Common use of Extended Letters of Credit Clause in Contracts

Extended Letters of Credit. The Company shall provide Cash Collateral (in an amount equal to one hundred five percent (105%) of the maximum face amount of each Extended Letter of Credit, calculated in accordance with Section 1.09) to each applicable L/C Issuer with respect to each Extended Letter of Credit issued by such L/C Issuer by the date that is five (5) Business Days prior to the Maturity Date then applicable to such L/C Issuer; provided, that, if the Company fails to provide Cash Collateral with respect to any such Extended Letter of Credit by such time, such event shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to one hundred five percent (105%) of the maximum face amount of each such Letter of Credit, calculated in accordance with Section 1.09), which shall be reimbursed (or participations therein funded) in accordance with Section 2.03(c), with the proceeds being utilized to provide Cash Collateral for such Letter of Credit. Upon the termination of this Agreement, the pricing and fees applicable to any Extended Letter of Credit shall be as separately agreed between the Company and the applicable L/C Issuer.