Mandatory cancellation. Following the occurrence of a Full Collateralisation Event, the Agent shall, by written notice to the Account Party, declare the Commitment of each Bank, and the unutilised portion of the Facility, to be cancelled, whereupon the Commitment of such Bank and the unutilised portion of the Facility shall be cancelled and the Issuing Bank shall be under no further obligation to issue, and each Bank shall be under no further obligation to participate in the issuance of, any Letter of Credit, and any outstanding Application shall be automatically cancelled.
Appears in 2 contracts
Sources: Credit Facility Agreement (Amtrust Financial Services, Inc.), Facility Agreement (Amtrust Financial Services, Inc.)