Term C Collateral Account Sample Clauses

Term C Collateral Account. On the Closing Date, the Borrower established Term C Collateral Accounts with each of the Bank of Montreal, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Bank USA, the Royal Bank of Canada and MUFG Bank, Ltd. for the benefit of each Term L/C Issuer for the purpose of cash collateralizing the Borrower’s obligations (including Term L/C Obligations) to each such Term L/C Issuer in respect of the Term Letters of Credit issued or to be issued by each such Term L/C Issuer. On the Closing Date, the proceeds of the Term C Loans, together with other funds (if any) provided by the Borrower, were deposited into each such Term C Collateral Account such that the Term C Collateral Account Balance of each Term C Collateral Account established for the benefit of each Term L/C Issuer equaled at least the Term Letters of Credit Outstanding of each such Term L/C Issuer. After the Closing Date, the Borrower may establish additional Term C Collateral Accounts for the benefit of any additional Term L/C Issuer for the purpose of cash collateralizing the Borrower’s obligations to such Term L/C Issuer in respect of the Term Letters of Credit issued or to be issued by such Term L/C Issuer, and may transfer all or any portion of the funds in any Term C Collateral Account to any other Term C Collateral Account, subject to the satisfaction (or waiver) of the conditions set forth in this Section 3.9 (and each Term L/C Issuer and the Collateral Agent (acting at the direction of the Administrative Agent) agrees to (or shall instruct the Collateral Trustee to) instruct the applicable Depositary Bank to transfer such funds at the discretion of the Borrower within one Business Day after the Borrower has provided notice to make such transfer); provided that each Term L/C Issuer may require that the Depositary Bank for the Term C Collateral Account corresponding to its Term L/C Obligations is such Term L/C Issuer or an Affiliate thereof. The Borrower agrees that at all times, and shall immediately cause additional funds to be deposited and held in the Term C Collateral Accounts from time to time in order that (A) the Term C Collateral Account Balance for all Term C Collateral Accounts shall at least equal the Term Letters of Credit Outstanding with respect to all Term Letters of Credit and (B) the Term C Collateral Account Balance of each Term C Collateral Account established for the benefit of a Term L/C Issuer shall equal at least the Term Letters of Credit Outstanding of such Term L/C Issuer (the “Term L/C Cash Coverage ...