Common use of Facility LC Collateral Account Clause in Contracts

Facility LC Collateral Account. The Borrower agrees that it will, upon the request of the Bank and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the Bank in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Bank (the "Facility LC Collateral Account") at the Bank's office at the address specified pursuant to Article XII, in the name of such Borrower but under the sole dominion and control of the Bank and in which such Borrower shall have no interest other than as set forth in Section 8.1. The Borrower pledges, assigns and grants to the Bank, a security interest in all of the Borrower's right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations. The Bank will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of the Bank having a maturity not exceeding 30 days. Nothing in this Section 2.18.8 shall either obligate the Bank to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Bank to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1.

Facility LC Collateral Account. The Borrower agrees Borrowers agree that it will, upon the request of the Bank Lender and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the Bank Lender in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Bank Lender (the "“Facility LC Collateral Account"”) at the Bank's Lender’s office at the address specified pursuant to Article XIIXI, in the name of such Borrower the Borrowers but under the sole dominion and control of the Bank Lender and in which such Borrower the Borrowers shall have no interest other than as set forth in Section 8.1. Nothing in this Section 2.1.2(h) shall either obligate the Lender to require the Borrowers to deposit any funds in the Facility LC Collateral Account or limit the right of the Lender to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1. The Borrower pledgesBorrowers hereby pledge, assigns assign and grants grant to the Bank, Lender a security interest in all of the Borrower's ’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Secured Obligations. The Bank Lender will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of the Bank Lender having a maturity not exceeding 30 thirty days. Nothing in this Section 2.18.8 shall either obligate the Bank to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Bank to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1.

Facility LC Collateral Account. The Borrower agrees that it will, upon the request of the Bank and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the Bank in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Bank (the "Facility LC Collateral Account") at the Bank's office at the address specified pursuant to Article XII, in the name of such the Borrower but under the sole dominion and control of the Bank and in which such the Borrower shall have no interest other than as set forth in Section 8.1. The Borrower pledgespledges and assigns to the Bank, assigns and grants to the Bank, Bank a security interest in in, all of the Borrower's right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations. The Bank will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of the Bank having a maturity not exceeding 30 days. Nothing in this Section 2.18.8 shall either obligate the Bank to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Bank to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1.