At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one Business Day following the written request of the Administrative Agent or the LC Issuer (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the LC Issuer’s LC Outstandings with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(b)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103% of the LC Issuer’s LC Outstandings with respect to such Defaulting Lender.
At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one Business Day following the written request of the Administrative Agent or the LC IssuerIssuing Bank (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the LC Issuer’Issuing Banks LC OutstandingsExposure with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(24(b)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%105% of the LC Issuer’Issuing Banks LC OutstandingsExposure with respect to such Defaulting Lender.
At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one Business Day following the written request of the Administrative Agent or the LC Issuerapplicable Issuing Bank (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the LC Issuer’such Issuing Bank’s LC OutstandingsExposure with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(26(b)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%105% of the LC Issuer’such Issuing Bank’s LC OutstandingsExposure with respect to such Defaulting Lender.
AtIf any time that thereEvent of Default shall exist a Defaulting Lender that is a Revolving Lender, within oneoccur and be continuing, on the Business Day followingthat the written request ofBorrower receives notice from the Administrative Agent or the LC Issuer (with a copyRequired Revolving Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with L/C Obligations representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of Cash Collateral pursuant to the Administrative Agent)this [clause (q)], the Borrower shall immediately deposit into an account established and maintained on the books and records of the Administrative Agent (the “Collateral Account”) an amount in cash equal to 105% of the total L/C Obligations as of such date plus any accrued and unpaid interest thereon, provided that the obligation to deposit such Cash CollateralizeCollateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the LC Issuer’s LC Outstandingsoccurrence of any Event of Default with respect to such Defaulting Lender (determinedthe Borrower described in . Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. In addition, and without limiting the foregoing or , if any L/C Obligations remain outstanding after giving effect to [Section 2.18(b)(iv)the expiration date specified in said [clause (d)] and any Cash, the Borrower shall immediately deposit into the Collateral provided by such Defaulting Lender) inAccount an amount not less than 103%in cash equal to 105% of the LC Issuer’s LC Outstandings with respect to such Defaulting Lender.L/C Obligations as of such date plus any accrued and unpaid interest thereon.
Obligation to Cash Collateralize. At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one (1) Business Day following the written request of the Administrative Agent or the LCany L/C Issuer (with a copy to the Administrative Agent), the BorrowerBorrowers shall Cash Collateralize the LC Issuer’s LC OutstandingsL/C Issuers’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(b)16(a)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%the then Outstanding Amount of the LC Issuer’s LC Outstandings with respect to such Defaulting Lender.L/C Obligations.
AtMandatory. If the Administrative Agent notifies at any time that there shall exist a Defaulting Lender that is athe Total Revolving Lender, within one Business Day following the written requestCredit Outstandings at such time exceed an amount equal to 105% of the Administrative Agent Revolving Credit Facility then in effect, then, within two (2) Business Days after receipt of such notice, the Borrowers shall prepay Revolving Credit Loans and/or the LC Issuer (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the LC Issuer’s LCL/C Obligations in an aggregate amount sufficient to reduce such Total Revolving Credit Outstandings with respectas of such date of payment to such Defaulting Lender (determined after giving effect to [Section 2.18(b)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%to exceed the Revolving Credit Facility then in effect; provided, however, that, subject to the provisions of [Section 2.15(a)(ii)], shall not be required to Cash Collateralize the L/C Obligations pursuant to this [Section 2.05(b)] unless after the prepayment in full of the LC Issuer’s LCRevolving Credit Loans the Total Revolving Credit Outstandings with respectexceed the Revolving Credit Facility then in effect. The Administrative Agent may, at any time and from time to time after the initial deposit of such Defaulting Lender.Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of further exchange rate fluctuations.
Obligation to Cash Collateralize. At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one Business Day following the written request of the Administrative Agent or the LCL/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the LCL/C Issuer’s LC OutstandingsFronting Exposure with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(b)15(a)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%the Minimum Collateral Amount. Additionally, if the Administrative Agent notifies the Company at any time that the Outstanding Amount of all L/C Obligations at such time exceeds 105% of the LC Issuer’s LC Outstandings with respect toLetter of Credit Sublimit then in effect, then within two (2) Business Days after receipt of such Defaulting Lender.notice, the Company shall provide Cash Collateral for the Outstanding Amount of the L/C Obligations in an amount not less than the amount by which the Outstanding Amount of all L/C Obligations exceeds the Letter of Credit Sublimit.
SECTION #14Cash Collateral. At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one Business Day following the written request of the Administrative Agent or the LC Issuerany Issuing Lender (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the LC Issuer’s LC OutstandingsFronting Exposure of such Issuing Lender with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(b)5.15(a)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%the Minimum Collateral Amount. In addition, if the Administrative Agent notifies the Borrower at any time that the Dollar Equivalent amount of the LC Issuer’s LC Outstandings with respect toaggregate outstanding amount of all L/C Obligations at such Defaulting Lender.time exceeds 105% of the Letter of Credit Sublimit then in effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall provide Cash Collateral for the amount by which the L/C Obligations exceeds the Letter of Credit Sublimit.
AtCash Collateralization. If any time that thereEvent of Default shall exist a Defaulting Lender that is a Revolving Lender, within oneoccur and be continuing, on the Business Day followingthat the written request of receives notice from the Administrative Agent or the LC Issuer (with a copyRequired Revolving Credit Lenders (or, if the maturity of the Revolving Credit Loans has been accelerated, Required Revolving Credit Lenders with L/C Obligations representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of Cash Collateral pursuant to this [clause (m)], the shall immediately deposit into an account established and maintained on the books and records of the Administrative Agent (the “Collateral Account”) an amount in cash equal to the Administrative Agent)Minimum Collateral Amount as of such date plus any accrued and unpaid interest thereon, provided that the Borrowerobligation to deposit such Cash Collateral shall Cash Collateralizebecome effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the LC Issuer’s LC Outstandingsoccurrence of any Event of Default with respect to such Defaulting Lender (determinedthe described in . Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the under this Agreement. In addition, and without limiting the foregoing or , if any L/C Obligations remain outstanding after giving effect to [Section 2.18(b)(iv)the expiration date specified in said [clause (d)] and any Cash, the shall immediately deposit into the Collateral provided by such Defaulting Lender) inAccount an amount not less than 103%in cash equal to 10% of the LC Issuer’s LC Outstandings with respect to such Defaulting Lender.L/C Obligations as of such date plus any accrued and unpaid interest thereon.
SECTION # Cash Collateral. At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within one Business Day following the written request of the Administrative Agent or the LC Issuerany Issuing Lender (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the LC Issuer’s LC OutstandingsFronting Exposure of such Issuing Lender with respect to such Defaulting Lender (determined after giving effect to [Section 2.18(b)5.15(a)(iv)] and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103%the Minimum Collateral Amount. In addition, if the Administrative Agent notifies the Borrower at any time that the Dollar Equivalent amount of the LC Issuer’s LC Outstandings with respect toaggregate outstanding amount of all L/C Obligations at such Defaulting Lender.time exceeds 105% of the Letter of Credit Sublimit then in effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall provide Cash Collateral for the amount by which the L/C Obligations exceeds the Letter of Credit Sublimit.
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