Common use of LC Collateral Accounts Clause in Contracts

LC Collateral Accounts. (a) Provided that no Event of Default or Unmatured Event of Default has occurred and is continuing and the Facility Termination Date has not occurred, any Borrower may from time to time advise the Administrator and each Group Agent in writing of its desire to convert certain amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to another currency that is either denominated in U.S. Dollars or Canadian Dollars. Following receipt of such request, the Administrator shall notify such Borrower in writing whether or not the Administrator is agreeable to such conversion; provided, however, that if the Administrator fails to so notify such Borrower within one (1) Business Day, the Administrator shall be deemed to have declined such conversion request. In the event that the Administrator has so notified such Borrower in writing that it is agreeable to such conversion, such Borrower and the Administrator shall enter into such documents as the Administrator may deem necessary or appropriate to effect such conversion, and such conversion shall occur at such exchange rate as agreed to in writing between the Administrator and such Borrower. (b) From and after any time that an Event of Default has occurred and is continuing, the Administrator may, in its sole discretion, convert any amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to U.S. Dollars or Canadian Dollars. Any such conversion shall occur at the exchange rate reasonably determined by the Administrator to exist at such time of conversion and which is available to the Administrator at such time of conversion. (c) In connection with any such conversion occurring pursuant to this Section 1.21, the Borrowers shall promptly pay the Administrator all customary and reasonable fees and expenses as well as standard reasonable costs and charges of the Administrator in connection with such conversion as well as all reasonable out-of-pocket documented costs and expenses incurred by the Administrator in connection therewith. The proceeds of any such conversion shall be deposited by the Administrator into the applicable LC Collateral Account.

LC Collateral Accounts. (a) Provided that no Termination Event of Default or Unmatured Termination Event of Default has occurred and is continuing and continuing, the Facility Termination Date has not occurred, any Borrower and a Minimum Cash Liquidity Event has not occurred, the Seller may from time to time advise the Administrator and each Group Purchaser Agent in writing of its desire to convert certain amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to another currency that is either denominated in U.S. Dollars or Canadian Australian Dollars. Following receipt of such request, the Administrator shall notify such Borrower the Seller in writing whether or not the Administrator is agreeable to such conversion; provided, however, that if the Administrator fails to so notify such Borrower the Seller within one (1) Business Day, the Administrator shall be deemed to have declined such conversion request. In the event that the Administrator has so notified such Borrower the Seller in writing that it is agreeable to such conversion, such Borrower the Seller and the Administrator shall enter into such documents as the Administrator may deem necessary or appropriate to effect such conversion, and such conversion shall occur at such exchange rate as agreed to in writing between the Administrator and such Borrowerthe Seller. (b) From and after At any time that an a Termination Event of Default or Unmatured Termination Event has occurred and is continuing, at any time on or after the occurrence of the Facility Termination Date, at any time on or after the occurrence of a Minimum Cash Liquidity Event or at any time a Reimbursement Obligation is then owing, so long as the Adjusted Australian Dollar LC Participation Amount is greater than zero, the Administrator may, in its sole discretion, convert any amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to U.S. Dollars or Canadian Australian Dollars. Any such conversion shall occur at the exchange rate reasonably determined by the Administrator to exist at such time of conversion and which is available to the Administrator at such time of conversion. (c) In connection with any such conversion occurring pursuant to this Section 1.211.23, the Borrowers Seller shall promptly pay the Administrator all customary and reasonable fees and expenses as well as standard reasonable costs and charges of the Administrator in connection with such conversion as well as all reasonable out-of-pocket documented costs and expenses incurred by the Administrator in connection therewith. The proceeds of any such conversion shall be deposited by the Administrator into the applicable LC Collateral Account.

LC Collateral Accounts. (a) Provided that no Termination Event of Default or Unmatured Termination Event of Default has occurred and is continuing continuing, and the Facility Termination Date has not occurred and a Minimum Cash Liquidity Event has not occurred, any Borrower the Seller may from time to time advise the Administrator and each Group Purchaser Agent in writing of its desire to convert certain amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to another currency that is either denominated in U.S. Dollars or Canadian Australian Dollars. Following receipt of such request, the Administrator shall notify such Borrower the Seller in writing whether or not the Administrator is agreeable to such conversion; provided, however, that if the Administrator fails to so notify such Borrower the Seller within one (1) Business Day, the Administrator shall be deemed to have declined such conversion request. In the event that the Administrator has so notified such Borrower the Seller in writing that it is agreeable to such conversion, such Borrower the Seller and the Administrator shall enter into such documents as the Administrator may deem necessary or appropriate to effect such conversion, and such conversion shall occur at such exchange rate as agreed to in writing between the Administrator and such Borrowerthe Seller. (b) From and after At any time that an a Termination Event of Default or Unmatured Termination Event has occurred and is continuing, at any time on or after the occurrence of the Facility Termination Date, at any time on or after the occurrence of a Minimum Cash Liquidity Event or at any time a Reimbursement Obligation is then owing, so long as the Adjusted Australian Dollar LC Participation Amount is greater than zero, the Administrator may, in its sole discretion, convert any amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to U.S. Dollars or Canadian Australian Dollars. Any such conversion shall occur at the exchange rate reasonably determined by the Administrator to exist at such time of conversion and which is available to the Administrator at such time of conversion. (c) In connection with any such conversion occurring pursuant to this Section 1.211.23, the Borrowers Seller shall promptly pay the Administrator all customary and reasonable fees and expenses as well as standard reasonable costs and charges of the Administrator in connection with such conversion as well as all reasonable out-of-pocket documented costs and expenses incurred by the Administrator in connection therewith. The proceeds of any such conversion shall be deposited by the Administrator into the applicable LC Collateral Account.

LC Collateral Accounts. (a) Provided that no Termination Event of Default or Unmatured Termination Event of Default has occurred and is continuing and the Facility Termination Date has not occurred, any Borrower occurred the Seller may from time to time advise the Administrator and each Group Purchaser Agent in writing of its desire to convert certain amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to another currency that is either denominated in U.S. Dollars or Canadian Australian Dollars. Following receipt of such request, the Administrator shall notify such Borrower the Seller in writing whether or not the Administrator is agreeable to such conversion; provided, however, that if the Administrator fails to so notify such Borrower the Seller within one (1) Business Day, the Administrator shall be deemed to have declined such conversion request. In the event that the Administrator has so notified such Borrower the Seller in writing that it is agreeable to such conversion, such Borrower the Seller and the Administrator shall enter into such documents as the Administrator may deem necessary or appropriate to effect such conversion, and such conversion shall occur at such exchange rate as agreed to in writing between the Administrator and such Borrowerthe Seller. (b) From and after At any time that an a Termination Event of Default or Unmatured Termination Event has occurred and is continuing, at any time on or after the occurrence of the Facility Termination Date, at any time on or after the occurrence of a Minimum Cash Liquidity Event or at any time a Reimbursement Obligation is then owing, so long as the Adjusted Australian Dollar LC Participation Amount is greater than zero, the Administrator may, in its sole discretion, convert any amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to U.S. Dollars or Canadian Australian Dollars. Any such conversion shall occur at the exchange rate reasonably determined by the Administrator to exist at such time of conversion and which is available to the Administrator at such time of conversion. (c) In connection with any such conversion occurring pursuant to this Section 1.211.23, the Borrowers Seller shall promptly pay the Administrator all customary and reasonable fees and expenses as well as standard reasonable costs and charges of the Administrator in connection with such conversion as well as all reasonable out-of-pocket documented costs and expenses incurred by the Administrator in connection therewith. The proceeds of any such conversion shall be deposited by the Administrator into the applicable LC Collateral Account.