Common use of Face Amount Clause in Contracts

Face Amount. Unless otherwise specified herein, the Face Amount of a Letter of Credit, Foreign Credit Instrument or Joint Signature Foreign Credit Instrument at any time shall be deemed to be the stated amount of such Letter of Credit, Foreign Credit Instrument or Joint Signature Foreign Credit Instrument in effect at such time; provided, however, that with respect to any Letter of Credit, Foreign Credit Instrument or Joint Signature Foreign Credit Instrument that, by its terms or the terms of any form of letter of credit application or other agreement submitted by a Borrower to, or entered into by a Borrower with, the applicable Issuing Lender or Foreign Issuing Lender, as applicable, relating to such Letter of Credit, Foreign Credit Instrument or Joint Signature Foreign Credit Instrument, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit, Foreign Credit Instrument or Joint Signature Foreign Credit Instrument shall be deemed to be the maximum stated amount of such Letter of Credit, Foreign Credit Instrument or Joint Signature Foreign Credit Instrument after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.