Termination of obligations

The Issuer shall be released from its obligations under Clause 2 (without prejudice to any then outstanding liability of the Issuer to the Beneficiary as a result of a L/C Demand complying with the terms of this Letter of Credit having already been made) on the earlier to occur of:

A. the date (if any) notified by the Beneficiary to the Issuer in writing as the date upon which the obligations of the Issuer hereunder are to be released and this Letter of Credit is returned; or

B. if no L/C Demand shall have been presented under Clause 2 by that date which is forty-five (45) Business Days after the first Payment Date under the LC Table and the Beneficiary shall not by such date have delivered to the Issuer a Certificate of Delivery (which delivery shall be deemed made if the Certificate is delivered by hand to the Issuer's address set forth above and/or one business day after the Certificate is sent by first class post to the Issuer's address set forth above); or

C. upon payment in full by the Issuer pursuant to a L/C Demand.

This clause contains provisions for the benefit of the Issuer, setting out the circumstances in which the Issuer may be released from its obligations to make payment under the letter of credit. For example, the Beneficiary may choose to release the Issuer by giving written notice and the obligations of the Issuer may terminate once the Beneficiary has been paid out in full.

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