Common use of Existing Letters Clause in Contracts

Existing Letters. The parties acknowledge that The Bank of Nova Scotia has previously issued the Existing Letters for the account of the Companies referenced in Schedule N hereto. The parties hereby agree that, contemporaneously with the fulfillment of the conditions precedent set forth in Section 12.2, the Existing Letters shall be deemed to be Letters issued by The Bank of Nova Scotia, as Issuing Lender, at the request of the Borrower under the Credit Facility and the provisions of this agreement shall henceforth apply thereto and supersede any reimbursement or other agreement previously executed by any relevant Company. The parties hereto acknowledge that the provisions of Section 7.6 shall apply to the Existing Letters as of and from the date of the fulfillment of the conditions precedent set forth in Section 12.2.