Common use of Stated Amount Clause in Contracts

Stated Amount. The Stated Amount of each Letter of Credit shall not be less than $100,000 or such lesser amount as Facing Agent has agreed to. For purposes of calculating the Stated Amount of any Letter of Credit at any time: (i) any increase in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the date Facing Agent actually issues an amendment purporting to increase the Stated Amount of such Letter of Credit, whether or not Facing Agent receives the consent of the Letter of Credit beneficiary or beneficiaries to the amendment, except that if Borrower has requested that the increase in Stated Amount be given effect as of an earlier date and Facing Agent issues an amendment to that effect, then such increase in Stated Amount shall be deemed effective under this Agreement as of such earlier date requested by Borrower; and (ii) any reduction in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the later of (x) the date Facing Agent actually issues an amendment purporting to reduce the Stated Amount of such Letter of Credit, whether or not the amendment provides that the reduction be given effect as of an earlier date, or (y) the date Facing Agent receives the written consent (including by telex or facsimile transmission) of the Letter of Credit beneficiary or beneficiaries to such reduction, which written consent must be dated on or after the date of the amendment issued by Facing Agent purporting to effect such reduction.

Stated Amount. The Stated Amount of each Letter of Credit shall not be less than Five Hundred Thousand Dollars ($100,000 500,000) or such lesser amount as to which the applicable Facing Agent Bank has agreed toagreed. For purposes of calculating the Stated Amount of any Letter of Credit at any time: (i) any increase in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the date the applicable Facing Agent Bank actually issues an amendment purporting to increase the Stated Amount of such Letter of Credit, whether or not the applicable Facing Agent Bank receives the consent of the Letter of Credit beneficiary or beneficiaries to the amendment, except that if Borrower the Funds Administrator has requested that the increase in Stated Amount be given effect as of an earlier date and the applicable Facing Agent Bank issues an amendment to that effect, then such increase in Stated Amount shall be deemed effective under this Agreement as of such earlier date requested by Borrowerthe Funds Administrator; PROVIDED that any increase in the Stated Amount shall be subject to the satisfaction or waiver of the conditions set forth in SECTION 5.2 and the applicable Facing Bank shall promptly notify the other Lenders of any such increase; and (ii) any reduction in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the later of (x) the date the applicable Facing Agent Bank actually issues an amendment purporting to reduce the Stated Amount of such Letter of Credit, whether or not the amendment provides that the reduction be given effect as of an earlier date, or (y) the date the applicable Facing Agent Bank receives the written consent (including by telex or facsimile transmission) of the Letter of Credit beneficiary or beneficiaries to such reduction, which written consent must be dated on or after the date of the amendment issued by the applicable Facing Agent Bank purporting to effect such reduction.

Stated Amount. The Stated Amount of each Letter of Credit shall not be less than $100,000 or such lesser amount as the Company and the Facing Agent has have agreed to. For purposes of calculating the Stated Amount of any Letter of Credit at any time: (i) any increase in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the date the Facing Agent actually issues an amendment purporting to increase the Stated Amount of such Letter of Credit, whether or not the Facing Agent receives received the consent of the Letter of Credit beneficiary or beneficiaries to the amendment, except that if Borrower has requested that the increase in Stated Amount be given effect as of an earlier date and Facing Agent issues an amendment to that effect, then such increase in Stated Amount shall be deemed effective under this Agreement as of such earlier date requested by Borrower; and (ii) any reduction in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the later of (x) the date the Facing Agent actually issues an amendment purporting to reduce the Stated Amount of such Letter of Credit, whether or not the amendment provides that the reduction be given effect as of an earlier date, or (y) the date the Facing Agent receives the written consent (including by telex or facsimile transmission) of the Letter of Credit beneficiary or beneficiaries to such reduction, which written consent must be dated on or after the date of the amendment issued by the Facing Agent purporting to effect such reduction.

Stated Amount. The Stated Amount of each Letter of Credit shall not be less than Five Hundred Thousand Dollars ($100,000 500,000) or such lesser amount as to which the applicable Facing Agent Bank has agreed toagreed. For purposes of calculating the Stated Amount of any Letter of Credit at any time: (i) any increase in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the date the applicable Facing Agent Bank actually issues an amendment purporting to increase the Stated Amount of such Letter of Credit, whether or not the applicable Facing Agent Bank receives the consent of the Letter of Credit beneficiary or beneficiaries to the amendment, except that if Borrower the Funds Administrator has requested that the increase in Stated Amount be given effect as of an earlier date and the applicable Facing Agent Bank issues an amendment to that effect, then such increase in Stated Amount shall be deemed effective under this Agreement as of such earlier date requested by Borrowerthe Funds Administrator; provided that any increase in the Stated Amount shall be subject to the satisfaction or waiver of the conditions set forth in Section 5.2 and the applicable Facing Bank shall promptly notify the other Lenders of any such increase; and (ii) any reduction in the Stated Amount of any Letter of Credit by reason of any amendment to any Letter of Credit shall be deemed effective under this Agreement as of the later of (x) the date the applicable Facing Agent Bank actually issues an amendment purporting to reduce the Stated Amount of such Letter of Credit, whether or not the amendment provides that the reduction be given effect as of an earlier date, or (y) the date the applicable Facing Agent Bank receives the written consent (including by telex or facsimile transmission) of the Letter of Credit beneficiary or beneficiaries to such reduction, which written consent must be dated on or after the date of the amendment issued by the applicable Facing Agent Bank purporting to effect such reduction.