Xxxx Collateral. Subject to Section 2.9E, if at any time a Lender is a Defaulting Lender, within three (3) Business Days after the request of the Administrative Agent or the Issuing Bank, such Defaulting Lender shall provide cash collateral or other security satisfactory to the Administrative Agent (in its sole discretion) in respect of such Defaulting Lender’s obligation to fund under Section 3.3 (after giving effect to Section 2.9D); provided, that if such Defaulting Lender fails to provide such cash collateral or other security, the Borrower shall provide, within five (5) Business Days, cash collateral or other security satisfactory to the Administrative Agent (in its sole discretion) in respect of such Defaulting Lender’s obligation to fund under Section 3.3 (after giving effect to Section 2.9D). Such Defaulting Lender and Borrower each hereby grants to the Administrative Agent, for the benefit of the Issuing Bank and the other Lenders (other than such Defaulting Lender), a Lien on all its cash collateral or other security (and all proceeds of the foregoing) to secure the Obligations. Cash collateral shall be maintained in blocked, Deposit Accounts with the Administrative Agent and shall be invested in Cash Equivalents reasonably acceptable to the Administrative Agent or held as Cash. If at any time the Administrative Agent determines that any funds held as cash collateral are subject to any right or claim of any Person other than the Administrative Agent or the Issuing Bank or that the total amount of such funds is less than the aggregate funding obligations of such Defaulting Lender under Section 3.3, such Defaulting Lender or Borrower shall, within five (5) Business Days upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as cash collateral, an amount equal to the excess of (x) such aggregate funding obligations under Section 3.3 over (y) the total amount of funds, if any, then held as cash collateral under this Section 3.1D that the CollateralAdministrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as cash collateral, such funds shall be applied, to the extent permitted under applicable Governmental Rules, to reimburse the Issuing Bank. The Lien held by the Administrative Agent in such cash collateral under this Section 3.3D shall be released upon the earlier of (a) the date such Defaulting Lender is replaced wit...
Xxxx Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, within three (3) Business Days following the written request of (i) the Administrative Agent or (ii) any Issuing Bank (with a copy to the Administrative Agent), Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth in Section 2.05(j). 121 121
Xxxx Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, cash collateralize the Issuing Banks’ Applicable Fronting Exposure in accordance with the procedures set forth in Section 2.05(j).
Xxxx Collateral. Section 2.17.Defaulting Lenders.
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Xxxx Collateral. At Lender’s request, Borrowers shall Cash Collateralize outstanding Letters of Credit if an Event of Default exists, the Termination Date is scheduled to occur within 20 Business Days or the Termination Date occurs.
Xxxx Collateral. Cash Collateral may be invested, at Lender’s discretion (with the consent of Borrowers, provided no Event of Default exists), but Lender shall have no duty to do so, regardless of any agreement or course of dealing with any Borrower, and shall have no responsibility for any investment or loss. As security for its Obligations, each Borrower hereby grants to Lender a security interest in and Lien upon all Cash Collateral delivered hereunder from time to time, whether held in a segregated cash collateral account or otherwise. Lender may apply Cash Collateral to the payment of such Obligations as they become due, in such order as Lender may elect. All Cash Collateral and related deposit accounts shall be under the sole dominion and control of Lender, and no Borrower or other Person shall have any right to any Cash Collateral until Full Payment of the Obligations.
Xxxx Collateral. Cash Collateral may be invested, at Administrative Agent’s discretion (and with the consent of Borrower, as long as no Event of Default is continuing), but Administrative Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor, and shall have no responsibility for any investment or loss. As security for all Obligations, each Obligor hereby grants to Administrative Agent, for the benefit of the Secured Parties, a security interest in and Lien upon all Cash Collateral held from time to time and all proceeds thereof, whether held in a Cash Collateral Account or otherwise. At any time while an Event of Default is continuing, Administrative Agent may apply Cash Collateral to the payment of the Obligations in accordance with Section 5.6. Each Cash Collateral Account and all Cash Collateral shall be under the sole dominion and control of Administrative Agent, and no Obligor or other Person shall have any right to any Cash Collateral, until Full Payment of all Obligations.
Xxxx Collateral
