Common use of Collateralization of LC Overage Clause in Contracts

Collateralization of LC Overage. If for any reason the LC Exposure exceeds $150,000,000, then upon request of the Requisite Lenders, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in Dollars equal to the LC Overage as of the date of such request, which amount shall be held by the Administrative Agent as collateral for the performance by the Company of its reimbursement obligations pursuant to Sections 2.11(e) and (f). The Administrative Agent (i) may invest the balance in such account in such short-term instruments in the manner and to the extent the Administrative Agent deems consistent with the use of such funds as collateral for the performance of the Company’s obligations, (ii) shall apply the balance in such account to pay any reimbursement obligations that arise pursuant to Section 2.11(e) and (f) from time to time (with any reimbursement obligation payable in a Foreign Currency satisfied by the conversion of funds in such account in such manner at such an exchange rate as determined by the Administrative Agent) and (iii) upon request of the Company from time to time, shall pay to the Company such amount as the Administrative Agent determines to be the excess of the balance in such account over the LC Overage. All investment and reinvestment of funds deposited with the Administrative Agent pursuant to this Section 2.11(n) shall be made at the Company’s risk and expense. Interest or profits, if any, on such investments shall accumulate in such account. If the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 51% of the total LC Exposure), the balance held by the Administrative Agent may be applied to satisfy other obligations of the Company under this Agreement.

Collateralization of LC Overage. If for any reason the LC Exposure exceeds $150,000,000250,000,000, then upon request of the Requisite Lenders, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in Dollars equal to the LC Overage as of the date of such request, which amount shall be held by the Administrative Agent as collateral for the performance by the Company of its reimbursement obligations pursuant to Sections 2.11(e) and (f). The Administrative Agent (i) may invest the balance in such account in such short-term instruments in the manner and to the extent the Administrative Agent deems consistent with the use of such funds as collateral for the performance of the Company’s obligations, (ii) shall apply the balance in such account to pay any reimbursement obligations that arise pursuant to Section 2.11(e) and (f) from time to time (with any reimbursement obligation payable in a Foreign Currency satisfied by the conversion of funds in such account in such manner at such an exchange rate as determined by the Administrative Agent) and (iii) upon request of the Company from time to time, shall pay to the Company such amount as the Administrative Agent determines to be the excess of the balance in such account over the LC Overage. All investment and reinvestment of funds deposited with the Administrative Agent pursuant to this Section 2.11(n) shall be made at the Company’s risk and expense. Interest or profits, if any, on such investments shall accumulate in such account. If the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 51% of the total LC Exposure), the balance held by the Administrative Agent may be applied to satisfy other obligations of the Company under this Agreement.

Collateralization of LC Overage. If for any reason the LC Exposure exceeds $150,000,000100,000,000, then upon request of the Requisite Lenders, the Company shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in Dollars equal to the LC Overage as of the date of such request, which amount shall be held by the Administrative Agent as collateral for the performance by the Company of its reimbursement obligations pursuant to Sections 2.11(e) and (f). The Administrative Agent (i) may invest the balance in such account in such short-term instruments in the manner and to the extent the Administrative Agent deems consistent with the use of such funds as collateral for the performance of the Company’s obligations, (ii) shall apply the balance in such account to pay any reimbursement obligations that arise pursuant to Section 2.11(e) and (f) from time to time (with any reimbursement obligation payable in a Foreign Currency satisfied by the conversion of funds in such account in such manner at such an exchange rate as determined by the Administrative Agent) and (iii) upon request of the Company from time to time, shall pay to the Company such amount as the Administrative Agent determines to be the excess of the balance in such account over the LC Overage. All investment and reinvestment of funds deposited with the Administrative Agent pursuant to this Section 2.11(n) shall be made at the Company’s risk and expense. Interest or profits, if any, on such investments shall accumulate in such account. If the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 51% of the total LC Exposure), the balance held by the Administrative Agent may be applied to satisfy other obligations of the Company under this Agreement.