Common use of Cash collateralisation Clause in Contracts

Cash collateralisation. (A) The Borrower shall deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts which is in aggregate at least equal to 75 per cent. of the aggregate USD face value of all outstanding Letters of Credit issued under the Facility at any time. (B) If any Letter of Credit has an expiry date which is after the Termination Date (an “Ongoing Letter of Credit”) and if the Facility has not been extended or otherwise replaced, then during the period between the Termination Date and the expiry date of any Ongoing Letter of Credit, the Borrower shall, for each such Ongoing Letter of Credit, deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts which is at least equal to 100 per cent. of the USD face value of each Ongoing Letter of Credit. For the avoidance of doubt, this obligation shall survive the occurrence of the Termination Date. (C) Within five Business Days after a breach of any of the Financial Covenants in clause 18 (Financial Covenants) the Borrower shall, until such breach is no longer continuing, deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts at least equal to 100 per cent. of the aggregate USD face value of all current outstanding Letters of Credit drawn under the Facility. (D) The LC Issuing Bank shall (i) every six months from the date of this Agreement, (ii) following notification from the LC Issuing Bank of a significant currency disruption event, or (iii) at the reasonable request of the Lenders (and to the extent that such day is not a Business Day, on the immediately following Business Day), the LC Issuing Bank shall determine and inform the Borrower within five Business Days of the USD face value of the Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts and the USD face value of each current outstanding Letter of Credit (the “Forex Calculation”), such amount to be least equal to 75 per cent. of the aggregate USD face value of such current outstanding Letter of Credit issued under the Facility based on the Facility Agent’s Spot Rate of Exchange on the Business Day on which the Forex Calculation is made. (E) If at any time there is insufficient Cash Collateral standing to the credit of the ▇▇ ▇▇▇▇ Collateral Accounts pursuant to either clause 6.14(A), 6.14(B), 6.14(C), 6.14(D) or clause 8.2(A)(iii) (Change of Control), the Borrower shall be required to deposit and maintain the required additional Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts within five Business Days of being notified in writing by the Facility Agent of such insufficiency. (F) The Borrower may at any time instruct the Facility Agent to instruct the Security Agent and the Account Bank to release any Cash Collateral standing to the credit of the ▇▇ ▇▇▇▇ Collateral Accounts (subject to the terms of the Deposit Agreements) which is not then required to be maintained in that account in accordance with the terms of this Agreement (such amount as calculated and confirmed by the Facility Agent in each case) (including, if necessary, by releasing any security held over such amount) and for such amount to be paid to the Borrower or as the Borrower shall instruct (and the Facility Agent and the Security Agent shall comply and shall procure that the Account Bank complies with such instructions). For the avoidance of doubt, where the Borrower has deposited an amount into the ▇▇ ▇▇▇▇ Collateral Accounts to cure or to prevent an Event of Default from occurring or continuing pursuant to clause 20.3 (Breach of Financial Covenants), then on and from the date upon which such Event of Default has been (and remains) cured or waived the Borrower shall be entitled to withdraw any excess amount above the amount which would otherwise be required to be deposited into the ▇▇ ▇▇▇▇ Collateral Accounts pursuant to clause 6.14(A).

Cash collateralisation. (A) The Borrower shall deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts which is in aggregate at least equal to 75 per cent. of the aggregate USD face value of all outstanding Ultimate Letters of Credit issued under the Facility at any time. (B) If any Ultimate Letter of Credit has an expiry date which is after the Termination Date (an “Ongoing Letter of Credit”) and if the Facility has not been extended or otherwise replaced, then during the period between the Termination Date and the expiry date of any Ongoing Letter of Credit, the Borrower shall, for each such Ongoing Letter of Credit, deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts which is at least equal to 100 per cent. of the USD face value of each Ongoing Letter of Credit. For the avoidance of doubt, this obligation shall survive the occurrence of the Termination Date. (C) Within five Business Days after a breach of any of the Financial Covenants in clause 18 (Financial Covenants) the Borrower shall, until such breach is no longer continuing, deposit and maintain Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts at least equal to 100 per cent. of the aggregate USD face value of all current outstanding Ultimate Letters of Credit drawn under the Facility. (D) The LC Issuing Bank shall (i) every six months from the date of this Agreement, (ii) following notification from the LC Issuing Bank of a significant currency disruption event, or (iii) at the reasonable request of the Lenders (and to the extent that such day is not a Business Day, on the immediately following Business Day), the LC Issuing Bank shall determine and inform the Borrower within five Business Days of the USD face value of the Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts and the USD face value of each current outstanding Ultimate Letter of Credit (the “Forex Calculation”), such amount to be least equal to 75 per cent. of the aggregate USD face value of such current outstanding Ultimate Letter of Credit issued under the Facility based on the Facility Agent’s Spot Rate of Exchange on the Business Day on which the Forex Calculation is made. (E) If at any time there is insufficient Cash Collateral standing to the credit of the ▇▇ ▇▇▇▇ Collateral Accounts pursuant to either clause 6.14(A6.15(A), 6.14(B6.15(B), 6.14(C6.15(C), 6.14(D6.15(D) or clause 8.2(A)(iii) (Change of Control), ) the Borrower shall be required to deposit and maintain the required additional Cash Collateral in the ▇▇ ▇▇▇▇ Collateral Accounts within five Business Days of being notified in writing by the Facility Agent of such insufficiency. (F) The Borrower may at any time instruct the Facility Agent to instruct the Security Agent and the Account Bank to release any Cash Collateral standing to the credit of the ▇▇ ▇▇▇▇ Collateral Accounts (subject to the terms of the Deposit Agreements) which is not then required to be maintained in that account in accordance with the terms of this Agreement (such amount as calculated and confirmed by the Facility Agent in each case) (including, if necessary, by releasing any security held over such amount) and for such amount to be paid to the Borrower or as the Borrower shall instruct (and the Facility Agent and the Security Agent shall comply and shall procure that the Account Bank complies with such instructions). For the avoidance of doubt, where the Borrower has deposited an amount into the ▇▇ ▇▇▇▇ Collateral Accounts to cure or to prevent an Event of Default from occurring or continuing pursuant to clause 20.3 (Breach of Financial Covenants), then on and from the date upon which such Event of Default has been (and remains) cured or waived the Borrower shall be entitled to withdraw any excess amount above the amount which would otherwise be required to be deposited into the ▇▇ ▇▇▇▇ Collateral Accounts pursuant to clause 6.14(A6.15(A).