Examples of LOC Amount in a sentence
The Borrower shall, subject to the prior written consent of the Ceding Company and the Reinsurance Trustee, have the right at any time to reduce, upon fifteen (15) calendar days prior written notice to the Issuing Lender, the LOC Amount (an “Optional LOC Reduction”).
Any Optional LOC Reduction shall remain effective until the LOC Amount is further amended in accordance with the terms hereof or the Letter of Credit is terminated pursuant to the terms of this Agreement.
In connection with any Optional LOC Reduction, the Issuing Lender shall immediately amend the Letter of Credit to reduce the LOC Amount to the corresponding amount requested by the Borrower and consented to by the Reinsurance Trustee, (the “Optional LOC Reduction Amount”) and the Borrower shall request that the Reinsurance Trustee countersign such amendment.
If the Issuing Lender has not received the officer’s certificate of the Borrower described in the immediately preceding sentence and the Issuing Lender has delivered a Non-Increase Notice, then the LOC Amount shall not be increased above the then-current LOC Amount.
LETTERS OF CREDIT LOC Beneficiary: LOC NUMBER Issuing Bank LOC Amount: LOC Expiry ACE American Insurance SM221498W Wachovia $6,484,033.00 6/1/2012 Reliance Ins.