Common use of Collateralization of Obligations Extending Beyond Maturity Clause in Contracts

Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to the relevant Lender satisfaction Borrower’s obligations with respect to any Letters of Credit, Credit Card Services, or FX Contracts that may extend beyond the Revolving Maturity Date, then, effective as of the Revolving Maturity Date the balance in any deposit accounts held by any such issuing Lender and the certificates of deposit or time deposit accounts issued by such Lender in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding Stated Amount of Letters of Credit, Credit Card Services or FX Contracts; provided, however, that if there are insufficient balances in such accounts to secure such obligations, Borrower shall immediately deposit such additional funds in the relevant Lenders, accounts as are necessary to fully secure such obligations. Borrower authorizes each Lender to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Letters of Credit, Credit Card Services or FX Contracts are outstanding or continue.

Collateralization of Obligations Extending Beyond Maturity. If Borrower has not cash secured to the relevant Lender satisfaction Borrower’s its obligations with respect to any Letters of Credit, Credit Card Services, or FX Contracts that may extend beyond Services by the Revolving Credit Card Maturity Date, then, effective as of the Revolving Maturity Date such date, the balance in any deposit accounts held by any such issuing Lender Bank and the certificates of deposit or time deposit accounts issued by such Lender Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), in an amount not to exceed 200% (the “Collateral Coverage”) of the aggregate obligations outstanding, and such deposits shall automatically secure such obligations to the extent of the then continuing or outstanding Stated Amount of Letters of Credit, Credit Card Services or FX Contracts; provided, however, that if there are insufficient balances in such accounts to secure such obligations, Borrower shall immediately deposit such additional funds in the relevant Lenders, accounts as are necessary to fully secure such obligationsServices. Borrower authorizes each Lender Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Letters of Credit, applicable Credit Card Services or FX Contracts are outstanding or continue, unless after honoring such draft or request there shall be the requisite Collateral Coverage. For the avoidance of doubt, if Borrower’s obligations with respect to the Credit Card Services remain outstanding or continue beyond the Credit Card Maturity Date, Bank will not release its liens in the Collateral until Borrower executes an agreement and establishes a segregated cash collateral account to formally cash-secure such obligations.

Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to the relevant Lender Bank’s satisfaction Borrower’s its obligations with respect to any ongoing Cash Management Services, Letters of Credit, Credit Card Services, or and the FX Contracts that may extend beyond Amount by the Revolving Maturity DateDate or earlier termination of the Revolving Line, then, effective as of the Revolving Maturity Date such date, the balance in any deposit accounts held by any such issuing Lender Bank and the certificates of deposit or time deposit accounts issued by such Lender Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding Stated Amount of Cash Management Services, Letters of Credit, Credit Card Services or and the FX Contracts; provided, however, that if Amount. If at such time there are insufficient balances in such Borrower’s accounts to secure such obligationsheld with Bank, Borrower shall immediately deposit such additional funds in with Bank to equal at least 100% of the relevant LendersCash Management Services, accounts as are necessary to fully secure such obligationsLetters of Credit, and the FX Amount then outstanding. Borrower grants Bank a security interest in and authorizes each Lender Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Cash Management Services, Letters of Credit, Credit Card Services or and the FX Contracts Amounts are outstanding or continue.