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
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.
Proceeds of the Term Loan B Loans and Letters of Credit issued under the Term Letter of Credit Commitment shall be utilized to: (a) refinance certain existing secured indebtedness and replace existing letters of credit, (b) pay fees and expenses associated with the Term Loan B Obligations and Term Letter of Credit Commitment and the Revolving Credit Agreement, and (c) provide for working capital and other general corporate purposes.
The Term Letter of Credit Commitment shall terminate on the Maturity Date and any outstanding Term Letters of Credit shall be terminated or secured in the manner provided in Annex A.
Any such notice of reduction shall be accompanied by the payment of all fees (including the Commitment Fee due on the Term Letter of Credit Commitment being reduced) accrued through the date of such cancellation or reduction under this Agreement plus the amount of the Applicable Reduction Fee.