Common use of Return of the Letter of Credit or the Proceeds Thereof Clause in Contracts

Return of the Letter of Credit or the Proceeds Thereof. Xxxxxx Mae shall return the Letter of Credit, or the proceeds of any draws on such Letter of Credit (less all amounts which have been applied by Xxxxxx Xxx pursuant to the terms of this Section) to Borrower within five (5) business days after the date on which Xxxxxx Mae releases the lien of each Security Instrument.

Return of the Letter of Credit or the Proceeds Thereof. Xxxxxx Mae shall return the Letter of Credit, or the proceeds of any draws on such Letter of Credit (less all amounts which have been applied by Xxxxxx Xxx pursuant to the terms of this Section) to Borrower within five (5) business days after the date on which Xxxxxx Mae releases the lien of each all of the Security InstrumentInstruments.