Common use of Letter-of-Credit Rights Clause in Contracts

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or is continuing.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or is continuing.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Administrative Agent thereof and, at the request and option of the Collateral Administrative Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Administrative Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Administrative Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Administrative Agent to become the transferee beneficiary of the letter of credit, with the Collateral Administrative Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or is continuing.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter Letter of credit Credit with face value in excess of $10,000 now or hereafter issued in favor of such Grantorissued, such Grantor shall promptly notify the Collateral Agent thereof andand such Grantor shall, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter Letter of credit Credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter Letter of credit Credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter such Letter of creditCredit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter Letter of credit Credit are to be paid to applied as provided in the applicable Grantor unless an Event of Default has occurred or is continuingCredit Agreement.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now with a stated amount of $5,000,000 or hereafter issued in favor of such Grantormore, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either use its commercially reasonable efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the such letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to applied as provided in this Agreement after the applicable Grantor unless occurrence and during the continuance of an Event of Default has occurred or is continuingDefault.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now with a stated amount of $5,000,000 or hereafter issued in favor of such Grantormore, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either use its reasonable best efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the such letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to applied as provided in this Agreement after the applicable Grantor unless occurrence and during the continuance of an Event of Default has occurred or is continuingDefault.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or and is continuing.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter Letter of credit Credit now or hereafter issued in favor of such GrantorGrantor in an amount individually or in the aggregate in excess of $250,000, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter Letter of credit Credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter Letter of credit Credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter such Letter of creditCredit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter Letter of credit Credit are to be paid to applied as provided by the applicable Grantor unless Borrower, or after an Event of Default has occurred or is continuingDefault, as provided in the Collateral Sharing Agreement.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now with a stated amount of $5,000,000 or hereafter issued in favor of such Grantormore, such Grantor shall promptly notify the Collateral Agent thereof and, at the reasonable request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either use its commercially reasonable efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the such letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are shall be delivered to be paid to such Grantor or, after the applicable Grantor unless occurrence and during the continuance of an Event of Default has occurred or is continuingDefault, applied as provided in this Agreement.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the such letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the such letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or is continuing.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default under any Finance Document has occurred or is continuing.

Letter-of-Credit Rights. If any such Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such GrantorGrantor with a value in excess of $500,000, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or is continuing.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such the Grantor, such the Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral AgentAgent , such the Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral AgentAgent , either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary beneficiaries of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of to credit are to be paid to applied as provided in the applicable Grantor unless an Event of Default has occurred or is continuingNote.

Letter-of-Credit Rights. If any Grantor is is, now or at any time hereafter, a beneficiary under a letter of credit now or hereafter issued in favor of such Grantorhereafter, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (ia) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (iib) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to applied as provided in the applicable Grantor unless an Event of Default has occurred or is continuingPurchase Agreement.

Letter-of-Credit Rights. If any Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such the Grantor, such the Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such the Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of to credit are to be paid to applied as provided in the applicable Grantor unless an Event of Default has occurred or is continuingPurchase Agreement.

Letter-of-Credit Rights. If any Grantor is is, now or at any time hereafter, a beneficiary under a letter of credit now or hereafter issued in favor of such Grantorhereafter, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and option of the Collateral Agent, such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, use its commercially reasonable efforts to, either (ia) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (iib) arrange for the Collateral Agent to become the transferee beneficiary of the letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless an Event of Default has occurred or is continuingapplied as provided herein.