Collateralization of Letters of Credit. (i) If (i) as of the Commitment Termination Date, any Letter of Credit may for any reason remain outstanding, (ii) at any time, the Aggregate Credit Exposure shall exceed the aggregate Commitments (after giving effect to any concurrent termination or reduction thereof) pursuant to Section 2.7(b) or (iii) any Event of Default occurs and is continuing and the Administrative Agent or the Required Lenders, as applicable, require the Borrower to cash collateralize the aggregate Letter of Credit Exposure pursuant to Section 8.2(d), the Borrower shall deliver to the Administrative Agent as cash collateral an amount in cash equal to 105% of the aggregate Stated Amount of all Letters of Credit of the Borrower outstanding at such time (whether or not any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder) or, in the case of clause (ii) above, an amount in cash equal to such excess. The Administrative Agent shall deposit such cash in a special collateral account of the Borrower pursuant to arrangements satisfactory to the Administrative Agent (such account, the “Cash Collateral Account”) for the benefit of the Administrative Agent, the Issuing Lender and the Lenders.
Collateralization of Letters of Credit. (i) If, after giving effect to any Remargining Payment, the undrawn amount of Letters of Credit exceed the Available Commitment, upon demand by Administrative Agent, Borrower will pledge to Administrative Agent cash in the amount by which the undrawn amount of Letters of Credit exceed the Available Commitment as security for any amounts that become payable under the Letters of Credit and all other Obligations.
Collateralization of Letters of Credit. (a) At any time and from time to time (i) after the occurrence and during the continuance of an Event of Default and (ii) on the Final Maturity Date, each Account Party shall deliver to the Administrative Agent as cash collateral an amount in cash equal to the aggregate Stated Amount of all Tranche 1 Letters of Credit of such Account Party outstanding at such time (whether or not any beneficiary under any Tranche 1 Letter of Credit shall have drawn or be entitled at such time to draw thereunder). The Administrative Agent shall deposit such cash in a special collateral account of such Account Party pursuant to arrangements satisfactory to the Administrative Agent (such account, the “Cash Collateral Account”) for the benefit of the Administrative Agent, the Fronting Bank and the Lenders.
Collateralization of Letters of Credit. With respect to funding the cash collateralization of unexpired Letters of Credit to the extent required hereunder (it being acknowledged that any requirement to pay or prepay or collateralize Letters of Credit prior to their expiry date shall be construed as a requirement to provide cash collateral under this provision), it is agreed that Company shall provide for the funding of such unexpired Letters of Credit by paying to and depositing with the Administrative Agent for the benefit of the Issuing Lender cash collateral for each such unexpired Letter of Credit; such cash collateral deposited by Company shall be held by the Administrative Agent for the benefit of the Issuing Lender in the Collateral Account with interest to be credited to Company at rates prevailing at the time of deposit for similar accounts with the Administrative Agent. Such Collateral Account shall be held by Administrative Agent as security for the obligations of Company in relation to such Letters of Credit and the security of the Administrative Agent and Issuing Lender thereby created in such cash collateral shall rank in priority to all other Liens and adverse claims against such cash collateral. Such cash collateral shall be applied to satisfy the obligations of Company for such Letters of Credit as payments are made thereunder and the Issuing Lender is hereby irrevocably directed by Company to so apply any such cash collateral. Amounts held in such Collateral Account may not be withdrawn by Company; however, interest on such deposited amounts shall be for the account of Company and may be withdrawn by Company so long as no Potential Event of Default or Event of Default is then continuing. If after expiry of the Letters of Credit for which such funds are held and application by the Administrative Agent and Issuing Lender of the amounts in such Collateral Account to satisfy the obligations of Company hereunder with respect to the Letters of Credit being repaid, any excess remains, such excess shall be promptly paid by Administrative Agent to Company so long as no Potential Event of Default or Event of Default is then continuing.
Collateralization of Letters of Credit. (a) At any time and from time to time (i) upon the Administrative Agent’s request given in accordance with Section 9.2 after the occurrence and during the continuance of an Event of Default and (ii) on the L/C Maturity Date, each Borrower shall deliver to the Administrative Agent as cash collateral in an amount in cash equal to the aggregate Stated Amount of all Letters of Credit issued for the account of such Borrower outstanding at such time (whether or not any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder). The Administrative Agent shall deposit such cash in a special collateral account of such Borrower pursuant to arrangements satisfactory to the Administrative Agent (such account, the “Cash Collateral Account”) for the benefit of the Administrative Agent, the Issuing Banks and the Lenders.
Collateralization of Letters of Credit. If Bank approves issuance of a Letter of Credit that expires after the Maturity Date, Borrower shall, upon Bank’s demand, deliver to Bank cash, or other collateral acceptable to Bank in its sole and absolute discretion, having a value, as determined by Bank, at least equal to 105% of the face amount of such Letter of Credit. Any such collateral and/or any amounts received by Bank shall be held by Bank in a separate account at Bank appropriately designated as a cash collateral account in relation to this Agreement and the Letters of Credit and retained by Bank as collateral security for the payment of the Reimbursement Obligations, and Borrower grants a security interest to Bank in such cash collateral account. Such amounts may be applied to reimburse Lender for Reimbursement Obligations, or if no such reimbursement is required to the payment of the Loans as Bank shall determine. Any amounts remaining in any cash collateral account established pursuant hereto after the payment in full of all of the Obligations and the expiration or cancellation of all of the Letters of Credit shall be returned to Borrower (after deduction of Lender’s expenses, if any).
Collateralization of Letters of Credit. (a) On the Final Maturity Date (no later than 5:00 p.m., Charlotte time, on such day), each Account Party shall deliver to the Administrative Agent Cash Collateral in an amount equal to (y) 103% of the aggregate Stated Amount of all Letters of Credit of such Account Party outstanding at such time (whether or not any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder) minus (z) the aggregate portion of the Borrowing Base of such Account Party consisting of cash at such time. The Administrative Agent shall deposit such cash in a special collateral account of such Account Party pursuant to arrangements satisfactory to the Administrative Agent (such account, the “Cash Collateral Account”) for the benefit of the Administrative Agent, the Fronting Banks and the Lenders.
Collateralization of Letters of Credit. (a) On the Final Maturity Date (no later than 5:00 p.m., Charlotte time, on such day), each Account Party shall deliver to the Administrative Agent as Cash Collateral an amount in cash equal to (x) 103% of the aggregate Stated Amount of all Tranche 1 Letters of Credit of such Account Party outstanding at such time (whether or not any beneficiary under any Tranche 1 Letter of Credit shall have drawn or be entitled at such time to draw thereunder) plus (y) 103% of the aggregate Stated Amount of all Tranche 2 Letters of Credit of such Account Party outstanding at such time (whether or not any beneficiary under any Tranche 2 Letter of Credit shall have drawn or be entitled at such time to draw thereunder) minus (z) the aggregate portion of the Borrowing Base of such Account Party consisting of cash at such time. The Administrative Agent shall deposit such cash in a special collateral account of such Account Party pursuant to arrangements satisfactory to the Administrative Agent (such account, the “Cash Collateral Account”) for the benefit of the Administrative Agent, the Fronting Banks and the Lenders.
Collateralization of Letters of Credit. (i) If (i) at any time, the Aggregate Revolving Credit Exposure shall exceed the aggregate Revolving Commitments (after giving effect to any concurrent termination or reduction thereof) or (ii) any Event of Default occurs and is continuing and the Administrative Agent requires the Borrower to Cash Collateralize the aggregate L/C Exposure pursuant to Section 6.2(c), the Borrower shall deliver to the Administrative Agent as Cash Collateral an amount in cash equal to 102% of the aggregate Stated Amount of all Letters of Credit of the Borrower outstanding at such time (whether or not any beneficiary under any Letter of Credit shall have drawn or be entitled at such time to draw thereunder) or, in the case of clause (i) above, an amount in cash equal to such excess. The Administrative Agent shall deposit such cash in a special collateral account of the Borrower pursuant to arrangements reasonably satisfactory to the Administrative Agent (such account, the “Cash Collateral Account”) for the benefit of the Administrative Agent, the Issuing Banks and the Lenders.
Collateralization of Letters of Credit. Upon demand by the LC Bank in its absolute and sole discretion after the occurrence of an Event of Default, and regardless of whether the conditions precedent in this Agreement for Advances have been satisfied, the Agent will cause an Advance to be made in the undrawn amount of all Letters of Credit. The proceeds of any such Advance will be pledged to and held by the Agent pursuant to the Cash Collateral Agreement as security for any amounts that become payable under the Letters of Credit. Upon any draws under Letters of Credit and upon demand by the LC Bank, the Agent will apply any such amounts in the Cash Collateral Account to the payment of Reimbursement Amounts and upon the expiration of the Letters of Credit any remaining amounts in the Cash Collateral Account will be applied to the repayment of outstanding Advances or if the outstanding Advances have been paid in full, such proceeds will be released to Borrower. In the alternative, if demanded by the LC Bank in its absolute and sole discretion after the occurrence of an Event of Default, Borrower will deposit in the Cash Collateral Account and pledge to the Agent, as agent for and on behalf of the Banks, cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by the Agent pursuant to the Cash Collateral Agreement as security for any amounts that become payable under the Letters of Credit. Upon any draws under Letters of Credit, upon demand by the LC Bank, the Agent will apply any such amounts in the Cash Collateral Account to the repayment of Reimbursement Amounts and upon the expiration of the Letters of Credit any remaining amounts in the Cash Collateral Account will be applied to the repayment of outstanding Advances or if the outstanding Advances have been paid in full, such proceeds will be released to Borrower.
