The term 'THIRD OF JULY' is a reference to the United States holiday of Independence Day, which is celebrated annually on July 4th. The crossword solution for this term is ELL, which is an abbreviation for the phrase 'every last one'. This phrase is often used to emphasize the importance of including everyone in a group or activity. Therefore, the phrase 'every last one' is a fitting solution for the term 'THIRD OF JULY', as it emphasizes the importance of celebrating the holiday with all Americans.