Common use of Cancellation of Letters of Credit Clause in Contracts

Cancellation of Letters of Credit. The Borrower may give the Agent not less than 10 Business Days’ prior notice of its intention to procure that the liability of each Lender under any Letter of Credit is reduced to zero (whereupon it shall do so).

Cancellation of Letters of Credit. The Any Revolving Borrower which has requested a Letter of Credit may give the Facility Agent not less than 10 Business Days’ ten business days' prior notice of its intention to procure that the L/C Fronting Bank's liability of each Lender under any such Letter of Credit is reduced to zero (whereupon it shall do so).