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

Collateral for Undrawn Letters of Credit. If and when (x) any Event of Default, other than an Event of Default described in subsections (i) or (j) of Section 8.1, has occurred and is continuing, the Company shall, upon demand of the Agent, and (y) any Event of Default described in subsections (i) or (j) of Section 8.1 has occurred or any Letter of Credit is outstanding on the Termination Date (whether or not any Event of Default has occurred), the Company shall, without notice or demand from the Agent, immediately pay to the Agent the full amount of each Letter of Credit, the Company agreeing to immediately make each such payment and acknowledging and agreeing that the Agent and the Lenders would not have an adequate remedy at law for failure of the Company to honor any such demand and that the Agent shall have the right to require the Company to specifically perform such undertaking whether or not any draws have been made under the Letters of Credit.

Collateral for Undrawn Letters of Credit. If and when (x) any Event of Default, other than an Event of Default described in subsections (ik) or (jl) of Section 8.1, has occurred and is continuing, the Company Borrowers shall, upon demand of the Agent, and (y) any Event of Default described in subsections (ik) or (jl) of Section 8.1 has occurred or (z) any Letter of Credit is outstanding on the Termination Date (whether or not any Event of Default has occurred), the Company Borrowers shall, without notice or demand from the Agent, immediately pay to the Agent the full amount of each Letter of Credit, the Company Borrowers agreeing to immediately make each such payment and acknowledging and agreeing that the Agent and the Lenders would not have an adequate remedy at law for failure of the Company Borrowers to honor any such demand and that the Agent shall have the right to require the Company Borrowers to specifically perform such undertaking whether or not any draws have had been made under the Letters of Credit.