Biennial Commitment Expiry Date definition
Examples of Biennial Commitment Expiry Date in a sentence
Each Committed Lender’s LC Participation Commitment shall continue until the last to occur of any of the following events: (A) the occurrence of the Biennial Commitment Expiry Date or the LC Issuer otherwise ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (B) no Letter of Credit issued hereunder remains outstanding and effective; or (C) all Persons (other than the Borrower) have been fully reimbursed for all payments made under or relating to Letters of Credit.
In addition to the foregoing, unless the Termination Date has earlier occurred, on the Biennial Commitment Expiry Date and on each Settlement Date thereafter, the LC Obligations shall be required to be Cash Collateralized to the extent of Collections received on the Biennial Commitment Expiry Date and each Business Day thereafter until paid or Cash Collateralized in full, together with all Expected LC Fees.