Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Lenders having more than 50% of the Letter of Credit Liabilities, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(f) or 6.01(i6.01(g) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 3 contracts

Samples: Credit Agreement (Marathon Oil Corp), Credit Agreement (Marathon Oil Corp), Credit Agreement (Marathon Oil Corp)

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of Lenders having more than 50% of the Letter of Credit Liabilities, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(g) or 6.01(i6.01(h) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Neiman Marcus Group Inc), Credit Agreement (Neiman Marcus Group Inc)

Cash Cover. The Each Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Lenders having more than 50% in aggregate amount of the Letter of Credit LiabilitiesRevolving Exposure, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral and applied pursuant to arrangements satisfactory to the Administrative AgentSecurity Agreement) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(g) or 6.01(i6.01(h) with respect to the either Borrower, the such Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Metro-Goldwyn-Mayer Inc), Credit Agreement (Metro-Goldwyn-Mayer Inc)

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of Lenders having more than 50% of the Letter of Credit Liabilities, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(h) or 6.01(i) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 1 contract

Samples: Credit Agreement (Lyondell Chemical Co)

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of Lenders the Banks having more than 50% of the Letter of Credit Liabilities, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(i) or 6.01(i6.01(j) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the LendersBanks.

Appears in 1 contract

Samples: Credit Agreement (Textron Financial Corp)

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Lenders having more than 50% in aggregate amount of the Letter of Credit LiabilitiesRevolving Exposure, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral and applied pursuant to arrangements satisfactory to the Administrative AgentSecurity Agreement) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of -------- any Event of Default specified in Section 6.01(h)(i6.01(g) or 6.01(i6.01(h) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 1 contract

Samples: Credit Agreement (Metro-Goldwyn-Mayer Inc)

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Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Lenders having more than 50% in aggregate amount of the Letter of Credit LiabilitiesRevolving Exposure, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral and applied pursuant to arrangements satisfactory to the Administrative AgentSecurity Agreement) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(g) or 6.01(i6.01(h) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 1 contract

Samples: Credit Agreement (Metro-Goldwyn-Mayer Inc)

Cash Cover. The Each Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Lenders having more than 50% in aggregate amount of the Letter of Credit LiabilitiesRevolving Exposure, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral and applied pursuant to arrangements satisfactory to the Administrative AgentSecurity Agreement) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(g) or 6.01(i6.01(h) with respect to the either Borrower, the such Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent Agents or the Lenders.

Appears in 1 contract

Samples: Credit Agreement (Metro-Goldwyn-Mayer Inc)

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of the Lenders having more than 50% in aggregate amount of the Letter of Credit LiabilitiesRevolving Exposure, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral and applied pursuant to arrangements satisfactory to the Administrative AgentSecurity Agreement) equal to the aggregate amount available for drawing Available L/C Amount under all Letters of Credit then outstanding at such time; , provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(g) or 6.01(i6.01(h) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 1 contract

Samples: Credit Agreement (Metro-Goldwyn-Mayer Inc)

Cash Cover. The Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during the continuance of any Event of Default, it shall, if requested by the Administrative Agent upon the instruction of Lenders having more than 50% of the Letter of Credit Liabilities, pay to the Administrative Agent an amount in immediately available funds (which funds shall be held as collateral pursuant to arrangements satisfactory to the Administrative Agent) equal to the aggregate amount available for drawing under all Letters of Credit then outstanding at such time; provided that, upon the occurrence of any Event of Default specified in Section 6.01(h)(i6.01(f) or 6.01(i6.01(g) with respect to the Borrower, the Borrower shall pay such amount forthwith without any notice or demand or any other act by the Administrative Agent or the Lenders.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Usx Corp)

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