Common use of Default Security Clause in Contracts

Default Security. Within five days of the Effective Date, and continuing at all times until 98 days following the end of the Term, MMC shall post and maintain in favor of PPM a Letter of Credit in the amount of $***. If MMC fails to pay any amount due to PPM within the time provided for payment hereunder, PPM shall be entitled to and shall draw upon the Letter of Credit from time to time an amount equal to the amount unpaid, and MMC shall be required to replenish or reinstate the Letter of Credit up to the amount specified in this Section. Without limiting its other remedies hereunder, subject to the provisions set forth herein, PPM shall also be entitled to draw upon the Letter of Credit for damages arising if this Agreement is terminated because of MMC’s default. ***Confidential Information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.

Default Security. Within five days of the Effective Date, and continuing at all times until 98 days following the end of the Term, MMC shall post and maintain in favor of PPM a Letter of Credit in the amount of $***. If MMC fails to pay any amount due to PPM within the time provided for payment hereunder, PPM shall be entitled to and shall draw upon the Letter of Credit from time to time an amount equal to the amount unpaid, and MMC shall be required to replenish or reinstate the Letter of Credit up to the amount specified in this Section. Without limiting its other remedies hereunder, subject to the provisions set forth herein, PPM shall also be entitled to draw upon the Letter of Credit for damages arising if this Agreement is terminated because of MMC’s 's default. ***Confidential Information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request.