Common use of Actions in Respect of the Letters of Credit upon Default Clause in Contracts

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, or shall at the request of the Required Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lender Parties in same day funds at the Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding. If at any time the Agent reasonably determines that any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lender Parties or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Agent reasonably determines to be free and clear of any such right and claim. After all such Letters of Credit shall have expired or been fully drawn upon and all Obligations of the Loan Parties under the Loan Documents shall have been satisfied, the balance (if any) in the L/C Cash Collateral Account shall be promptly returned to the Borrower.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, or shall at the request of the Required Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, Lender may make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lender Parties in same day funds at the Agent's Lender’s office designated in such demand, for deposit in a special letter of credit collection account with the Lender (the “L/C Cash Collateral Account”), an amount equal to the aggregate Available Amount available unfunded amount of all Letters of Credit then outstanding. If at any time the Agent reasonably Lender determines that any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lender Parties or that the total amount of such funds is less than the aggregate Available Amount available unfunded amount of all Letters of Credit, the Borrower will, forthwith upon demand by the AgentLender, pay to the AgentLender, as additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount available unfunded amount thereof over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Agent reasonably Lender determines to be free and clear of any such right and claim. After all such Letters of Credit shall have expired or been fully drawn upon and all Obligations of the Loan Parties under the Loan Documents shall have been satisfied, the balance (if any) in the L/C Cash Collateral Account shall be promptly returned to the Borrower.

Actions in Respect of the Letters of Credit upon Default. If any First Lien Event of Default shall have occurred and be continuing, the Administrative Agent may, or shall at the request of the Required First Lien Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 8.02 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent First Lien Collateral Agent, on behalf of the Lender Parties First Lien Lenders, in same day funds at the First Lien Collateral Agent's ’s office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of amount then available to be drawn under all outstanding Letters of Credit then outstanding(the “Available Amount”). If at any time the First Lien Collateral Agent reasonably determines that any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent Agents and the Lender other Secured Parties or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the First Lien Collateral Agent, pay to the First Lien Collateral Agent, as additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that Account. Upon the Agent reasonably determines to be free and clear drawing of any such right and claim. After all such Letters Letter of Credit shall have expired or been fully drawn upon and all Obligations of the Loan Parties under the Loan Documents shall have been satisfied, the balance (if any) for which funds are on deposit in the L/C Cash Collateral Account Account, such funds shall be promptly returned applied to reimburse the Issuing Bank or the Revolving Credit Lenders, as applicable, to the Borrowerextent permitted under applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, or shall at the request of the Required LendersBanks, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Borrower to, and forthwith upon such demand the Borrower will, pay to the Agent on behalf of the Lender Parties Banks in same day funds at the Agent's office designated in such demand, for deposit in the L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding. If at any time the Agent reasonably determines that any funds held in the L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent Agents and the Lender Parties Banks or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in the L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Collateral Account that the Agent reasonably determines to be free and clear of any such right and claim. After all such Letters Upon the drawing of any Letter of Credit shall have expired or been fully drawn upon and all Obligations of the Loan Parties under the Loan Documents shall have been satisfied, the balance (if any) for which funds are on deposit in the L/C Cash Collateral Account Account, such funds shall be promptly returned applied to reimburse the relevant Issuing Bank or the Banks, as applicable, to the Borrowerextent permitted by applicable law.

Actions in Respect of the Letters of Credit upon Default. If any Event of Default shall have occurred and be continuing, the Agent may, or shall at the request of the Required Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Borrower Borrowers to, and forthwith upon such demand the Borrower Borrowers will, pay to the Agent on behalf of the Lender Parties Lenders in same day funds at the Agent's office designated in such demandOffice, for deposit in the relevant L/C Cash Collateral Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding, which funds shall be retained by the Agent in the relevant L/C Collateral Account (as provided therein as collateral security for the Letter of Credit Liabilities) until such time as the Letters of Credit shall have been terminated and all of such Letter of Credit Liabilities paid in full. If at any time the Agent reasonably determines that any funds held in the relevant L/C Cash Collateral Account are subject to any right or claim of any Person other than the Agent and the Lender Parties Lenders Credit Agreement ---------------- or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrower Borrowers will, forthwith upon demand by the Agent, pay to the Agent, as additional funds to be deposited and held in the relevant L/C Cash Collateral Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the such L/C Cash Collateral Account that the Agent reasonably determines to be free and clear of any such right and claim. After all such Letters of Credit shall have expired or been fully drawn upon and all Obligations of the Loan Parties under the Loan Documents shall have been satisfied, the balance (if any) in the L/C Cash Collateral Account shall be promptly returned to the Borrower.