LC Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination.

LC Exposure Reduction. In the event that on any Revaluation Date (after giving effect to the determination of the LC Exposure) the LC Exposure exceeds ​, the Borrower shall, within five (5) Business Days of receipt of notice from the Administrative Agent, reduce the LC Exposure (taking the Dollar Equivalent of any amounts in an Alternate Currency), in an aggregate amount sufficient to reduce such LC Exposure as of the date of such payment to an amount not to exceed ​ by cash collateralizing the LC Exposure (in accordance with [Section 2.06(j)]) or “backstopping” or replacing of such Letters of Credit, in each case, in an amount equal to 103% of such excess LC Exposure.

Determination of Amount Outstanding. On each Revaluation Date, the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan or LC Exposure that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan or LC Exposure, determined as of such Revaluation Date. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency ​ and the Borrower thereof.

“Liquidity” means, as of any date of determination, the sum of # unused Revolving Commitments at such time plus # the aggregate amount of Available Cash as of such time. For purposes of determining Liquidity, Revolving Commitments shall be deemed to be used at any date of determination to the extent of the outstanding Revolving Loans, LC Exposure and Swingline Exposure at such time.

If, on the date of such determination the aggregate Revolving Dollar Credit Exposure minus the Dollar LC Exposure fully cash collateralized pursuant to [Section 2.05(l)] on such date exceeds the aggregate amount of the Dollar Commitments as then in effect, the Borrower shall, if requested by the Required Dollar ​ (through the Administrative Agent), prepay the Dollar Loans (and/or provide cover for Dollar LC Exposure as specified in [Section 2.05(l)]) within fifteen (15) Business Days following the date the Borrower receives such request in such amounts, if any, as shall be necessary so that after giving effect thereto and the determination of the aggregate Revolving Dollar

“LC Exposure” means, at any time, the sum of # the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus # the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of ​ at such time. The LC Exposure of any Global Tranche Lender at any time shall be its Global Tranche Percentage of the total Global Tranche LC Exposure at such time and the LC Exposure of any US Tranche Lender at any time shall be its US Tranche Percentage of the total US Tranche LC Exposure at such time.

if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to [clause (ii) above], the Borrowers shall not be required to pay any LC Participation Fee to such Defaulting Lender pursuant to [Section 2.11(b)] with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

LC Exposure: at any time shall be the dollar amount represented by the Applicable Percentage of the Overall LC Exposure at such time.

if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

if the LC Exposure of such Defaulting Lender is reallocated pursuant to [clause (i) above], then the fees payable to the Lenders pursuant to [Section 2.11(a)] and [Section 2.11(b)] shall be adjusted in accordance with the amounts of such LC Exposure allocated to the non-Defaulting Lenders; and # if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to [clause [(i) or (ii) above]e]], then, without prejudice to any rights or remedies of the Issuing Banks or any other Lender hereunder, all Letter of Credit fees payable under [Section 2.11(b)] with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable Issuing Banks until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and