Common use of Amounts and Terms of Letters of Credit Clause in Contracts

Amounts and Terms of Letters of Credit. During the period from the date of this Agreement to, but excluding, the Maturity Date, and subject to the terms and conditions of this Agreement, upon Borrower’s request pursuant to Section 3.9(b), an Issuing Bank shall issue one or more Financial Letters of Credit or Performance Letters of Credit (each, a “Letter of Credit,” and collectively, the “Letters of Credit”) for the account of Borrower or the account of a Letter of Credit Subsidiary; provided that no Issuing Bank shall be obligated to issue any Letter of Credit if, after giving effect thereto, (i) the L/C Obligations would exceed the L/C Commitment, or (ii) the total aggregate outstanding Loans plus the L/C Obligations would exceed the Total Aggregate Commitment, or (iii) at all times in which an Investment Grade Rating does not exist, the Senior Unsecured Home Building Debt would exceed the Borrowing Base (unless at such time Borrower is not required to comply with the provisions set forth in Section 3.6), or (iv) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank, (v) the aggregate Outstanding Amount of all Post Fourth Amendment Advances exceeds the New Collateral Pool, or (vi) during the Waiver Period, if such Letter of Credit is a renewal of, or substitution for, any Letters of Credit issued and outstanding as of the Fourth Amendment Effective Date (including any renewals and substitutions thereof), the aggregate Outstanding Amount of all L/C Obligations not included in Post Fourth Amendment Advances would exceed $43,122,423.31. All Letters of Credit shall be on the applicable Issuing Bank’s standard forms of letters of credit at the time of issuance.

Amounts and Terms of Letters of Credit. During the period from the date of this Agreement to, but excluding, the Maturity Date, and subject to the terms and conditions of this Agreement, upon Borrower’s request pursuant to Section 3.9(b), an Issuing Bank shall issue one or more Financial Letters of Credit or Performance Letters of Credit (each, a “Letter of Credit,” and collectively, the “Letters of Credit”) for the account of Borrower or the account of a Letter of Credit Subsidiary; provided that no Issuing Bank shall be obligated to issue any Letter of Credit if, after giving effect thereto, (i) the L/C Obligations would exceed the L/C Commitment, or (ii) the total aggregate outstanding Loans plus the L/C Obligations would exceed the Total Aggregate Commitment, or (iii) at all times in which an Investment Grade Rating does not exist, the Senior Unsecured Home Building Debt would exceed the Borrowing Base (unless at such time Borrower is not required to comply with the provisions set forth in Section 3.6)Base, or (iv) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank, (v) the aggregate Outstanding Amount of all Post Fourth Amendment Advances exceeds the New Collateral Pool, or (vi) during the Waiver Period, if such Letter of Credit is a renewal of, or substitution for, any Letters of Credit issued and outstanding as of the Fourth Amendment Effective Date (including any renewals and substitutions thereof), the aggregate Outstanding Amount of all L/C Obligations not included in Post Fourth Amendment Advances would exceed $43,122,423.31. All Letters of Credit shall be on the applicable Issuing Bank’s standard forms of letters of credit at the time of issuance.

Amounts and Terms of Letters of Credit. During the period from the date of this Agreement to, but excluding, the Maturity Date, and subject to the terms and conditions of this Agreement, upon Borrower’s request pursuant to Section 3.9(b), an Issuing Bank shall issue one or more Financial Letters of Credit or Performance Letters of Credit (each, a “Letter of Credit,” and collectively, the “Letters of Credit”) for the account of Borrower or the account of a Letter of Credit Subsidiary; provided that no Issuing Bank shall be obligated to issue any Letter of Credit if, after giving effect thereto, (i) the L/C Obligations would exceed the L/C Commitment, or (ii) the total aggregate outstanding Loans plus the L/C Obligations would exceed the Total Aggregate Commitment, or (iii) at all times in which an Investment Grade Rating does not exist, the Senior Unsecured Home Building Debt would exceed the Borrowing Base (unless at such time Borrower is not required to comply with the provisions set forth in Section 3.6), or (iv) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank, (v) the aggregate Outstanding Amount of all Post Fourth Amendment Advances exceeds the New Collateral Pool, or (viiv) during the Waiver Period, if such Letter of Credit is a renewal of, or substitution for, any Letters of Credit issued and outstanding as of the Fourth Amendment Effective Date (including any renewals and substitutions thereof), the aggregate Outstanding Amount of all L/C Obligations not included exceeds the Required Cash Collateral Amount. On and after the Eighth Amendment Effective Date, all Obligations in Post Fourth Amendment Advances would exceed $43,122,423.31. All respect of the Letters of Credit shall be on secured by the applicable Issuing Bank’s standard forms of letters of credit at liens granted pursuant to the time of issuanceSecurity Agreement and the liens granted pursuant to the Account Security Agreements, in each case, until such liens are released pursuant to the terms hereof or thereof.

Amounts and Terms of Letters of Credit. During the period from the date of this Agreement to, but excluding, the Maturity Date, and subject to the terms and conditions of this Agreement, upon Borrower’s request pursuant to Section 3.9(b), an Issuing Bank shall issue one or more Financial Letters of Credit or Performance Letters of Credit (each, a “Letter of Credit,” and collectively, the “Letters of Credit”) for the account of Borrower or the account of a Letter of Credit Subsidiary; provided that no Issuing Bank shall be obligated to issue any Letter of Credit if, after giving effect thereto, (i) the L/C Obligations would exceed the L/C Commitment, or (ii) the total aggregate outstanding Loans plus the L/C Obligations would exceed the Total Aggregate Commitment, or (iii) at all times in which an Investment Grade Rating does not exist, the Senior Unsecured Home Building Debt would exceed the Borrowing Base (unless at such time Borrower is not required to comply with the provisions set forth in Section 3.6), or (iv) the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank, or (viv) the aggregate Outstanding Amount of all Post Fourth Amendment Advances exceeds the New Collateral Pool, or (viv) during the Waiver Period, if such Letter of Credit is a renewal of, or substitution for, of any Letters Unsecured Letter of Credit issued and outstanding as of the Fourth Amendment Effective Date (including any renewals and substitutions thereof)Credit, the aggregate Outstanding Amount of all L/C Obligations not included in Post Fourth Amendment Advances would exceed $43,122,423.31the Maximum Unsecured Letter of Credit Amount. All Letters of Credit shall be on the applicable Issuing Bank’s standard forms of letters of credit at the time of issuance.