Common use of Letter of Credit Liabilities Clause in Contracts

Letter of Credit Liabilities. For the purposes of payments and distributions under Section 6.3, the full amount of Lender Indebtedness on account of any Letter of Credit or Existing Letter of Credit then outstanding but not drawn upon shall be deemed to be then due and owing. Amounts distributable to the Lenders, Agent or Bank One on account of such Lender Indebtedness under such Letters of Credit or Existing Letters of Credit shall be deposited in a separate collateral account in the name of and under the control of the Agent and held by the Agent first as security for such Letter of Credit Lender Indebtedness and then as security for all other Lender Indebtedness and the amount so deposited shall be applied to the Letter of Credit Lender Indebtedness at such times and to the extent that such Letter of Credit Lender Indebtedness become absolute liabilities and if and to the extent that the Letter of Credit Lender Indebtedness fails to become absolute Lender Indebtedness because of the expiration or termination of the underlying Letters of Credit or Existing Letters of Credit without being drawn upon then such amounts shall be applied to the remaining Lender Indebtedness in the order provided in Section 6.3. The Company hereby grants to the Agent, for the benefit of the Lenders, Bank One and Agent, a lien and security interest in all such funds, as security for all the Lender Indebtedness as set forth above.

Letter of Credit Liabilities. For the purposes of payments and distributions under Section 6.311.2 hereof, the full amount of Lender Indebtedness on account of any outstanding Letter of Credit or Existing shall be deemed to be then due and owing, and the face amount of any Letter of Credit then outstanding but not drawn upon and all Reimbursement Obligations (other than amounts attributable to interest, fees and costs) due on any Letters of Credit that have been drawn upon shall be deemed considered principal owing pursuant to be then due Indebtedness relating to Letters of Credit and owingthe amount outstanding under the Letters of Credit for purposes of determining pro rata sharing or otherwise. Amounts distributable under Section 11.2 to the Lenders, Agent or Bank One Banks on account of such Lender Indebtedness under such Letters of Credit or Existing Letters of Credit shall be deposited in a separate interest bearing cash collateral account in the name of and under the control of the Agent and held by the Agent Agent, first as security for such Letter of Credit Lender Indebtedness and then as security for all other Lender Indebtedness Indebtedness, and the amount so deposited shall be applied to reimburse the Revolving Credit Banks for any drawings under any Letter of Credit Lender Indebtedness at such times and to the extent that such Letter of Credit Lender Indebtedness become absolute liabilities Credit, and if and to the extent that the Letter all letters of Credit Lender Indebtedness fails to become absolute Lender Indebtedness because of the expiration credit shall expire or termination of the underlying Letters of Credit or Existing Letters of Credit terminate without being drawn upon upon, then such amounts shall be applied to the remaining Lender Indebtedness in the order and manner provided in under Section 6.311.2. The Company Each Borrower, by its acknowledgment and acceptance of this Agreement, hereby grants to the Agent, for the benefit of the Lenders, Bank One and AgentBanks, a lien and security interest in all such fundsfunds deposited in such separate interest bearing collateral account, as security for all the Lender Indebtedness as set forth above.

Letter of Credit Liabilities. For the purposes of payments and distributions under Section 6.3, the full amount of Lender Indebtedness on account of any Letter of Credit or Existing Letter of Credit then outstanding but not drawn upon shall be deemed to be then due and owing. Amounts distributable to the Lenders, Agent or Bank One on account of such Lender Indebtedness under such Letters of Credit or Existing Letters of Credit shall be deposited in a separate collateral account in the name of and under the control of the Agent and held by the Agent first as security for such Letter of Credit Lender Indebtedness and then as security for all other Lender Indebtedness and the amount so deposited shall be applied to the Letter of Credit Lender Indebtedness at such times and to the extent that such Letter of Credit Lender Indebtedness become absolute liabilities and if and to the extent that the Letter of Credit Lender Indebtedness fails to become absolute Lender Indebtedness because of the expiration or termination of the underlying Letters of Credit or Existing Letters of Credit without being drawn upon then such amounts shall be applied to the remaining Lender Indebtedness in the order provided in Section 6.3. The Company hereby grants to the Agent, for the benefit of the Lenders, Bank One Lenders and Agent, a lien and security interest in all such funds, as security for all the Lender Indebtedness as set forth above.

Letter of Credit Liabilities. For the purposes of payments and distributions under Section 6.3, the full amount of Lender Indebtedness on account of any Letter letter of Credit or Existing Letter of Credit credit then outstanding but not drawn upon shall be deemed to be then due and owing. Amounts distributable to the Lenders, Lenders or Agent or Bank One on account of such Lender Indebtedness under such Letters letters of Credit or Existing Letters of Credit credit shall be deposited in a separate collateral account in the name of and under the control of the Agent and held by the Agent first as security for such Letter letter of Credit credit Lender Indebtedness and then as security for all other Lender Indebtedness and the amount so deposited shall be applied to the Letter letter of Credit credit Lender Indebtedness at such times and to the extent that such Letter letter of Credit credit Lender Indebtedness become absolute liabilities and if and to the extent that the Letter letter of Credit credit Lender Indebtedness fails fail to become absolute Lender Indebtedness because of the expiration or termination of the underlying Letters letters of Credit or Existing Letters of Credit credit without being drawn upon then such amounts shall be applied to the remaining Lender Indebtedness in the order provided in Section 6.3. The Company Each Borrower hereby grants to the Agent, for the benefit of the Lenders, Bank One Lenders and Agent, a lien and security interest in all such fundsfunds deposited in such separate collateral account, as security for all the Lender Indebtedness of such Borrower as set forth above.

Letter of Credit Liabilities. For the purposes of payments and distributions under Section 6.3, the full amount of Lender Indebtedness on account of any Letter letter of Credit or Existing Letter of Credit credit then outstanding but not drawn upon shall be deemed to be then due and owing. Amounts distributable to the Lenders, Agent Lenders or Bank One Agents on account of such Lender Indebtedness under such Letters letters of Credit or Existing Letters of Credit credit shall be deposited in a separate interest bearing collateral account in the name of and under the control of the Administrative Agent and held by the Administrative Agent first as security for such Letter letter of Credit credit Lender Indebtedness and then as security for all other Lender Indebtedness and the amount so deposited shall be applied to the Letter letter of Credit credit Lender Indebtedness at such times and to the extent that such Letter letter of Credit credit Lender Indebtedness become absolute liabilities and if and to the extent that the Letter letter of Credit credit Lender Indebtedness fails fail to become absolute Lender Indebtedness because of the expiration or termination of the underlying Letters letters of Credit or Existing Letters of Credit credit without being drawn upon then such amounts shall be applied to the remaining Lender Indebtedness in the order provided in Section 6.3. The Company Each Borrower hereby grants to the Administrative Agent, for the benefit of the Lenders, Bank One Lenders and AgentAgents, a lien and security interest in all such fundsfunds deposited in such separate interest bearing collateral account, as security for all the Lender Indebtedness as set forth above.

Letter of Credit Liabilities. For the purposes of payments and distributions under Section 6.3, the full amount of Lender Indebtedness on account of any Letter letter of Credit or Existing Letter of Credit credit then outstanding but not drawn upon shall be deemed to be then due and owing. Amounts distributable to the Lenders, Lenders or Agent or Bank One on account of such Lender Indebtedness under such Letters letters of Credit or Existing Letters of Credit credit shall be deposited in a separate collateral account in the name of and under the control of the Agent and held by the Agent first as security for such Letter letter of Credit credit Lender Indebtedness and then as security for all other Lender Indebtedness and the amount so deposited shall be applied to the Letter letter of Credit credit Lender Indebtedness at such times and to the extent that such Letter letter of Credit credit Lender Indebtedness become absolute liabilities and if and to the extent that the Letter letter of Credit credit Lender Indebtedness fails fail to become absolute Lender Indebtedness because of the expiration or termination of the underlying Letters letters of Credit or Existing Letters of Credit credit without being drawn upon then such amounts shall be applied to the remaining Lender Indebtedness in the order provided in Section 6.3. The Company hereby grants to the Agent, for the benefit of the Lenders, Bank One Lenders and Agent, a lien and security interest in all such fundsfunds deposited in such separate collateral account, as security for all the Lender Indebtedness as set forth above.