Common use of Liquid Collateral Clause in Contracts

Liquid Collateral. (a) On the Closing Date, the Lessee shall pledge to the Agent, for the benefit of the Secured Parties, as security for the Obligations of the Lessee, by delivery to the Intermediary for depositing into the Liquid Collateral Account, Properly Margined Liquid Collateral in an amount such that the Adjusted Market Value of such Properly Margined Liquid Collateral (in which the Agent, for the benefit of the Secured Parties, has a first priority perfected security interest) shall be greater than or equal to the Required Liquid Collateral Amount. (b) The Lessee shall cause all Pledged Securities in the Liquid Collateral Account at all times to satisfy the requirements for Permitted Investments. (c) (i) (A) Prior to the date of Final Completion, the Lessee shall at all times ensure that, and (B) the Agent shall have the right at any time, and from time to time upon delivery to the Lessee of a demand given by telephone or fax (and confirmed in writing) (an “Additional Collateral Demand”), to require the Lessee to transfer additional Permitted Investments (the “Additional Liquid Collateral”) to the Liquid Collateral Account by the Additional Collateral Delivery Date to ensure that, the Adjusted Market Value of Properly Margined Liquid Collateral (in which the Agent, for the benefit of the Secured Parties, has a first priority perfected security interest) shall be greater than or equal to the Required Liquid Collateral Amount.

Liquid Collateral. (a) On the Closing Date, the Lessee shall pledge to the Agent, for the benefit of the Secured Parties, as security for the Obligations of the Lessee, by delivery to the Intermediary for depositing into the Liquid Collateral Account, Properly Margined Liquid Collateral in an amount such that (i) the Adjusted Market Value Value, in the case of such Properly Margined Liquid Collateral or (ii) the Fair Market Sales Value, in the case of Non-Properly Margined Liquid Collateral (with respect to the foregoing subsections (i) and (ii) in which the Agent, for the benefit of the Secured Parties, has a first priority perfected security interest) shall be greater than or equal to the Required Liquid Collateral Amount. (b) The Lessee shall cause all Pledged Securities in the Liquid Collateral Account and the Punch List Liquid Collateral Account at all times to satisfy the requirements for Permitted InvestmentsLiquid Collateral. Unless the Operative Agreements otherwise require that the obligations of the Lessee under the Operative Agreements be secured with Properly Margined Liquid Collateral, the Lessee shall have the right to secure its obligations under the Operative Agreements with either Properly Margined Liquid Collateral or Non-Properly Margined Liquid Collateral. The Lessee may change its election of Properly Margined Liquid Collateral or Non-Properly Margined Liquid Collateral by written notice delivered to the Agent within the first fifteen (15) days of each March, June, September and December, and any such change in its election will be effective as of the first Business Day of the next following month. (c) (i) (A) Prior to the date of Final Completion, the Lessee shall at all times ensure that, that and (B) the Agent shall have the right at any time, and from time to time upon delivery to the Lessee of a demand given by telephone or fax (and confirmed in writing) (an “Additional Collateral Demand”), to require the Lessee to transfer additional Permitted Investments (the “Additional Liquid Collateral”) to the Liquid Collateral Account by the Additional Collateral Delivery Date to ensure that, that (1) the Adjusted Market Value Value, in the case of Properly Margined Liquid Collateral, or (2) the Fair Market Sales Value, in the case of Non-Properly Margined Liquid Collateral (with respect to the foregoing subsections (1) and (2) in which the Agent, for the benefit of the Secured Parties, has a first priority perfected security interest) shall be greater than or equal to the Required Liquid Collateral Amount; provided, that after taking into account a transfer of Pledged Securities the Liquid Collateral Account shall satisfy and at all times thereafter satisfy the Concentration Limits. Additionally, upon each release of Liquid Collateral from the Punch List Liquid Collateral Account as described in Section 5.15, the Lessee shall be obligated immediately to deposit additional Liquid Collateral into the Liquid Collateral Account so that sufficient Liquid Collateral is at all times prior to the date of Final Completion on deposit in the Liquid Collateral Account to satisfy the requirements described in this Section 5.11(c)(i) (regardless of whether any Additional Collateral Demand has been made). (ii) Without limiting Section 5.11(c)(i) above the Lessee shall transfer such Additional Liquid Collateral to the Liquid Collateral Account by the Additional Collateral Delivery Date to ensure that (A) the Adjusted Market Value, in the case of Properly Margined Liquid Collateral, or (B) the Fair Market Sales Value, in the case of Non-Properly Margined Liquid Collateral (with respect to the foregoing subsections (A) and (B) in which the Agent, for the benefit of the Secured Parties, has a first priority perfected security interest) shall be greater than or equal to the applicable Required Liquid Collateral Amount. (d) Pursuant to the Liquid Collateral Agreements, the Agent shall have the right to direct the reinvestment of any Pledged Securities credited to the Liquid Collateral Account upon the maturity of such Pledged Securities or prior thereto into one or more Permitted Investments constituting Liquid Collateral.