Adjustment of Stated Amount. Promptly following each date on which the Required Amount of the Liquidity Facility for a Class of Certificates is adjusted in accordance with the terms of such Liquidity Facility, the Subordination Agent shall, if any such Liquidity Facility provides for adjustments of the Stated Amount of such Liquidity Facility and if such adjustments are not automatic, request such Liquidity Provider for such Class of Certificates to adjust such Stated Amount to an amount equal to the Required Amount with respect to such Liquidity Facility (as calculated by the Subordination Agent after giving effect to the event leading to such adjustment). Each such request shall be made in accordance with the provisions of the applicable Liquidity Facility.
Adjustment of Stated Amount. The Stated Amount shall be subject to automatic reduction and reinstatement in the amounts and upon the terms and conditions set forth in the Letter of Credit. The City may, however, from time to time, but no more often than twice in any 30-day period, request that the Stated Amount be increased or decreased from time to time by delivery of a Request for Adjustment (a “Request for Adjustment”) to the Bank; provided, however, such Request for Adjustment shall not duplicate the automatic reduction and reinstatement of the Stated Amount due to any draw and repayment under the Letter of Credit. Delivery of a Request for Adjustment may be accomplished by telecopy or by e-mail with a pdf copy or other replicating image attached to the Bank of an executed Request for Adjustment followed promptly by the submission of an executed original of the Request for Adjustment. The minimum amount of any requested adjustment shall be $10,000,000 in Principal Portion. Upon delivery by the city to the Bank, each Request for Adjustment shall be irrevocable. The Bank agrees, upon satisfaction of the conditions set forth in this Section, to adjust the Stated Amount from time to time prior to the Commitment Expiration Date; provided, that no requested increase in the Stated Amount shall be for an amount in excess of the Unutilized Commitment on the date of such Request for Adjustment. In no event shall the Stated Amount exceed the Commitment. Upon satisfaction of the conditions precedent set forth in Section 2.02(b) the Bank shall execute and deliver a Notice of Adjustment in the Stated Amount in the form of Exhibit F to the Letter of Credit to the Issuing and Paying Agent and upon such delivery and the acknowledgement thereof by the Issuing and Paying Agent the Stated Amount shall be adjusted to the amount set forth in such notice.
