Common use of Reduction of Outstanding Guarantee Amounts Clause in Contracts

Reduction of Outstanding Guarantee Amounts. The Outstanding Guarantee Amount of a Guarantee shall not be treated as reduced for the purposes of this Agreement unless and until: (a) the Issuer has received a written confirmation from the Seller of the amount of such reduction; or (b) the Issuer has notified the relevant Obligor in writing that (notwithstanding the absence of a written confirmation from the Seller) it is satisfied that its liability under the Guarantee has been irrevocably reduced or discharged; or (c) the amount of the Guarantee irrevocably and unconditionally reduces in accordance with its terms; or (d) the expiry date of the Guarantee elapses and the Issuer has notified the relevant Obligor in writing that it is satisfied that no claim or demand has been made, or may thereafter be made, under the Guarantee, such notification not to be unreasonably withheld or delayed.

Reduction of Outstanding Guarantee Amounts. The Outstanding Guarantee Amount of a Guarantee shall not be treated as reduced for the purposes of this Agreement unless and until: (a) the Issuer Issuing Bank, or the Agent on its behalf, has received a written confirmation from the Seller Beneficiary of the amount of such reduction; or (b) the Issuer Issuing Bank has notified the relevant Obligor Agent in writing that (notwithstanding the absence of a written confirmation from the SellerBeneficiary) it is satisfied that its liability under the Guarantee has been irrevocably reduced or discharged; or (c) the amount of the Guarantee irrevocably and unconditionally reduces in accordance with its terms; or (d) the expiry date of the Guarantee elapses and the Issuer Issuing Bank has notified the relevant Obligor Borrower in writing writing, through the Agent, that it is satisfied that no claim or demand has been made, or may thereafter be made, under the Guarantee, such notification not to be unreasonably withheld or delayed.