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.

Examples of Term Letter of Credit in a sentence

The Administrative Agent shall, on behalf of the Borrower, invest the Term Letter of Credit Deposit Amount in Citi Institutional Cash Reserves Class O Shares or such other investments as the Administrative Agent and the Borrower shall agree to from time to time.
On the Closing Date, the proceeds of the Term C Loans, together with other funds (if any) provided by the Borrower, were deposited into the applicable Term C Loan Collateral Accounts such that the Term C Loan Collateral Account Balance of the Term C Loan Collateral Account established for the benefit of each Term Letter of Credit Issuer equaled at least the Term Letters of Credit Outstanding of such Term Letter of Credit Issuer.
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).
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.
Each such reduction of the Unused Total Revolving Credit Commitment, the Term Letter of Credit Deposit Amount, the Total Tranche B Commitment or the Total Tranche C Commitment shall be in the principal amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof.