Collateralized Letters of Credit. Notwithstanding anything to the contrary in this Section, the obligations of the Lenders to acquire participations in Letters of Credit and to reimburse any Issuing Bank for Unreimbursed Amounts (other than Unreimbursed Amounts arising from LC Disbursements made prior to the Maturity Date) shall terminate with respect to any Collateralized Letter of Credit on the Maturity Date (it being understood that the Lenders shall continue to participate in, and shall be required to reimburse in accordance with this Section, any LC Disbursement made prior to the Maturity Date). Any participation held by any Lender in a Collateralized Letter of Credit on the Maturity Date (other than in respect of any Unreimbursed Amounts arising from LC Disbursements made prior to the Maturity Date) shall be deemed to have been assigned on the Maturity Date to the Issuing Bank that issued such Collateralized Letter of Credit.
Collateralized Letters of Credit. Notwithstanding anything to the contrary in this Section, the obligations of the US Dollar Tranche Revolving Lenders to acquire participations in Letters of Credit and to reimburse any Issuing Bank for Unreimbursed Amounts (other than Unreimbursed Amounts arising from LC Disbursements made prior to the Revolving Maturity Date) shall terminate with respect to any Collateralized Letter of Credit upon the Revolving Maturity Date (it being understood that the US Dollar Tranche Revolving Lenders shall continue to participate in, and shall be required to reimburse in accordance with this Section, any LC Disbursement made prior to the Revolving Maturity Date). Any participation held by any US Dollar Tranche Revolving Lender in a Collateralized Letter of Credit on the Revolving Maturity Date (other than in respect of any Unreimbursed Amounts arising from LC Disbursements made prior to the Revolving Maturity Date) shall be deemed to have been assigned to the Issuing Bank that issued such Collateralized Letter of Credit on the Revolving Maturity Date.
Collateralized Letters of Credit. Notwithstanding anything to the contrary set forth herein, so long as there are outstanding any Collateralized Letters of Credit pursuant to Section 3.02(b), no Loans may be incurred, and no additional Letters of Credit may be issued (nor may the Stated Amount of any then outstanding Letter of Credit be increased), unless, in any such case, the Company would be able to comply with Section 10.07 (to the extent that such compliance is then required) but, for this purpose, including all outstanding Letters of Credit (including all outstanding Collateralized Letters of Credit) in calculating the Aggregate Exposure and Excess Availability at such time. The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by the Company and the other Borrowers to the Administrative Agent and each of the Lenders that all the conditions specified in Section 6 (with respect to the occurrence of the Effective Date and Credit Events on the Effective Date) and in this Section 7 (with respect to the occurrence of the Effective Date and Credit Events on or after the Effective Date) and applicable to such Credit Event are satisfied as of that time, in each case, to the extent the satisfaction of any such condition is not expressly subject to any Lender’s or Agent’s determination. All of the Notes, certificates, legal opinions and other documents and papers referred to in Section 6 and in this Section 7, unless otherwise specified, shall be delivered to the Administrative Agent at the Notice Office for the account of each of the Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent and the Required Lenders.
Collateralized Letters of Credit. (i) Pursuant to Section 2.02(b), and subject to Section 2.02(a), the Borrower may decide, prior to the issuance thereof, whether a Letter of Credit will be a Non-Collateralized Letter of Credit or a Collateralized Letter of Credit.
Collateralized Letters of Credit. (i) On any date that a Letter of Credit is issued in accordance with Section 2.06, and no more than once in any month, on the date that Borrower delivers a Borrowing Base Certificate to the Administrative Agent in accordance with Section 5.01(c), Borrower may deposit an amount in cash in an account with the Administrative Agent in the name of (or for the benefit of) the Administrative Agent and for the benefit of the Lenders (such account, the “Designated LC Collateral Account”) an amount in cash to be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations in accordance with the provisions of this Section 2.06(n) until released in accordance with Section 2.06(n)(ii). The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and Borrower hereby grants the Administrative Agent a security interest in the Designated LC Collateral Account for the benefit of the Lenders to secure the payment and performance of the Secured Obligations. Other than any SECOND AMENDED AND RESTATED ABL CREDIT AGREEMENT interest earned on the investment of such deposits of cash collateral, which investments shall be made at the discretion of the Administrative Agent after consultation with and for the benefit of Borrower in accordance with the account documentation governing the Designated LC Collateral Account, to the extent not applied to the Obligations or any Banking Services Obligations during the continuance of an Event of Default in accordance with Section 2.18 and at the risk and expense of Borrower, such deposits of cash collateral shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such Designated LC Collateral Account. Moneys in such Designated LC Collateral Account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC Disbursements with respect to the applicable Collateralized Letters of Credit for which it has not been reimbursed, to pay fees with respect to the applicable Collateralized Letters of Credit and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of Borrower for the Collateralized Letters of Credit at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of the Lenders with Collateralized LC Exposure representing greater than 50% of the total Collateralized LC Exposure), be...
Collateralized Letters of Credit. Notwithstanding anything to the contrary in this Section, the obligations of the Revolving Lenders to acquire participations in Letters of Credit and to reimburse an Issuing Bank for Unreimbursed Amounts shall terminate with respect to any Collateralized Letter of Credit upon the Revolving Maturity Date. Any participation held by any Revolving Lender in a Collateralized Letter of Credit on the Revolving Maturity Date shall be deemed to have been assigned to the Issuing Bank that issued such Collateralized Letter of Credit on such Revolving Maturity Date.
Collateralized Letters of Credit. Notwithstanding anything to the contrary in this Section, the obligations of the Lenders to acquire participations in Letters of Credit and to reimburse any Issuing Bank for Unreimbursed Amounts (other than Unreimbursed Amounts arising from LC Disbursements made on or prior to the last day of the Availability Period) shall terminate with respect to any Collateralized Letter of Credit on the last day of the Availability Period (it being understood that the Lenders shall continue to participate in, and shall be required to reimburse in accordance with this Section, any LC Disbursement made on or prior to the last day of the Availability Period). Any participation held by any Lender in a Collateralized Letter of Credit after the last day of the Availability Period (other than in respect of any Unreimbursed Amounts arising from LC Disbursements made on or prior to the last day of the Availability Period) shall be deemed to have been assigned on the last day of the Availability Period to the Issuing Bank that issued such Collateralized Letter of Credit.
