Changes to Stated Amount. At any time when any Tranche 1 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent will enter into an amendment increasing or reducing the Stated Amount of such Tranche 1 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 1 Letter of Credit be increased to an amount which would exceed the applicable limitations set forth in Section 3A.01(b), (ii) the Stated Amount of a Tranche 1 Letter of Credit may not be increased at any time if the conditions precedent set forth in Section 5.02 are not satisfied at such time, and (iii) the Stated Amount of a Tranche 1 Letter of Credit may not be increased at any time after the date which is 30 days prior to the Commitment Expiration Date.
Appears in 3 contracts
Samples: Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group LTD), Credit Agreement (Arch Capital Group Ltd.)
Changes to Stated Amount. At any time when any Tranche 1 2 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Tranche 2/3 Borrower, the Issuing Agent will enter into an amendment increasing or reducing the Stated Amount of such Tranche 1 2 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 1 2 Letter of Credit be increased to an amount which would exceed the applicable limitations set forth in Section 3A.01(b3B.01(b), ; (ii) the Stated Amount of a Tranche 1 2 Letter of Credit may not be increased at any time if the conditions precedent set forth in Section 5.02 are not satisfied at such time, ; and (iii) the Stated Amount of a Tranche 1 2 Letter of Credit may not be increased at any time after the date which is 30 days prior to the Commitment Expiration Date.
Appears in 3 contracts
Samples: Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group LTD)