Common use of Replacement or Collateralization of Letters of Credit Clause in Contracts

Replacement or Collateralization of Letters of Credit. Notwithstanding any provision contained in this Agreement or any of the Letter of Credit Applications to the contrary, upon the occurrence of any Event of Default under this Agreement, at Agent's option, Borrower shall, upon Agent's demand, deliver to Agent cash or other collateral acceptable to Agent, in its sole and absolute discretion, having a value, as determined by Agent, at least equal to the aggregate undrawn face amount of all outstanding Letters of Credit. Any such collateral and/or any amounts received by Agent pursuant to this Section 4.5 shall be held by Agent in a separate account at Agent appropriately designated as a cash collateral account in relation to this Agreement and the Letters of Credit and retained by Agent as collateral security for the payment of the Borrower's Obligations. Cash amounts delivered to Agent pursuant to the foregoing requirements of this Section 4.5 shall be invested, at the request and for the account of Borrower, in investments of a type and nature and with a term acceptable to Agent. Such amounts, including in the case of cash amounts invested in the manner set forth above, any investment realized thereon, shall not be used by Agent to pay any amounts drawn or paid under or pursuant to any Letter of Credit, but may be applied to reimburse Issuer and/or the other Banks for drawings or payments under or pursuant to the Letters of Credit which the Issuer and/or the other Banks have paid, or if no such reimbursement is required shall be applied to such other of Borrower's Obligations as Agent shall determine. Any amounts remaining in any cash collateral account established pursuant to this Section 4.5 after the payment in full of all of the Borrower's Obligations and the expiration or cancellation of all of the Letters of Credit shall be returned to Borrower (after deduction of any expenses of the Banks).

Replacement or Collateralization of Letters of Credit. Notwithstanding any provision contained in this Agreement or any of the Letter of Credit Applications to the contrary, upon the occurrence of any Event of Default under this Agreement, at Agent's option, Borrower shall, upon Agent's demand, deliver to Agent Issuer cash or other collateral acceptable to AgentIssuer, in its sole and absolute discretion, having a value, as determined by AgentIssuer, at least equal to the aggregate undrawn face amount of all outstanding Letters of CreditCredit issued by Issuer. Any such collateral and/or any amounts received by Agent Issuer pursuant to this Section 4.5 shall be held by Agent Issuer in a separate account at Agent Issuer appropriately designated as a cash collateral account in relation to this Agreement and the Letters Letter of Credit and retained by Agent Issuer as collateral security for the payment of the Borrower's Obligations. Cash amounts delivered to Agent Issuer pursuant to the foregoing requirements of this Section 4.5 shall be invested, at the request and for the account of Borrower, in investments of a type and nature and with a term acceptable to AgentIssuer. Such amounts, including in the case of cash amounts invested in the manner set forth above, any investment realized thereon, shall not be used by Agent Issuer to pay any amounts drawn or paid under or pursuant to any Letter of Credit, but may be applied to reimburse Issuer and/or the other Banks for drawings or payments under or pursuant to the Letters of Credit which the Issuer and/or the other Banks have has paid, or if no such reimbursement is required shall be applied delivered to the Agent for application to such other of Borrower's Obligations as Agent shall determine. Any amounts remaining in any cash collateral account established pursuant to this Section 4.5 after the payment in full of all of the Borrower's Obligations and the expiration or cancellation of all of the Letters of Credit shall be returned to Borrower (after deduction of any expenses of the BanksIssuer's expenses, if any).

Replacement or Collateralization of Letters of Credit. Notwithstanding any provision contained in this Agreement or any of the Letter of Credit Applications Application and Agreement to the contrary, upon the occurrence of any Event of Default under this AgreementDefault, at Agent's Bank’s option, Borrower shall, upon Agent's Bank’s demand, deliver to Agent Bank cash or other collateral acceptable to Agent, in its sole and absolute discretion, Bank having a value, as determined by AgentBank, at least equal to the aggregate undrawn face amount of all outstanding Letters of Credit. Any such collateral and/or any amounts received by Agent Bank pursuant to this Section 4.5 4.06 shall be held by Agent Bank in a separate account at Agent Bank appropriately designated as a cash collateral account in relation to this Agreement and the Letters of Credit and retained by Agent Bank as collateral security for the payment of the Borrower's Secured Obligations. Cash amounts delivered to Agent Bank pursuant to the foregoing requirements of this Section 4.5 4.06 shall be invested, at the request and for the account of Borrower, in investments of a type and nature and with a term acceptable to AgentBank. Such amounts, including in the case of cash amounts invested in the manner set forth above, any investment realized thereon, shall not be used by Agent Bank to pay any amounts drawn or paid under or pursuant to any Letter of Credit, but may be applied to reimburse Issuer and/or the other Banks Bank for drawings or payments under or pursuant to the Letters of Credit which the Issuer and/or the other Banks have Bank has paid, or if no such reimbursement is required shall be applied used by Bank for application to such other of Borrower's the Secured Obligations as Agent Bank shall determine. Any amounts remaining in any cash collateral account established pursuant to this Section 4.5 4.06 after the payment in full of all of the Borrower's Secure Obligations and the expiration or cancellation of all of the Letters of Credit shall be returned to Borrower (after deduction of any expenses of the BanksBank’s expenses, if any).

Replacement or Collateralization of Letters of Credit. Notwithstanding any provision contained in this Agreement or any of the Letter of Credit Applications to the contrary, upon the occurrence of any Event of Default under this Agreement, at Agent's option, Borrower shall, upon Agent's demand, deliver to Agent cash or other collateral acceptable to Agent, in its sole and absolute discretion, Agent having a value, as determined by Agent, at least equal to the aggregate undrawn face amount of all outstanding Letters of CreditCredit issued by Whitney. Any such collateral and/or any amounts received by Agent pursuant to this Section 4.5 shall be held by Agent in a separate account at Agent appropriately designated as a cash collateral account in relation to this Agreement and the Letters Letter of Credit and retained by Agent as collateral security for the payment of the Borrower's Obligations. Cash amounts delivered to Agent pursuant to the foregoing requirements of this Section 4.5 shall be invested, at the request and for the account of Borrower, in investments of a type and nature and with a term acceptable to Agent. Such amounts, including in the case of cash amounts invested in the manner set forth above, any investment realized thereon, shall not be used by Agent to pay any amounts drawn or paid under or pursuant to any Letter of Credit, but may be applied to reimburse Issuer and/or the other Banks Whitney for drawings or payments under or pursuant to the Letters of Credit which the Issuer and/or the other Banks have Whitney has paid, or if no such reimbursement is required shall be applied used by Agent for application to such other of Borrower's Obligations as Agent shall determine. Any amounts remaining in any cash collateral account established pursuant to this Section 4.5 after the payment in full of all of the Borrower's Obligations and the expiration or cancellation of all of the Letters of Credit shall be returned to Borrower (after deduction of any expenses of the BanksWhitney's expenses, if any).