Common use of Existing Local Currency Facilities, etc Clause in Contracts

Existing Local Currency Facilities, etc. Each of IBM, each Subsidiary Borrower, each Lender and the Administrative Agent acknowledges and agrees that (a) effective as of the Effective Date, the “Commitments” under the Existing Credit Agreement shall be terminated, (b) each “Local Currency Facility” entered into pursuant to the Existing Credit Agreement and described on Schedule 3.4 shall, effective on the Effective Date, automatically constitute a Local Currency Facility hereunder, (c) notwithstanding the termination of the “Commitments” under the Existing Credit Agreement, all “Local Currency Loans” outstanding pursuant to each “Local Currency Facility” on the Effective Date in the amount set forth on Schedule 3.4 shall constitute Local Currency Loans outstanding pursuant hereto and (d) each reference to the Existing Credit Agreement in any document relating to any such Local Currency Facility shall be deemed to be a reference to this Agreement.

Existing Local Currency Facilities, etc. Each of IBM, each Subsidiary Borrower, each Lender and the Administrative Agent acknowledges and agrees that (a) effective as of the Effective Date, the “Commitments” under each of the Existing Credit Agreement Agreements shall be terminated, (b) each “Local Currency Facility” entered into pursuant to either of the Existing Credit Agreement and described on Schedule 3.4 Agreements shall, effective on the Effective Date, automatically constitute a Local Currency Facility hereunder, (c) without limiting the generality of clause (b) above (and notwithstanding the termination of the “Commitments” under each of the Existing Credit AgreementAgreements), all “Local Currency Loans” outstanding pursuant to each “Local Currency Facility” of the Existing Credit Agreements on the Effective Date in the amount set forth on Schedule 3.4 shall constitute Local Currency Loans outstanding pursuant hereto and (d) each reference to either of the Existing Credit Agreement Agreements in any document relating to any such Local Currency Facility shall be deemed to be a reference to this Agreement.

Existing Local Currency Facilities, etc. Each of IBM, each Subsidiary Borrower, each Lender and the Administrative Agent acknowledges and agrees that (a) effective as of the Effective Date, the “Commitments” under the Existing Credit Agreement shall be terminated, (b) each “Local Currency Facility” entered into pursuant to the Existing Credit Agreement and described on Schedule 3.4 shall, effective on the Effective Date, automatically constitute a Local Currency Facility hereunder, (c) without limiting the generality of clause (b) above (and notwithstanding the termination of the “Commitments” under the Existing Credit Agreement), all “Local Currency Loans” outstanding pursuant to each “Local Currency Facility” the Existing Credit Agreement on the Effective Date in the amount set forth on Schedule 3.4 shall constitute Local Currency Loans outstanding pursuant hereto and (d) each reference to the Existing Credit Agreement in any document relating to any such Local Currency Facility shall be deemed to be a reference to this Agreement.