Common use of Transitional Letters of Credit Clause in Contracts

Transitional Letters of Credit. Schedule 3.8 contains a list of certain letters of credit issued prior to the Closing Date for the account of the Borrower under the Existing Credit Agreement (the “Existing Letters of Credit”). On the Closing Date, (a) the Existing Letters of Credit shall be deemed to be Letters of Credit issued pursuant to this §3 and shall be subject to all of the provisions applicable to Letters of Credit under this Credit Agreement and (b) all liabilities of the Borrower with respect to the Existing Letters of Credit shall constitute Obligations of such Borrower with respect to Letters of Credit in accordance with this Credit Agreement and the Loan Documents as though such Borrower had delivered a Letter of Credit Application under this Credit Agreement. On the Closing Date, the letter of credit fees owing with respect to the Existing Letters of Credit under §3.10 of the Existing Credit Agreement shall be calculated and paid in full. From and after the Closing Date, the Borrower shall pay Letter of Credit Fees and such other fees as provided in §3.9, in each case when due pursuant to §3.9, with respect to each of the Existing Letters of Credit.

Transitional Letters of Credit. Schedule 3.8 3.9 contains a list of certain letters of credit issued prior to the Closing Date for the account of the Borrower by Fleet or HSBC Bank USA, National Association, in their capacities as issuing banks under the Existing Credit Agreement (the “Existing Letters of Credit”). On the Closing Date, (a) the Existing Letters of Credit shall be deemed to be Letters of Credit issued pursuant to this §3 and shall be subject to all of the provisions applicable to Letters of Credit under this Credit Agreement and (b) all liabilities of the Borrower with respect to the Existing Letters of Credit shall constitute Obligations of such Borrower with respect to Letters of Credit in accordance with this Credit Agreement and the Loan Documents as though such Borrower had delivered a Letter of Credit Application under this Credit Agreement. On the Closing Date, the letter of credit fees owing with respect to the Existing Letters of Credit under §3.10 3.5 of the Existing Credit Agreement shall be calculated and paid in fullfull to Fleet, administrative agent under the Existing Credit Agreement. From and after the Closing Date, the Borrower shall pay Letter of Credit Fees and such other fees as provided in §3.93.10, in each case when due pursuant to §3.93.10, with respect to each of the Existing Letters of Credit.

Transitional Letters of Credit. Schedule 3.8 3.9 contains a list of certain letters of credit issued prior to the Closing Date for the account of the Borrower under the Existing Credit Agreement (the “Existing Letters of Credit”). On the Closing Date, (a) the Existing Letters of Credit shall be deemed to be Letters of Credit issued pursuant to this §3 and shall be subject to all of the provisions applicable to Letters of Credit under this Credit Agreement and (b) all liabilities of the Borrower with respect to the Existing Letters of Credit shall constitute Obligations of such Borrower with respect to Letters of Credit in accordance with this Credit Agreement and the Loan Documents as though such Borrower had delivered a Letter of Credit Application under this Credit Agreement. On the Closing Date, the letter of credit fees owing with respect to the Existing Letters of Credit under §3.10 of the Existing Credit Agreement shall be calculated and paid in full. From and after the Closing Date, the Borrower shall pay Letter of Credit Fees and such other fees as provided in §3.93.10, in each case when due pursuant to §3.93.10, with respect to each of the Existing Letters of Credit.