Common use of Letter-of-Credit Rights Clause in Contracts

Letter-of-Credit Rights. If Grantor at any time is a beneficiary under a letter of credit now or hereafter issued in favor of Grantor, Grantor shall promptly notify Secured Party thereof and, at the request and option of Secured Party, Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to Secured Party, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Secured Party of the proceeds of any drawing under the letter of credit, or (ii) arrange for Secured Party to become the transferee beneficiary of the letter of credit, with Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Credit Agreement.

Letter-of-Credit Rights. If any Grantor is at any time is a the beneficiary under a letter Letter of credit now or hereafter issued in favor of GrantorCredit, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, such Grantor shall, pursuant to an agreement arrangement in form and substance reasonably satisfactory to the Secured Party, either (i) arrange for the issuer Issuer and any confirmer confirmed or other nominated person of such letter Letter of credit Credit to consent to an assignment to the Secured Party of the proceeds of any drawing under the letter Letter of credit, Credit or (ii) arrange for the Secured Party to become the transferee beneficiary of the letter Letter of creditCredit, with the Secured Party agreeing, agreeing in each case, case that the proceeds of any drawing under the letter to credit Letter of Credit are to be applied to satisfaction of the Obligations in such order as provided in the Credit AgreementSecured Party may determine.

Letter-of-Credit Rights. If Grantor at any time is a beneficiary under a letter of credit now or hereafter issued in favor of Grantor, Grantor shall promptly notify Secured Party thereof and, at the request and option of Secured Party, Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to Secured Party, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Secured Party of Partyof the proceeds of any drawing under the letter of credit, or (ii) arrange for Secured Party to become the transferee beneficiary of the letter of credit, with Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Credit Agreement.

Letter-of-Credit Rights. If the Grantor are at any time is a beneficiary under a letter of credit (other than any letter credit constituting a Supporting Obligation) now or hereafter issued in favor of the Grantor, the Grantor shall promptly notify Secured Party thereof and, at the request and option of Secured Party, the Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to Secured Party, either either: (i) arrange for the issuer and any confirmer of to such letter of credit to consent to an assignment to Secured Party of the proceeds of any drawing under the letter of credit, ; or (ii) arrange for Secured Party to become the transferee beneficiary of the letter of credit, with Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to of credit are to be applied as provided in to satisfy the Credit AgreementObligations.

Letter-of-Credit Rights. If any Grantor is at any time is a the beneficiary under a letter Letter of credit now or hereafter issued in favor of GrantorCredit, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, such Grantor shall, pursuant to an agreement arrangement in form and substance reasonably satisfactory to the Secured Party, either (i) arrange for the issuer Issuer and any confirmer confirmed or other nominated person of such letter Letter of credit Credit to consent to an assignment to the Secured Party of the proceeds of any drawing under the letter Letter of creditCredit, or (ii) arrange for the Secured Party to become the transferee beneficiary of the letter Letter of creditCredit, with the Secured Party agreeing, agreeing in each case, case that the proceeds of any drawing under the letter to credit Letter of Credit are to be applied to satisfaction of the Obligations in such order as provided in the Credit AgreementSecured Party may determine.

Letter-of-Credit Rights. If any Grantor is at any time is a beneficiary under a letter of credit now or hereafter issued in favor of the Grantor, the Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, the Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Secured Party, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Secured Party of the proceeds of any drawing under the letter of credit, credit or (ii) arrange for the Secured Party to become the transferee beneficiary of the letter of credit, with the Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Credit Purchase Agreement.

Letter-of-Credit Rights. If the Grantor is at any time is a beneficiary under a letter of credit now or hereafter issued in favor of Grantorhereafter, the Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, the Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Secured Party, either (i) arrange for the issuer and any confirmer or other nominated person of such letter of credit to consent to an assignment to the Secured Party of the proceeds of any drawing under the letter of credit, credit or (ii) arrange for the Secured Party to become the transferee beneficiary of the letter of credit, with the Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in the Credit AgreementNote.

Letter-of-Credit Rights. If any Grantor is at any time is a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Secured Party, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Secured Party of the proceeds of any drawing under the letter of credit, credit or (ii) arrange for the Secured Party to become the transferee beneficiary of the letter of credit, with the Secured Party agreeing, in each case, that the proceeds of any drawing under the letter to of credit are to be applied as provided in paid to the Credit Agreementapplicable Grantor unless an Event of Default has occurred or is continuing.

Letter-of-Credit Rights. If any Grantor is at any time is a the beneficiary under a letter Letter of credit now or hereafter issued in favor of GrantorCredit, such Grantor shall promptly notify the Secured Party thereof and, at the request and option of the Secured Party, such Grantor shall, pursuant to an agreement arrangement in form and substance reasonably satisfactory to the Secured Party, either (i) arrange for the issuer Issuer and any confirmer confirmed or other nominated person of such letter Letter of credit Credit to consent to an assignment to the Secured Party of the proceeds of any drawing under the letter Letter of credit, Credit or (ii) arrange for the Secured Party to become the transferee beneficiary of the letter Letter of creditCredit, with the Secured Party agreeing, agreeing in each casecase that, that upon the occurrence of an Event of Default, the proceeds of any drawing under the letter to credit Letter of Credit are to be applied to satisfaction of the Obligations in such order as provided in the Credit AgreementSecured Party may determine.