Outstanding Letter of Credit. The letter of credit set forth under the caption “Letter of Credit outstanding on the Closing Date” on Schedule 3.9 was issued prior to the Closing Date pursuant to the Existing Credit Agreement and will remain outstanding as of the Closing Date (the “Outstanding Letter of Credit”). The Borrowers, each Issuing Bank and each of the Lenders hereby agree with respect to the Outstanding Letter of Credit that such Outstanding Letter of Credit, for all purposes under this Agreement, shall from and after the Closing Date, be deemed to be a Letter of Credit governed by the terms and conditions of this Agreement. Each Lender further agrees to participate in such Outstanding Letter of Credit to the extent of its Proportionate Share of such Outstanding Letter of Credit.
Appears in 4 contracts
Samples: Security Agreement (Texas Petrochemicals Inc.), Revolving Credit Agreement (Texas Petrochemicals Inc.), Revolving Credit Agreement (Texas Petrochemicals Inc.)
