Common use of Changes to Stated Amount Clause in Contracts

Changes to Stated Amount. Subject to the terms and conditions hereof, at any time when any Tranche 2 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans then outstanding, would exceed an amount equal to the Total Tranche 2 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans incurred by such Borrower and then outstanding, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 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, (iv) the Stated Amount of a Tranche 2 Letter of Credit may not be increased at any time after the date which is 30 days prior to the Commitment Expiration Date, (v) in no event shall the Stated Amount of any Tranche 2 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 2 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the Stated Amount of any Tranche 2 Fronted Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 2 Fronted Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limit.

Appears in 2 contracts

Samples: Credit Agreement (Endurance Specialty Holdings LTD), Agreement (Endurance Specialty Holdings LTD)

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Changes to Stated Amount. Subject to the terms and conditions hereof, at At any time when any Tranche 2 1 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 1 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 1 Revolving Loans then outstanding, would exceed an amount equal to the Total Tranche 2 1 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 1 Revolving Loans incurred by such Borrower and then outstanding, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 2 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 (iv) the Stated Amount of a Tranche 2 1 Letter of Credit may not be increased at any time after the date which is 30 days prior to the Commitment Expiration Date, (v) in no event shall the Stated Amount of any Tranche 2 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 2 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the Stated Amount of any Tranche 2 Fronted Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 2 Fronted Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limit.

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

Changes to Stated Amount. Subject to the terms and conditions hereof, at any time when any Tranche 2 1 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 1 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans then outstandingtime, would exceed an amount equal to the Total Tranche 2 1 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans incurred by such Borrower and then outstandingtime, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 2 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, (iv) the Stated Amount of a Tranche 2 1 Letter of Credit may not be increased at any time after the date which is 30 thirty (30) days prior to the Commitment Expiration Date, (v) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount amount of all Tranche 1 Letter of Credit Outstandings denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 1 Letter of Credit) at such time and (y) the aggregate amount of all Tranche 2 Letters Letter of Credit Outstandings denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the Stated Amount of any Tranche 2 1 Fronted Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount amount of all Tranche 1 Fronted Letter of Credit Outstandings (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 1 Letter of Credit) outstanding at such time and (y) the aggregate amount of all Tranche 2 Fronted Letters Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limit; (vii) in no event shall the Stated Amount of any Tranche 1 Fronted Letter of credit issued by any Issuing Lender be increased without such Issuing Lender’s consent (in its sole discretion) to an amount which, when added to the aggregate amount of all Tranche 1 Fronted Letter of Credit Outstandings and Tranche 2 Fronted Letter of Credit Outstandings in respect of Fronted Letters of Credit issued by such Issuing Lender (exclusive of any Tranche 1 Unpaid Drawings and Tranche 2 Unpaid Drawings in respect of any such Tranche 1 Fronted Letters of Credit or Tranche 2 Fronted Letters of Credit, respectively, which are repaid on the date of and prior to the issuance of the respective Tranche 1 Letter of Credit or Tranche 2 Letter of Credit) outstanding at such time, would exceed $100,000,000; and (viii) the Stated Amount of any Tranche 1 Letter of Credit may not be increased at any time after the Administrative Agent shall have received a Termination Letter with respect to the Designated Subsidiary Borrower on behalf of which such Letter of Credit has been issued.

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

Changes to Stated Amount. Subject to the terms and conditions hereof, at any time when any Tranche 2 1 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 1 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 1 Revolving Loans then outstanding, would exceed an amount equal to the Total Tranche 2 1 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 1 Revolving Loans incurred by such Borrower and then outstanding, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 2 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, (iv) the Stated Amount of a Tranche 2 1 Letter of Credit may not be increased at any time after the date which is 30 days prior to the Commitment Expiration Date, (v) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 1 Letter of Credit) at such time and (y) the Tranche 2 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the Stated Amount of any Tranche 2 1 Fronted Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 2 Fronted Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limit.respective

Appears in 1 contract

Samples: Agreement (Endurance Specialty Holdings LTD)

Changes to Stated Amount. Subject to the terms and conditions hereof, at any time when any Tranche 2 1 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 1 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 1 Revolving Loans then outstanding, would exceed an amount equal to the Total Tranche 2 1 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 1 Letter of Credit Outstandings (exclusive of Tranche 2 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 1 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 1 Revolving Loans incurred by such Borrower and then outstanding, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 2 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, (iv) the Stated Amount of a Tranche 2 1 Letter of Credit may not be increased at any time after the date which is 30 days prior to the Commitment Expiration Date, (v) in no event shall the Stated Amount of any Tranche 2 1 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 1 Letter of Credit) at such time and (y) the Tranche 2 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the Stated Amount of any Tranche 2 1 Fronted Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount of all Tranche 2 Fronted Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limit.to

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

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Changes to Stated Amount. Subject to the terms and conditions hereof, at any time when any Tranche 2 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans then outstandingtime, would exceed an amount equal to the Total Tranche 2 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans incurred by such Borrower and then outstandingtime, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 2 Letter of Credit may not be increased at any time if the conditions precedent set forth in Section 5.02 4.02 are not satisfied at such time, (iv) the Stated Amount of a Tranche 2 Letter of Credit may not be increased at any time after the date which is 30 thirty (30) days prior to the Commitment Expiration Date, (v) in no event shall the Stated Amount of any Tranche 2 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount amount of all Tranche 2 Letters Letter of Credit Outstandings denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the Tranche 1 Letters of Credit denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and (vi) in no event shall the Stated Amount of any Tranche 2 Fronted Letter of Credit issued for by any Issuing Lender be increased without such Issuing Lender’s consent (in its sole discretion); and (vii) the account Stated Amount of any Letter of Credit may not be increased at any time after the Administrative Agent shall have received a Termination Letter with respect to the Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount on behalf of all Tranche 2 Fronted Letters of Credit (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) Tranche 1 Fronted Letters of Credit (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limithas been issued.

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

Changes to Stated Amount. Subject to the terms and conditions hereof, at any time when any Tranche 2 Letter of Credit is outstanding, at the request of the respective Designated Subsidiary Borrower, the Issuing Agent or the relevant Issuing Lender, as the case may be, will enter into an amendment increasing or reducing the Stated Amount of such Tranche 2 Letter of Credit, provided that (i) in no event shall the Stated Amount of any Tranche 2 Letter of Credit be increased to an amount which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans then outstanding, would exceed an amount equal to the Total Tranche 2 Commitment at such time, (ii) in no event shall the Stated Amount of any Tranche 2 Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the Tranche 2 Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) applicable to such Borrower at such time and (y) the aggregate principal amount of all Tranche 2 Revolving Loans incurred by such Borrower and then outstanding, would exceed an amount equal to such Borrower’s Borrowing Base at such time, (iii) the Stated Amount of a Tranche 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, (iviii) the Stated Amount of a Tranche 2 Letter of Credit may not be increased at any time after the date which is 30 thirty (30) days prior to the Commitment Expiration Date, (viv) in no event shall the Stated Amount of any Tranche 2 Letter of Credit denominated in an Optional Currency issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount amount of all Tranche 2 Letters Letter of Credit Outstandings denominated in Optional Currencies (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time and (y) the aggregate amount of all Tranche 1 Letters Letter of Credit Outstandings denominated in Optional Currencies (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) at such time, would exceed the Aggregate Multicurrency Letter of Credit Limit; and , (viv) in no event shall the Stated Amount of any Tranche 2 Fronted Letter of Credit issued for the account of any Designated Subsidiary Borrower be increased to an amount which, when added to (x) the aggregate Stated Amount amount of all Tranche 2 Fronted Letters Letter of Credit Outstandings (exclusive of Tranche 2 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time and (y) the aggregate amount of all Tranche 1 Fronted Letters Letter of Credit Outstandings (exclusive of Tranche 1 Unpaid Drawings which are repaid on the date of and prior to the issuance of the respective Tranche 2 Letter of Credit) outstanding at such time, would exceed the Fronted Letter of Credit Limit, (vi) in no event shall the Stated Amount of any Tranche 2 Fronted Letter of credit issued by any Issuing Lender be increased without such Issuing Lender’s consent (in its sole discretion) to an amount which, when added to the aggregate amount of all Tranche 1 Fronted Letter of Credit Outstandings and Tranche 2 Fronted Letter of Credit Outstandings in respect of Fronted Letters of Credit issued by such Issuing Lender (exclusive of any Tranche 1 Unpaid Drawings and Tranche 2 Unpaid Drawings in respect of any such Tranche 1 Fronted Letters of Credit or Tranche 2 Fronted Letters of Credit, respectively, which are repaid on the date of and prior to the issuance of the respective Tranche 1 Letter of Credit or Tranche 2 Letter of Credit) outstanding at such time, would exceed $100,000,000; and (vii) the Stated Amount of a Tranche 2 Letter of Credit shall not be increased at any time after the Administrative Agent shall have received a Termination Letter with respect to the Designated Subsidiary Borrower on behalf of which such Letter of Credit has been issued.

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

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