Common use of Existing ABN Letters of Credit Clause in Contracts

Existing ABN Letters of Credit. The Ancillary Lender, the Borrower Representative and the European Borrower hereby agree that the Ancillary Facility shall continue to be effective (notwithstanding the repayment or refinancing of the Existing Credit Agreement on the date hereof) from and after the date hereof on the same terms and conditions governing such arrangement prior to the date hereof, provided that the Ancillary Lender hereby agrees to, and authorizes, the termination and release of all Liens with respect the Collateral (as defined in the Existing Credit Agreement) securing the Ancillary Facility and all guarantees under Article VII of the Existing Credit Agreement (it being understood that obligations under the Ancillary Facility will be secured and guaranteed in accordance with terms of this Agreement). The Ancillary Lender, the Borrower Representative and the European Borrower hereby agree that the Ancillary Facility shall continue to be effective as between the Ancillary Lender and the European Borrower until such arrangement is terminated by them in accordance with its terms.