Common use of Obligation to Cash Collateralize Clause in Contracts

Obligation to Cash Collateralize. Upon the request of the Administrative Agent or the applicable Issuing Bank (i) if the applicable Issuing Bank has honored any full or partial drawing under any Letter of Credit and such drawing has resulted in an LC Borrowing or (ii) if, as of the LC Expiration Date, any LC Exposure for any reason remains outstanding or as otherwise required pursuant to this Agreement, the Borrowers shall, in each case, immediately cash collateralize the then outstanding LC Exposure in an amount not less than the Minimum Collateral Amount. At any time that there shall exist a Defaulting Lender, immediately upon the written request of the Administrative Agent or any applicable Issuing Bank or Swingline Lender (in each case, with a copy to the Administrative Agent), the Borrowers shall cash collateralize all Fronting Exposure of such Issuing Bank or Swingline Lender, as applicable, with respect to such Defaulting Lender (determined after giving effect to Section 2.14(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

Obligation to Cash Collateralize. Upon the request of the Administrative Agent or the applicable Issuing Bank (i) if the applicable Issuing Bank has honored any full or partial drawing under any Letter of Credit and such drawing has resulted in an LC Borrowing or (ii) if, as of the LC Expiration Date, any LC Exposure for any reason remains outstanding or as otherwise required pursuant to this Agreement, the Borrowers shall, in each case, immediately cash collateralize the then outstanding LC Exposure in an amount not less than the Minimum Collateral Amount. At any time that there shall exist a Defaulting Lender, immediately upon the written request of the Administrative Admin- istrative Agent or any applicable Issuing Bank or Swingline Lender (in each case, with a copy to the Administrative Agent), the Borrowers shall cash collateralize all Fronting Exposure of such Issuing Bank or Swingline Lender, as applicable, with respect to such Defaulting Lender (determined after giving effect to Section 2.14(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.