Sterling Cash Collateral Sample Clauses

Sterling Cash Collateral. Upon the request of the UK Administrative Agent, (i) if a Sterling L/C Issuer has honored any full or partial drawing request under any Sterling Letter of Credit and such drawing has resulted in a Sterling Unreimbursed Amount, or (ii) if, as of the Letter of Credit Expiration Date, any Sterling Letter of Credit may for any reason remain outstanding and partially or wholly undrawn, and in each case so long as such Sterling Unreimbursed Amount or Sterling Letter of Credit remains outstanding, the UK Borrower shall immediately Sterling Cash Collateralize such then outstanding Sterling L/C Obligations (in an amount equal to such outstanding Sterling L/C Obligations determined as of the date of such Sterling Unreimbursed Amount or the Letter of Credit Expiration Date, as the case may be). For purposes hereof, "Sterling Cash Collateralize" means to pledge and deposit with or deliver to the UK Administrative Agent, for the benefit of the relevant Sterling L/C Issuer and the UK Banks, as collateral for the Sterling L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the UK Administrative Agent and the relevant Sterling L/C Issuer (which documents are hereby consented to by the UK Banks). Derivatives of such term have corresponding meanings. The UK Borrower hereby grants to the UK Administrative Agent, for the benefit of any Sterling L/C Issuer and the UK Banks, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing, which security interest shall be deemed automatically terminated and such collateral subject to the UK Borrower's instruction on return, upon such Sterling L/C Obligations no longer being outstanding. Cash collateral shall be maintained in blocked, non-interest bearing deposit accounts at JPMorgan.