Common use of Right to Give Drawdown Notices Clause in Contracts

Right to Give Drawdown Notices. In furtherance of the foregoing, if any Lender becomes, and during the period it remains, a Defaulting Lender, the L/C Issuer is hereby authorized by the Borrower (which authorization is irrevocable and coupled with an interest) to give, in its discretion, through the Administrative Agent, Notices of Borrowing pursuant to Section 2.2 in such amounts and in such times as may be required to (i) reimburse an outstanding L/C Reimbursement Obligation and/or (ii) Cash Collateralize the obligations of the Borrowers in respect of outstanding Letters of Credit in an amount at least equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender in respect of such Letter of Credit.

Right to Give Drawdown Notices. In furtherance of the foregoing, if any Lender Bank becomes, and during the period it remains, a Defaulting Lender, the L/C Issuer each Issuing Bank is hereby authorized by the Borrower (which authorization is irrevocable and coupled with an interest) to give, in its discretion, through the Administrative Agent, Notices of Revolving Credit Borrowing pursuant to Section 2.2 2.02 in such amounts and in such times as may be required to (i) reimburse an unreimbursed drawing under any outstanding L/C Reimbursement Obligation Letter of Credit and/or (ii) Cash Collateralize the obligations of the Borrowers Borrower in respect of outstanding Letters of Credit in an amount at least equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender in respect of such Letter of Credit.