Common use of Payment of Bankers’ Acceptances and Letters of Credit Clause in Contracts

Payment of Bankers’ Acceptances and Letters of Credit. Immediately upon the occurrence of an Insolvency Default or the making of a declaration by the Agent under Section 10.2, the Borrowers shall, without necessity of further act or evidence, be and become thereby unconditionally obligated to provide forthwith to the Agent, for the Lenders’ benefit, Cash Collateral equal to the full principal amount at maturity of all Bankers’ Acceptances, Notional Bankers’ Acceptances and Letters of Credit then outstanding and issued by each Lender, and the Borrowers hereby unconditionally promise and agree to deposit with the Agent, immediately upon such demand, Cash Collateral in the amount so demanded. Each Borrower authorizes the Agent to debit its account with the amount required to pay such Bankers’ Acceptances, and the amount required to pay any drawings under Letters of Credit, notwithstanding that such Bankers’ Acceptances and Notional Bankers’ Acceptances may be held by a Lender in its own right at maturity. Amounts paid to the Agent pursuant to such a demand in respect of Bankers’ Acceptances or Notional Bankers’ Acceptances shall be applied against, and in respect of a demand by the Agent shall reduce, pro rata among the BA Lenders and the Non BA Lenders, the obligation of the Borrowers to pay amounts then or thereafter payable under such Bankers’ Acceptances or Notional Bankers’ Acceptances accepted or issued under the Facility at the times amounts become payable under or in respect thereof, as the case may be.

Payment of Bankers’ Acceptances and Letters of Credit. Immediately upon the occurrence giving of an Insolvency Default or the making of a declaration Acceleration Notice by the Agent under referred to in Section 10.2, the Borrowers Borrower shall, without necessity of further act or evidence, be and become thereby unconditionally obligated to provide deposit forthwith to with the Agent, Agent for the Lenders’ benefit' benefit and/or with the Working Capital Lender, Cash Collateral equal to the full principal amount at maturity of all Bankers’ ' Acceptances, Notional Bankers’ ' Acceptances and the Face Amount of all Letters of Credit then outstanding and issued by each Lenderfor the Borrower's account, and the Borrowers Borrower hereby unconditionally promise promises and agree agrees to deposit with the Agent, Agent immediately upon such demand, Cash demand Collateral in the amount so demanded. Each The Borrower authorizes the Agent Lenders, or any of them, to debit its account with the amount required to pay such Bankers’ ' Acceptances and Notional Bankers' Acceptances, notwithstanding that any such Bankers' Acceptances and Notional Bankers' Acceptances may be held by the Lenders, or any of them, in their own right at maturity and the amount required to pay any drawings under Letters of Credit, notwithstanding that such Bankers’ Acceptances and Notional Bankers’ Acceptances may be held by a Lender in its own right at maturity. Amounts paid to the Agent or to the Working Capital Lender pursuant to such a demand in respect of Bankers’ ' Acceptances or Notional Bankers’ ' Acceptances shall be considered to be a prepayment by the Borrower in respect of such obligations (without any deduction of fees or discounts in respect thereof) and be applied against, and in respect of a demand by the Agent shall reduce, pro rata among the BA Lenders and the Non BA Lenders, in the case of Bankers' Acceptances and Notional Bankers' Acceptances (to the extent of the amounts paid to the Agent in respect of Bankers' Acceptances or Notional Bankers' Acceptances, as the case may be), the obligation of the Borrowers Borrower to pay amounts then or thereafter payable under such Bankers’ ' Acceptances, Notional Bankers' Acceptances or Notional Bankers’ Acceptances Letters of Credit accepted or issued under the Facility hereunder at the times amounts become payable under or in respect thereof, as the case may be.

Payment of Bankers’ Acceptances and Letters of Credit. Immediately upon the occurrence of an Insolvency Default or the making of a declaration by referred to in Section 11.2 (or the Agent under Section 10.2deemed making of such declaration), the Borrowers shall, without necessity of further act or evidence, be and become thereby unconditionally obligated to provide deposit forthwith to with the Agent, for the Lenders’ benefit, Cash Lender Collateral equal to the full principal amount at maturity Face Amount of all Bankers’ Acceptances, Notional Bankers’ ' Acceptances and Letters of Credit then outstanding and issued by each Lender, the Lender and the Borrowers hereby unconditionally jointly and severally promise and agree to deposit with the Agent, Lender immediately upon such demand, Cash declaration Collateral in the amount so demandedsuch amount. Each Borrower authorizes the Agent Lender to debit its account with the amount required to pay provide cash collateral for such Bankers’ Acceptances, ' Acceptances and the amount required to pay any drawings under Letters of Credit, notwithstanding that such Bankers’ Acceptances and Notional Bankers’ ' Acceptances may be held by a the Lender in its own right at maturitymaturity or that no draw has yet been made under a Letter of Credit. Any amounts deposited hereunder shall bear interest for the Borrowers' account at the rates of the Lender as may be applicable in respect of other deposits of similar amounts for similar terms. Amounts paid to the Agent Lender pursuant to such a demand declaration (or deemed declaration) in respect of Bankers’ ' Acceptances or Notional Bankers’ Acceptances and Letters of Credit shall be applied against, and in respect of a demand by the Agent shall reduce, pro rata among the BA Lenders and the Non BA Lenders, against the obligation of the Borrowers to pay amounts then or thereafter payable under such Bankers’ ' Acceptances or Notional Bankers’ Acceptances accepted or issued under the Facility and Letters of Credit at the times amounts become payable under or in respect thereof, as the case may bebe and any amounts remaining shall be held by the Lender as security for the payment and performance of all remaining outstanding Obligations.

Payment of Bankers’ Acceptances and Letters of Credit. Immediately upon the occurrence of an Insolvency Default or the making of a declaration by the Administrative Agent under referred to in Section 10.29.2, the Borrowers Borrower shall, without necessity of further act or evidence, be and become thereby unconditionally obligated to provide deposit forthwith to with the Agent, Administrative Agent for the Lenders’ benefit, Cash ' benefit and/or with the Swingline Lender Collateral equal to the full principal amount at maturity of all Bankers’ ' Acceptances, Notional Bankers’ ' Acceptances and the Face Amount of all Letters of Credit then outstanding and issued by each Lenderfor the Borrower's account, and the Borrowers Borrower hereby unconditionally promise promises and agree agrees to deposit with the Agent, Administrative Agent immediately upon such demand, Cash demand Collateral in the amount so demanded. Each The Borrower authorizes the Agent Lenders, or any of them, to debit its account with the amount required to pay such Bankers’ ' Acceptances and Notional Bankers' Acceptances, notwithstanding that any such Bankers' Acceptances and Notional Bankers' Acceptances may be held by the Lenders, or any of them, in their own right at maturity and the amount required to pay any drawings under Letters of Credit, notwithstanding that such Bankers’ Acceptances and Notional Bankers’ Acceptances may be held by a Lender in its own right at maturity. Amounts paid to the Administrative Agent and/or with the Swingline Lender pursuant to such a demand in respect of Bankers’ ' Acceptances or Notional Bankers’ ' Acceptances shall be considered to be a prepayment by the Borrower in respect of such obligations (without any deduction of fees or discounts in respect thereof) and be applied against, and in respect of a demand by the Administrative Agent and shall reduce, pro rata among the BA Lenders and the Non BA Lenders, in the case of Bankers' Acceptances and Notional Bankers' Acceptances (to the extent of the amounts paid to the Administrative Agent in respect of Bankers' Acceptances or Notional Bankers' Acceptances, as the case may be), the obligation of the Borrowers Borrower to pay amounts then or thereafter payable under such Bankers’ ' Acceptances, Notional Bankers' Acceptances or Notional Bankers’ Acceptances Letters of Credit accepted or issued under the Facility hereunder at the times amounts become payable under or in respect thereof, as the case may be.