Termination of an L/C Issuer. The Borrower may terminate the appointment of any L/C Issuer as an “L/C Issuer” hereunder by providing notice thereof to such L/C Issuer, with a copy to the Administrative Agent. Any such termination shall become effective upon the earlier of (i) such L/C Issuer’s acknowledging receipt of such notice and (ii) the fifth Business Day following the date of the delivery thereof; provided that no such termination shall become effective until and unless the exposure attributable to Letters of Credit issued by such L/C Issuer (or its Affiliates) shall have been reduced to zero. At the time any such termination shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the terminated L/C Issuer pursuant to Section 2.11(b). Notwithstanding the effectiveness of any such termination, the terminated L/C Issuer shall remain a party hereto and shall continue to have all the rights of an L/C Issuer under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue any additional Letters of Credit or be deemed an L/C Issuer for any other purpose.
Appears in 6 contracts
Samples: Credit Agreement (Hill International, Inc.), Credit Agreement (Hill International, Inc.), Credit Agreement (Hill International, Inc.)
