Standby Option Amount definition

Standby Option Amount means, for any Contract Period, the initial amount specified in Clause 10B of the Special Conditions, minus the aggregate amount transferred from the Standby Option to the Current Amount of Guarantee in accordance with Section 12.3 prior to the commencement of such Contract Period.
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Standby Option Amount means for any Contract Period the initial amount specified in Clause 10B of the Special Conditions, minus the sum of all transfers to the Current Amount of Guarantee and other reductions to the Standby Option Amount made in accordance with Article 13.
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Examples of Standby Option Amount in a sentence

  • If so reduced, the Current Amount of Guarantee, the Standby Option Amount, and the Maximum Aggregate Liability may not thereafter be increased.