Common use of Revocation Notice Clause in Contracts

Revocation Notice. (a) The Agent shall give a Revocation Notice to Lloyd’s in respect of every Letter of Credit then in issue no earlier than 1 October 2009 and no later than 31 December 2009. (b) Upon the expiry of a Letter of Credit in accordance with a Revocation Notice the maximum actual and contingent liabilities of each Lender under the Letter of Credit referred to in such Revocation Notice will be reduced to zero.

Revocation Notice. (a) The Agent shall give a Revocation Notice to Lloyd’s in respect of every Letter of Credit then in issue no earlier than 1 October 2009 2008 and no later than 31 December 20092008. (b) Upon the expiry of a Letter of Credit in accordance with a Revocation Notice the maximum actual and contingent liabilities of each Lender under the Letter of Credit referred to in such Revocation Notice will be reduced to zero.