Common use of Added Letters of Credit Clause in Contracts

Added Letters of Credit. Each Added Letter of Credit (i) shall be deemed to be issued under this Agreement, as of the Added L/C Effective Date for such Added Letter of Credit, at the request of the Borrower that gave the Notice of Letter of Credit in respect of such Added Letter of Credit and (ii) as of such Added L/C Effective Date, shall constitute a Letter of Credit issued hereunder by the Issuing Bank specified in such Notice of Letter of Credit for all purposes (including Section 2.2(b) and Section 2.2(d)). Each reference herein to the issuance of a Letter of Credit shall include any such deemed issuance. All fees accrued on a letter of credit that becomes an Added Letter of Credit, to but excluding the Added L/C Effective Date for such Added Letter of Credit shall be for the account of the entity that issued such Added Letter of Credit, and all fees accruing on such letter of credit on and after such Added L/C Effective Date shall be for the account of the relevant Issuing Bank thereof and the Banks as provided herein.