Definition of Term Letter of Credit


Term Letter of Credit means a letter of credit issued under this Agreement by any L/C Issuer (or its designee) or a Person approved by the Administrative Agent; provided, that the aggregate face amount of all Term Letters of Credit shall not exceed the Maximum Term Letter of Credit Amount.
Sample 1

Examples of Term Letter of Credit in a sentence

Upon any prepayment of Term C Loans, the Term Letter of Credit Commitment shall be reduced by an amount equal to such prepayment as provided in Section 4.3(b) and the Borrower shall be permitted to withdraw an amount up to the amount of such prepayment from the Term C Loan Collateral Account to complete such prepayment as, and to the extent, provided in Section 4.3(b).
In addition, the Collateral Agent hereby agrees to instruct (or to instruct the Collateral Trustee to instruct) the Depositary Bank to release and pay to the Borrower amounts (if any) remaining on deposit in the Term C Loan Collateral Accounts after the termination or cancellation of all Term Letters of Credit, the termination of the Term Letter of Credit Commitment and the repayment in full of all outstanding Term C Loans and Term L/C Obligations.
The return earned on the Term Letter of Credit Deposit Amount will be paid by the Administrative Agent to the Borrower monthly in arrears on each Monthly Payment Date.
Amounts on deposit in the Term Letter of Credit Account shall be invested, or caused to be invested, by the Administrative Agent as set forth in subsection (d) below.
The Term Letter of Credit Deposit Amount shall be automatically and permanently reduced to the extent the Borrower shall not have replenished the Term Letter of Credit Account in accordance with Section 2.04(b)(ii).