Common use of Collateral for Undrawn Letters of Credit Clause in Contracts

Collateral for Undrawn Letters of Credit. When any Event of Default, other than an Event of Default described in subsection (j) or (k) of Section 9.1, has occurred and is continuing, the Borrowers shall, upon demand of the Bank, and when any Event of Default described in subsection (j) or (k) of Section 9.1 has occurred the Borrowers shall, without notice or demand from the Bank, immediately pay to the Bank the full amount of each Letter of Credit then outstanding, the Borrowers agreeing to immediately make such payment and acknowledging and agreeing that the Bank would not have an adequate remedy at law for failure of the Borrowers to honor any such demand and that the Bank shall have the right to require the Borrowers to specifically perform such undertaking whether or not any draws have been made under any such Letters of Credit.

Collateral for Undrawn Letters of Credit. When any Event of Default, other than an Event of Default described in subsection (jk) or (kl) of Section 9.1, has occurred and is continuing, the Borrowers Borrower shall, upon demand of the Bank, and when any Event of Default described in subsection (jk) or (kl) of Section 9.1 has occurred the Borrowers Borrower shall, without notice or demand from the Bank, immediately pay to the Bank the full amount of each Letter of Credit then outstanding, the Borrowers Borrower agreeing to immediately make such payment and acknowledging and agreeing that the Bank would not have an adequate remedy at law for failure of the Borrowers Borrower to honor any such demand and that the Bank shall have the right to require the Borrowers Borrower to specifically perform such undertaking whether or not any draws have been made under any such Letters of Credit.

Collateral for Undrawn Letters of Credit. When any Event of Default, other than an Event of Default described in subsection (jSection 9.1(o) or (k) of Section 9.19.1(p), has occurred and is continuing, the Borrowers Borrower shall, upon demand of the Bank, and when any Event of Default described in subsection (jSection 9.1(o) or (kSection 9.1(p) of Section 9.1 has occurred the Borrowers Borrower shall, without notice or demand from the Bank, immediately pay to the Bank the full amount of each Letter of Credit then outstanding, the Borrowers Borrower agreeing to immediately make such payment and acknowledging and agreeing that the Bank would not have an adequate remedy at law for failure of the Borrowers Borrower to honor honour any such demand and that the Bank shall have the right to require the Borrowers Borrower to specifically perform such undertaking undertaking, whether or not any draws have been made under any such Letters of CreditCredit have been presented for payment.

Collateral for Undrawn Letters of Credit. When any Event of Default, other than an Event of Default described in subsection (jh) or (ki) of Section 9.17.1, has occurred and is continuing, the Borrowers Borrower shall, upon demand of the Bank, and when any Event of Default described in subsection (jh) or (ki) of Section 9.1 7.1 has occurred the Borrowers Borrower shall, without notice or demand from the Bank, immediately pay to the Bank the full amount of each Letter of Credit then outstanding, the Borrowers Borrower agreeing to immediately make such payment and acknowledging and agreeing that the Bank would not have an adequate remedy at law for failure of the Borrowers Borrower to honor any such demand and that the Bank shall have the right to require the Borrowers Borrower to specifically perform such undertaking whether or not any draws have been made under any such Letters of Credit.

Collateral for Undrawn Letters of Credit. When any Event of Default, other than an Event of Default described in subsection subsections (j1) or (km) of Section 9.1, has occurred and is continuing, the Borrowers shall, upon written demand of the Bank, and when any Event of Default described in subsection (j1) or (km) of Section 9.1 has occurred the Borrowers shall, without notice or demand from the Bank, immediately pay in cash to the Bank the full amount of each Letter of Credit then outstanding, the Borrowers agreeing to immediately make such payment and acknowledging and agreeing that the Bank would not have an adequate remedy at law for failure of the Borrowers to honor any such demand and that the Bank shall have the right to require the Borrowers to specifically perform such undertaking whether or not any draws have been made under any such Letters of Credit.

Collateral for Undrawn Letters of Credit. When any Event of Default, other than an Event of Default described in subsection (jk) or (kl) of Section 9.18.1, has occurred and is continuing, the Borrowers shall, upon demand of the BankAgent, and when any Event of Default described in subsection (jk) or (kl) of Section 9.1 8.1 has occurred the Borrowers shall, without notice or demand from the BankAgent, immediately pay to the Bank Agent the full amount of each Letter of Credit then outstanding, the Borrowers agreeing to immediately make such payment and acknowledging and agreeing that the Bank Lender would not have an adequate remedy at law for failure of the Borrowers to honor any such demand and that the Bank Agent shall have the right to require the Borrowers to specifically perform such undertaking whether or not any draws have been made under any such Letters of Credit.