Common use of Reduction and Reinstatement of Stated Amount Clause in Contracts

Reduction and Reinstatement of Stated Amount. The Stated Amount of each Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2.6, once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except upon payment by Borrower of the Reimbursement Obligation corresponding to such Drawing Payment and satisfaction of the conditions for an increase in the Stated Amount of a Letter of Credit set forth in Section 3.2.

Reduction and Reinstatement of Stated Amount. The Stated Amount of each Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2.6, once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except upon payment by Borrower of the Reimbursement Obligation corresponding to such Drawing Payment and satisfaction of the conditions for an increase or decrease in the Stated Amount of a Letter of Credit set forth in Section 3.2.

Reduction and Reinstatement of Stated Amount. The Stated Amount of each Letter of Credit shall be reduced as expressly provided in such Letter of Credit and by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2.6, once Once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except (a) with the prior written consent of Lender, and (b) upon payment by Borrower of the Reimbursement Obligation LC Loan corresponding to such Drawing Payment and satisfaction of the conditions for an increase in the Stated Amount of a Letter of Credit set forth in Section 3.22.5.