Amendment to Letter of Credit. At semi-annual intervals to include within thirty (30) days prior to the end of the calendar year, or more frequently as determined by the Ceding Company but never more frequently than quarterly, the Ceding Company shall prepare a specific statement, for the sole purpose of amending the letter of credit, of the Reinsurer's share of the statutory reserve associated with the reinsured policies and the security required under Article 7. Such amount provided within thirty (30) days prior to the end of the calendar year shall necessarily be an estimate of the projected year end Reinsurer's share of the statutory reserves. If the statement shows that the Reinsurer's required security under Article 7 exceeds the balance of credit as of the statement date, the Reinsurer shall, within thirty (30) days after receipt of notice of such excess, secure delivery to the Ceding Company of an amendment to the letter of credit or an additional letter of credit increasing the amount of credit by the amount of such difference. If the statement shows, however, that the Reinsurer's share of the statutory reserve is less than the balance of credit as of the statement date, the Ceding Company shall, within thirty (30) days after providing such a statement to the Reinsurer, release such excess credit by agreeing to secure an amendment to the letter of credit reducing the amount of credit available by the amount of such excess credit.
Amendment to Letter of Credit. At semi-annual intervals, or more frequently as determined by the Reinsured but never more frequently than quarterly, the Reinsured shall prepare a specific statement, for the sole purpose of amending the letter of credit, of the Reinsurer’s share of any losses and unearned premiums. If the statement shows that the Reinsurer’s share of losses plus unearned premiums exceeds the balance of credit as of the statement date, the Reinsurer shall, within thirty (30) days after receipt of notice of such excess, secure delivery to the Reinsured of an amendment to the letter of credit or an additional letter of credit increasing the amount of credit by the amount of such difference. If the statement shows, however, that the Reinsurer’s share of losses plus unearned premiums is less than the balance of credit as of the statement date, the Reinsured shall, within thirty (30) days after receipt of written request from the Reinsurer, release such excess credit by agreeing to secure an amendment to the letter of credit reducing the amount of credit available by the amount of such excess credit.
Amendment to Letter of Credit. The Parties acknowledge that on or before the Closing, the Parent and Purchaser shall deliver an amendment to the letter of credit referred to in Section 2.2(b) of the Purchase Agreement, in form and substance satisfactory to the Sellers, which amendment shall extend the term of the letter of credit to 100 days after the Closing.
Amendment to Letter of Credit. At semi-annual intervals, or more frequently as determined by the Reinsured but never more frequently than quarterly, the Reinsured shall prepare a specific statement, for the sole purpose of amending the letter of credit, of the Reinsurer’s share of any losses and unearned premiums. If the statement shows that the Reinsurer’s share of losses plus unearned premiums exceeds the balance of credit as of the statement date, the Reinsurer shall, within thirty (30) days after receipt of notice of such excess, secure delivery to the Reinsured of an amendment to the letter of credit or an
Amendment to Letter of Credit. Any such amendment reducing the face amount of the Letter of Credit shall be on a commercially reasonable form. If Tenant fails to deliver an amendment reducing the face amount of the Letter of Credit on or before the expiration of a Reduction Period, Tenant shall forfeit its option to reduce the Letter of Credit in accordance with such Reduction Notice.
Amendment to Letter of Credit. On or before December 1, 2003, Tenant shall provide landlord with a second amendment to the Irrevocable Standby Letter of Credit No. STR19435, dated April 9, 2002, as amended by the Amendment to Irrevocable Standby Letter of Credit No. STR19435 dated January 21, 2003, to increase the amount of the Irrevocable Standby Letter of Credit to the sum of $137,500, effective for the one year time period December 1, 2003 through December 1,
Amendment to Letter of Credit. Concurrently herewith, Tenant shall provide Landlord with an amendment to the L-C, reasonably acceptable to Landlord, providing that all references in the L-C to the 443 Owner are deleted and are replaced with the Landlord entity set forth in this First Amendment.
Amendment to Letter of Credit. SUB-LIMIT. Each reference to "$10,000,000" in clauses (a) and (b) of Section 2.3 of the Credit Agreement is amended to be "$20,000,000".
Amendment to Letter of Credit. Any such amendment reducing the face amount of the Letter of Credit shall be in form reasonably satisfactory to Landlord. If Tenant fails to deliver an amendment reducing the face amount of the Letter of Credit on or before the expiration of a Reduction Period, Tenant shall forfeit its option to reduce the Letter of Credit in accordance with such Reduction Notice.
Amendment to Letter of Credit. On the date that Schedule 1.2 is replaced as described above, Exhibit F to the Lease is hereby replaced in its entirety with the form of letter of credit attached to this Amendment as Exhibit C. Landlord and Tenant shall cooperate so that the outstanding Letter of Credit currently in Landlord’s possession can be reduced to the amount described above and Tenant can simultaneously deposit the Tenant’s Deposit required in Exhibit B. In no event shall the effectiveness of any reduction in the Letter of Credit occur before Tenant has completed its Tenant’s Deposit.
