Common use of Transitional Letters of Credit Clause in Contracts

Transitional Letters of Credit. Schedule 3.2 contains a schedule of certain letters of credit issued for the account of the Borrower prior to the Initial Funding Date (the “Transitional Letters of Credit”), all of which have been issued pursuant to the Existing Credit Agreement. Subject to the satisfaction of the conditions contained in Sections 5.1 and 5.2, from and after the Initial Funding Date such letters of credit shall be deemed to be Letters of Credit issued by an Issuing Bank pursuant to this Article III for all purposes hereunder. For purposes of clarification, each term or provision applicable to the issuance of a Letter of Credit (including conditions applicable thereto) shall be deemed to include the deemed issuance of the Transitional Letters of Credit on the Initial Funding Date.

Transitional Letters of Credit. Schedule 3.2 contains a schedule of certain letters of credit issued for the account of the Borrower prior to the Initial Funding Date (the “"Transitional Letters of Credit”"), all of which have been issued pursuant to the Existing 5-Year Credit Agreement. Subject to the satisfaction of the conditions contained in Sections 5.1 and 5.2, from and after the Initial Funding Date such letters of credit shall be deemed to be Letters of Credit issued by an the Issuing Bank pursuant to this Article III for all purposes hereunder. For purposes of clarification, each term or provision applicable to the issuance of a Letter of Credit (including conditions applicable thereto) shall be deemed to include the deemed issuance of the Transitional Letters of Credit on the Initial Funding Date.