Elected Performance L/C Cap definition
Elected Performance L/C Cap means, a minimum initial election of an amount equal to $5,000,000.00; provided, however, Borrower may elect to change such Elected Performance L/C Cap five (5) times during any twelve (12) month period to be either of $10,000,000.00 or $15,000,000.00, which modified Elected Performance L/C Cap shall continue in effect until again changed by Borrower in accordance with this Agreement, or until automatically reduced as hereinafter set forth. Notwithstanding the foregoing, Borrower may not elect an Elected Performance L/C Cap unless Borrower’s Net Working Capital and Tangible Net Worth at the time of election are greater than, or equal to, the amounts specified below:
Elected Performance L/C Cap means a minimum initial election of an amount equal to
Elected Performance L/C Cap means, a minimum initial election of an amount equal to $5,000,000.00; provided, however, Borrower may elect to change such Elected Performance L/C Cap five (5) times during any twelve (12) month period to be either of $10,000,000.00 or $15,000,000.00, which modified Elected Performance L/C Cap shall continue in effect until again changed by Borrower in accordance with this Agreement, or until automatically reduced as hereinafter