Existing Letter of Credit. The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by either Borrower.
Existing Letter of Credit. Any letter of credit that has been issued under the Existing Credit Agreement by an Issuing Lender hereunder and that is designated as a “Letter of Credit” hereunder by PPG in a notice to the Administrative Agent (a “Designation of Existing Letter of Credit”) in substantially the form of Exhibit B-3 hereto, on the Effective Date (each such letter of credit being hereinafter referred to as an “Existing Letter of Credit”) shall, on the Effective Date, become a Letter of Credit of such Issuing Lender hereunder.
Existing Letter of Credit. The Existing Letter of Credit shall be deemed to have been issued pursuant to this Agreement under the U.S. Dollar Tranche, and from and after the Closing Date shall be subject to and governed by the terms and conditions of this Agreement.
Existing Letter of Credit. Effective as of the Effective Date (i) the letter of credit issued for the account of the Borrowers prior to such date under the Existing Credit Agreement and set forth on Schedule 2.16(h) hereto (such letter of credit being the “Existing Letter of Credit”) in the aggregate face amount not exceeding the total amount set forth on such Schedule will be deemed to have been issued as, and be, a Letter of Credit hereunder and deemed L/C Exposure, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof, and (ii) the Existing Letter of Credit and the reimbursement obligations in respect thereof shall be obligations of the Borrowers hereunder.
Existing Letter of Credit. Annex II hereto contains a description of all letters of credit issued pursuant to the Existing Loan Agreement and outstanding on the Closing Date. Each such letter of credit, including any extension or renewal thereof (each, as amended from time to time in accordance with the terms thereof and hereof, an EXISTING LETTER OF CREDIT) shall constitute a LETTER OF CREDIT for all purposes of this Agreement, issued, for purposes of Section 2.07(a), on the Closing Date.
Existing Letter of Credit. On the Closing Date, (a) the Existing Letter of Credit, to the extent outstanding, shall be automatically and without further action by the parties thereto deemed converted into a Letter of Credit issued pursuant to Section 2.2 for the account of Borrowers and subject to the provisions hereof, and for this purpose fees in respect thereof pursuant to Section 3.2.2 shall be payable (in substitution for any fees set forth in the applicable letter of credit reimbursement agreements or applications relating to the Existing Letter of Credit, except to the extent that such fees are also payable pursuant to Section 3.2.2) as if the Existing Letter of Credit had been issued on the Closing Date, (b) the Existing Letter of Credit shall be included in the calculation of LC Obligations and (c) all liabilities of Borrowers with respect to the Existing Letter of Credit shall constitute Obligations secured by the Collateral. Notwithstanding the foregoing, Borrowers shall not be required to pay any additional issuance fees with respect to the issuance of the Existing Letter of Credit solely as a result of such letter of credit being converted to Letters of Credit hereunder, it being understood that the fronting, participation and other fees set forth in Section 3.2.2 shall otherwise apply to the Existing Letter of Credit.
Existing Letter of Credit. Notwithstanding anything to the contrary in this Section 2.04 the Existing Letter of Credit shall be deemed to have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof, including that the pricing and reimbursement obligations with respect to the Existing Letter of Credit shall be determined in accordance with the terms of this Agreement.
Existing Letter of Credit. The Existing Letter of Credit shall be deemed to be a Letter of Credit issued hereunder.
Existing Letter of Credit. The Borrower and the Lenders hereby acknowledge and agree that the Existing Letter of Credit shall constitute a Letter of Credit under this Agreement on and after the Closing Date with the same effect as if such Existing Letter of Credit were issued by an Issuing Bank as the request of the Borrower on the Closing Date.
Existing Letter of Credit. The Existing Letter of Credit shall be deemed for all purposes of this Agreement to be a Letter of Credit, and each application submitted in connection with the Existing Letter of Credit shall be deemed for all purposes of this Agreement to be a Letter of Credit Agreement. On the Effective Date, the Agent shall be deemed automatically to have sold and transferred, and each other Revolving Credit Bank shall be deemed automatically, irrevocably, and unconditionally to have purchased and received from the Agent, without recourse or warranty, an undivided interest and participation, to the extent of such other Revolving Credit Bank's Percentage, in the Existing Letter of Credit and the applicable Letter of Credit Obligations with respect thereto and any security therefor or guaranty pertaining thereto.
