Common use of Cover for LC Exposure Clause in Contracts

Cover for LC Exposure. Upon receipt of any amounts to be deposited into the Collateral Account as cover for LC Exposure under the Credit Agreement pursuant to Section 2.05(l) thereof, the Administrative Agent shall (i) cause JPMorgan Chase to establish a single, segregated trust sub-account in the Collateral Account (designated “LC Exposure Sub-Account”), which shall be a “securities account” (as defined in Section 8-501(a) of the Uniform Commercial Code) and in respect of which the Administrative Agent shall be the “entitlement holder” (as defined in Section 8-102(a)(7) of the Uniform Commercial Code) and (ii) deposit such amounts in such sub-account, and all amounts held therein shall constitute collateral security first for the LC Exposure outstanding from time to time and second as collateral security for the other Secured Obligations hereunder.

Cover for LC Exposure. Upon receipt of any amounts to be deposited into the Collateral Account as cover for LC Exposure under the Credit Agreement pursuant to Section 2.05(l) thereof, the Administrative Agent shall (i) cause JPMorgan Chase to establish a single, segregated trust sub-account in the Collateral Account (designated “LC Exposure Sub-Account”), which shall be a “securities account” (as defined in Section 8-501(a) of the Uniform Commercial Code) and in respect of which the Administrative Agent shall be the “entitlement holder” (as defined in Section 8-8 102(a)(7) of the Uniform Commercial Code) and (ii) deposit such amounts in such sub-account, and all amounts held therein shall constitute collateral security first for the LC Exposure outstanding from time to time and second as collateral security for the other Secured Obligations hereunder.