Deemed Utilizations. From the date of the fulfillment of the conditions precedent of Section 9.1, the letters of credit listed in Schedule "D" will be deemed to be Letters of Credit issued and outstanding under Tranche A, with each issuer of any such letter of credit being considered as an Issuing Lender hereunder. Adjustments must be made among such Issuing Lenders and the other Lenders in order that the non-accrued portion of any fee previously paid in respect of any such letter of credit be shared among the Lenders pro rata to their Commitments under Tranche A, as provided in Section 6.2 for Letters of Credit issued from the date of this Agreement. However, there will be no fronting fee and no change in the fee rate which was applicable to such letters of credit. For greater certainty, no amendment to or renewal of any such letter of credit may be made without the consent of the Majority Lenders.
Deemed Utilizations. (a) Concurrently with the initial Borrowing hereunder, the borrowings (including acceptances and letters of credit) then outstanding and owing by Cascades and Norampac Inc. under the 2005 Cascades Credit Agreement and the 2006 Norampac Credit Agreement respectively will be deemed to be Borrowings hereunder under Tranche A (except that borrowings under the Term Facility referred to in the 2005 Cascades Credit Agreement will be deemed to be Borrowings under the Term Loan). Such Borrowings will be allocated by the Agent among the Lenders pro rata to their Commitments under Tranche A and the Term Loan (as applicable). Canadian Imperial Bank of Commerce will be an Issuing Lender hereunder with respect to the letters of credit issued by it under the 2006 Norampac Credit Agreement which will be deemed to have been issued hereunder. The Bank of Nova Scotia was the issuing lender of the letters of credit issued under the 2005 Cascades Credit Agreement which will be deemed to have been issued by it as an Issuing Lender hereunder. From the date of the initial Borrowing hereunder, the provisions of this Agreement with respect to interest and fees will apply to borrowings under the 2005 Cascades Credit Agreement and the 2006 Norampac Credit Agreement which will be deemed to be Borrowings hereunder and the Applicable Margin (or Rate) will apply to said Borrowings from such date.
Deemed Utilizations. Concurrently with the initial Borrowing hereunder, the letters of credit listed in Schedule “E” will be deemed to be Letters of Credit issued at the request of the applicable Borrower and outstanding under this Agreement. Such letters of credit were issued by issuing lenders under the Existing Facilities. It will be the responsibility of the applicable Borrower to negotiate with such lenders any reimbursement which may be made to it with respect to the non-accrued portion of any fee previously paid in respect of any such letter of credit. From the date of the initial Borrowing hereunder, the provisions of Sections 6.3 and 6.4 in respect of Letters of Credit fees and charges will apply to the letters of credit listed in Schedule “E” as if the term of such letters of credit had commenced on such date. Accordingly, letters of credit fees payable pursuant to Section 6.3 in respect of the letters of credit listed in Schedule “E” will accrue from the date of the initial Borrowing hereunder.
