Provision of Cover. (a) If there shall occur an Event of Default and the Company is as a result thereof required pursuant to Section 8.01 to provide cover for the Letters of Credit, the Administrative Agent will forthwith establish a separate collateral account (the “Collateral Account”) at Citibank, which shall be a “securities account” (as defined in Section 8-501 of the UCC) in respect of which the Administrative Agent is the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC), into which there shall be deposited from time to time the amounts paid to the Administrative Agent as cover.
Appears in 3 contracts
Samples: Credit Agreement (Cigna Corp), Letter of Credit Agreement (Cigna Corp), Credit Agreement (Cigna Corp)
Provision of Cover. (a) If there shall occur an Event of Default and the Company is as a result thereof required pursuant to Section 8.01 to provide cover for the Letters of Credit, the Administrative Agent will forthwith establish a separate collateral account (the “"Collateral Account”") at Citibank, which shall be a “"securities account” " (as defined in Section 8-501 of the UCC) in respect of which the Administrative Agent is the “"entitlement holder” " (as defined in Section 8-102(a)(7) of the UCC), into which there shall be deposited from time to time the amounts paid to the Administrative Agent as cover.
Appears in 2 contracts
Samples: Letter of Credit Agreement (Cigna Corp), Letter of Credit Agreement (Cigna Corp)
Provision of Cover. (a) If there shall occur an Event of Default and the Company is as a result thereof required pursuant to Section 8.01 8.01 to provide cover for the Letters of Credit, the Administrative Agent will forthwith establish a separate collateral account (the “Collateral Account”) at CitibankJPMorgan, which shall be a “securities account” (as defined in Section 8-501 of the UCC) in respect of which the Administrative Agent is the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC), into which there shall be deposited from time to time the amounts paid to the Administrative Agent as cover.
Appears in 2 contracts
Samples: Credit Agreement (Cigna Group), Credit Agreement (Cigna Group)
Provision of Cover. (a) If there shall occur an Event of Default and the Company is as a result thereof required pursuant to Section 8.01 to provide cover for the Letters of Credit, the Administrative Agent will forthwith establish a separate collateral account (the “"Collateral Account”") at CitibankJPMorgan, which shall be a “"securities account” " (as defined in Section 8-501 of the UCC) in respect of which the Administrative Agent is the “"entitlement holder” " (as defined in Section 8-102(a)(78‑102(a)(7) of the UCC), into which there shall be deposited from time to time the amounts paid to the Administrative Agent as cover.
Appears in 2 contracts
Samples: Credit Agreement (Cigna Corp), Assignment and Assumption (Cigna Corp)