Common use of Revocation Notice Clause in Contracts

Revocation Notice. (a) The Parties agree that: (i) in respect of every Letter of Credit then in issue (subject to clause 19.20 (Acceleration and Cancellation)) (to the extent that the same have not been previously drawn down) the Agent shall procure that Barclays Bank PLC’s trade operations shall, in respect of each Letter of Credit, no earlier than the 2023 Tier 2 Asset Submission Deadline and no later than 31 December 2022, give a Revocation Notice to ▇▇▇▇▇’▇ so that each such Letter of Credit expires on the earlier of the date specified therein and 31 December 2026; and (ii) upon such expiry, 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. (b) In the event that any Letter of Credit is issued after the Revocation Notice has been given under paragraph (a) above the Agent shall, and is so instructed by the Lenders to, procure that Barclays Bank PLC’s trade operations give a Revocation Notice in respect of such Letter of Credit at the time such Letter of Credit is issued.

Revocation Notice. (a) The Parties agree that: (i) in respect of every Letter of Credit then in issue (subject to clause 19.20 (Acceleration and Cancellation)) (to the extent that the same have not been previously drawn down) the Agent shall procure that Barclays Bank PLC’s trade operations shall, in respect of each Letter of Credit, no earlier than the 2023 2024 Tier 2 Asset Submission Deadline and no later than 31 December 20222023, give a Revocation Notice to ▇▇▇▇▇’▇ Lloyd’s so that each such Letter of Credit expires on the earlier of the date specified therein and 31 December 20262027; and (ii) upon such expiry, 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. (b) In the event that any Letter of Credit is issued after the Revocation Notice has been given under paragraph (a) above the Agent shall, and is so instructed by the Lenders to, procure that Barclays Bank PLC’s trade operations give a Revocation Notice in respect of such Letter of Credit at the time such Letter of Credit is issued.