Definition of Term Letter of Credit Commitment


Term Letter of Credit Commitment means (a) prior to the Fifth Amendment Date, the Maximum Term Letter of Credit Amount minus the sum of (i) the Term Letter of Credit Usage and (ii) the aggregate of all Conversion Amounts; and (b) on and after the Fifth Amendment Date, the face amount of all Continuing Term Letters of Credit minus the face amount of each Continuing Term Letter of Credit that has expired, terminated or that has been drawn, returned, replaced or cancelled, in each case, in full. For the avoidance of doubt, any Term Letter of Credit Commitment existing prior to the Fifth Amendment Date other than with respect to the Continuing Term Letters of Credit shall be deemed to have been terminated in full as of the Fifth Amendment Date.

Examples of Term Letter of Credit Commitment in a sentence

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.
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 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.
Subject to and in accordance with the terms and conditions contained in SECTION 5.02, in Annex A and otherwise in this Agreement, the Borrowers shall have the right to request, and the Lenders agree to cause an L/C Issuer to issue, Term Letters of Credit from time to time during the Availability Period so long as the aggregate of all such Term Letters of Credit do not exceed the Term Letter of Credit Commitment.
Each Lender agrees to incur, or purchase participations for, its Pro Rata Share of the Term Letter of Credit Obligations in respect of the Borrowers up to the principal amount set forth opposite each Lender's name on Schedule 2.01(a) hereto, provided that the aggregate amount of all Term Letters of Credit shall not exceed the Term Letter of Credit Commitment.