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GMSLA Anatomy™
In a Nutshell™ Clause 8.5:
8.5 Delivery of Letters of Credit: Where Collateral takes the form of a Letter of Credit, the Lender can satisfy its obligation to redeliver Equivalent Collateral by delivering the Letter of Credit for cancellation, or consenting to a reduction in its value.
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2010 GMSLA full text of Clause 8.5:
8.5 Delivery of Letters of Credit
Where a Letter of Credit is provided by way of Collateral, the obligation to deliver Equivalent Collateral is satisfied by Lender delivering for cancellation the Letter of Credit so provided, or where the Letter of Credit is provided in respect of more than one Loan, by Lender consenting to a reduction in the value of the Letter of Credit.
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