Common use of Disbursements From L/C Holding Account Clause in Contracts

Disbursements From L/C Holding Account. All amounts deposited in the L/C Holding Account shall be deemed to be allocated to each Letter of Credit taken into account in the determination of the amount of such deposit, ratably in accordance with the respective maximum amounts available to be drawn under all such Letters of Credit (the amount so allocated to a Letter of Credit being referred to as its “Allocable L/C Share”). At such time as (i) any such Letter of Credit expires undrawn or (ii) the amount available to be drawn under any such Letter of Credit is irrevocably reduced (other than by a draw thereon) according to the terms thereof, in either case causing a reduction in the L/C Exposure, then the Allocable L/C Share attributable to such expired Letter of Credit or such reduction in the L/C Exposure shall be deposited into the Intercreditor Disbursement Account and shall be distributed in accordance with Section 4.1(e). At such time as any such Letter of Credit is drawn, the Allocable L/C Share attributable thereto (in an amount not exceeding the amount of such drawing) shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank.

Disbursements From L/C Holding Account. All amounts deposited in the L/C Holding Account shall be deemed to be allocated to each Letter of Credit taken into account in the determination of the amount of such deposit, ratably in accordance with the respective maximum amounts available to be drawn under all such Letters of Credit (the amount so allocated to a Letter of Credit being referred to as its “Allocable L/C Share”). At such time as (i) any such Letter of Credit expires undrawn or (ii) the amount available to be drawn under any such Letter of Credit is irrevocably reduced (other than by a draw thereon) according to the terms thereof, in either case causing a reduction in the L/C Exposure, then the Allocable L/C Share attributable to such expired Letter of Credit or such reduction in the L/C Exposure shall be deposited into the Intercreditor Disbursement Account and shall be distributed in accordance with Section 4.1(e4.1(d). At such time as as, and to the extent that, any such Letter of Credit is drawn, the Allocable L/C Share attributable thereto to such Letter of Credit (or such ratable portion thereof as has been drawn in an amount not exceeding the amount event such Letter of such drawingCredit is drawn only in part) shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank. If any of the Credit Agreement Lenders (including BofA in its capacity as the Administrative Agent under the Credit Agreement) or the Issuing Bank receives any cash collateral in respect of an undrawn outstanding Letter of Credit in accordance with the provisions of any of the Loan Documents, it shall as promptly as practicable after the occurrence of an Enforcement Event (and then only during the continuance thereof) turn such cash collateral over to the Collateral Agent for distribution in accordance with Section 4.1(d).

Disbursements From L/C Holding Account. All amounts deposited in the L/C Holding Account shall be deemed to be allocated to each Letter of Credit taken into account in the determination of the amount of such deposit, ratably in accordance with the respective maximum amounts available to be drawn under all such Letters of Credit (the amount so allocated to a Letter of Credit being referred to as its “Allocable L/C Share”). At such time as (i) any such Letter of Credit expires undrawn or (ii) the amount available to be drawn under any such Letter of Credit is irrevocably reduced (other than by a draw thereon) according to the terms thereof, in either case causing a reduction in the L/C Exposure, then the Allocable L/C Share attributable to such expired Letter of Credit or such reduction in the L/C Exposure shall be deposited into the Intercreditor Disbursement Account and shall be distributed in accordance with Section 4.1(e4.1(d). At such time as any such Letter of Credit is drawn, the Allocable L/C Share attributable thereto (in an amount not exceeding the amount to such Letter of such drawing) Credit shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank.

Disbursements From L/C Holding Account. All amounts deposited in the L/C Holding Account shall be deemed to be allocated to each Letter of Credit taken into account in the determination of the amount of such deposit, ratably in accordance with the respective maximum amounts available to be drawn under all such Letters of Credit (the amount so allocated to a Letter of Credit being referred to as its “Allocable L/C Share”). At such time as (i) any such Letter of Credit expires undrawn or (ii) the amount available to be drawn under any such Letter of Credit is irrevocably reduced (other than by a draw thereon) according to the terms thereof, in either case causing a reduction in the L/C Exposure, then the Allocable L/C Share attributable to such expired Letter of Credit or such reduction in the L/C Exposure shall be deposited into the Intercreditor Disbursement Account and shall be distributed in accordance with Section 4.1(e4.1(d). At such time as as, and to the extent that, any such Letter of Credit is drawn, the Allocable L/C Share attributable thereto to such Letter of Credit (or such ratable portion thereof as has been drawn in an amount not exceeding the amount event such Letter of such drawingCredit is drawn only in part) shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank. If any of the Credit Agreement Lenders (including the Lender Agent under the Credit Agreement) or the Issuing Bank receives any cash collateral in respect of an undrawn outstanding Letter of Credit in accordance with the provisions of any of the Loan Documents, it shall as promptly as practicable after the occurrence of an Enforcement Event (and then only during the continuance thereof) turn such cash collateral over to the Collateral Agent for distribution in accordance with Section 4.1(d).