Fronted Letters of Credit definition

Fronted Letters of Credit means (a) Letters of Credit issued by the Fronting Bank pursuant to Section 3.2 and (b) Converted Fronted Letters of Credit.
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Fronted Letters of Credit means the letters of credit issued under Section 2.03 that are not specifically designated as Multi-Issuer Letters of Credit and which are issued by an L/C Issuer.
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Fronted Letters of Credit means each Revolving Letter of Credit and each LC Facility Letter of Credit.
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Examples of Fronted Letters of Credit in a sentence

  • Each Bank acknowledges and agrees that its obligation to acquire participations in respect of Fronted Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Fronted Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.

  • After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Fronted Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Fronted Letters of Credit.

  • In addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Fronted Letters of Credit and Swingline Loans.

  • Bank of America in its capacity as an issuer of (a) Fronted Letters of Credit and (b) Several Letters of Credit on behalf of each Participating Bank.

  • In the case of Fronted Letters of Credit, the Fronting Bank and in the case of Several Letters of Credit, the LC Administrator.

  • The obligations of the Lenders hereunder to make Revolving Loans, to fund Several Letters of Credit, to purchase and fund participations in Fronted Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint.

  • The Borrower may appoint Additional Fronting Banks by written agreement among the Borrower, the Administrative Agent and the applicable Additional Fronting Bank entered into at least two (2) Business Days before the issuance of any Fronted Letters of Credit by such Additional Fronting Bank.

  • Letters of Credit issued hereunder (including Existing Fronted Letters of Credit) shall constitute utilization of the Commitments.

  • Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Fronted Letters of Credit is absolute, irrevocable and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any such Fronted Letter of Credit or the occurrence and continuance of a Default or Event of Default or reduction or termination of the Aggregate Commitments.

  • After the replacement of a Fronted LC Issuing Bank hereunder, the replaced Fronted LC Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of a Fronted LC Issuing Bank under this Agreement with respect to Fronted Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Fronted Letters of Credit.


More Definitions of Fronted Letters of Credit

Fronted Letters of Credit means the letters of credit issued by each Fronted LC Issuing Bank, in each case as the sole issuer thereof, under Section 2.10, and shall include the Existing Fronted Letters of Credit.
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Fronted Letters of Credit means, collectively, Fronted Tranche 1 Letters of Credit and Fronted Tranche 2 Letters of Credit.
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Fronted Letters of Credit means (a) Letters of Credit issued by the Fronting Bank pursuant to Section 3.2, (b) Converted Fronted Letters of Credit and (c) the Existing $200 Million Fronted Letters of Credit.
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Fronted Letters of Credit means letters of credit issued under Section 2.03, including, for the avoidance of doubt, each Existing Participated Letter of Credit continued hereunder.
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Fronted Letters of Credit means the letters of credit issued under Section 2.03 that are not specifically designated as Multi-Issuer Letters of Credit. “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercialloans and similar extensions of credit in the ordinary course of its activities.
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Fronted Letters of Credit has the meaning specified in Section 3.1(a).
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Related to Fronted Letters of Credit

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Existing Letters of Credit means each of the letters of credit issued under the Existing Credit Agreement outstanding on the Closing Date that are described on Schedule 1.01(b).

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Letters of Credit as defined in Section 3.1(a).

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).