Common use of Replenishment Clause in Contracts

Replenishment. In the event Buyer draws upon or makes a claim on Seller Security pursuant to Section 9.3, Seller shall replenish the amount of Seller Security required by Section 9.1 or Section 9.2 within ten (10) Days. Expiration of Letter of Credit If a Letter of Credit is serving as Seller Security, Seller shall replace such Letter of Credit with other Seller Security (which may be another Letter of Credit) more than five (5) Business Days before the expiration of the Letter of Credit. If Seller fails to provide such substitute Seller Security more than five (5) Business Days before the expiration of the Letter of Credit, Buyer may draw the full amount of the Letter of Credit and hold the proceeds until Seller Security satisfying the requirements of this Agreement is provided by Seller to Buyer. Buyer may at any time thereafter apply such proceeds to satisfy any amounts owed by Seller to Buyer under this Agreement (other than disputed amounts) that are not satisfied within ten (10) Days following the date on which such amounts become due and owing pursuant to Article 7, or any amount Buyer is entitled to draw in the event a Seller Event of Default has occurred and is continuing. GOVERNMENTAL CHARGES

Replenishment. In the event Buyer draws upon or makes a claim on Seller Security pursuant to Section 9.3, Seller shall replenish the amount of Seller Security required by Section 9.1 or Section 9.2 within ten (10) Days. Expiration of Letter of Credit If a Letter of Credit is serving as Seller Security, Seller shall replace replace, if more than five (5) days remain in the Term, such Letter of Credit with other Seller Security (which may be another Letter of Credit) more than five (5) Business Days before the expiration of the Letter of Credit. If Seller fails to provide such substitute Seller Security more than five (5) Business Days before the expiration of the Letter of Credit, Buyer may draw the full amount of the Letter of Credit and hold the proceeds in escrow until the end of the Term or such time as the Seller Security satisfying the requirements of this Agreement is provided by Seller to Buyer, at which time all such escrowed funds will be released to Buyer. Buyer may at any time thereafter apply such proceeds to satisfy any amounts owed by Seller to Buyer under this Agreement (other than disputed amounts) that are not satisfied within ten (10) Days following the date on which such amounts become due and owing pursuant to Article 7, or any amount Buyer is entitled to draw in the event a Seller Event of Default has occurred and is continuing. GOVERNMENTAL CHARGES