Common use of Optional Cancellation Clause in Contracts

Optional Cancellation. The Obligor may cancel the Letter of Credit, by written notice to the Bank, countersigned by an Authorized Officer of the Beneficiary and shall concurrently with such cancellation, pay the Bank any cancellation fee due in respect of such cancellation in accordance with the Fee Letter, provided that the original of such Letter of Credit must accompany such written notice, and provided further that the Obligor may not deliver such a notice for effect as of any date prior to the third anniversary of the Closing Date other than with the written consent of the Bank, which consent may be granted or withheld by the Bank in its sole discretion.