Tranche A Commitment. On and subject to the terms and conditions of this Reimbursement and Pledge Agreement, (a) the Fronting Bank agrees to issue, extend and renew for the account of the Borrower one or more standby letters of credit (a “Tranche A Letter of Credit”) from time to time before the Tranche A Commitment Termination Date, (b) each Tranche A Lender hereby agrees to issue severally, and for itself alone, Tranche A Several Letters of Credit at the request of and for the account of the Borrower from time to time before the Tranche A Commitment Termination Date in such Lender’s Tranche A Commitment Percentage of such aggregate stated amounts of Several Letters of Credit, (c) each Lender hereby agrees to purchase Letter of Credit Participations in the obligations of the Fronting Bank under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth in §2.2, and (d) with respect to Tranche A Several Letters of Credit, the Fronting Bank hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Tranche A Commitment Percentage plus each Participating Bank’s Tranche A Commitment Percentage and each Participating Bank hereby agrees to purchase Letter of Credit Participations in the obligations of the Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment Percentage; provided however, that after giving effect to any Credit Extension pursuant to this §2.1.1, (x) the sum of the Total Outstandings shall not exceed the Total Commitment, (y) the sum of the Tranche A Outstanding Amount shall not exceed the Total Tranche A Commitment and (z) the Total Outstandings shall not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters of Credit listed on Schedule 2.1.1 shall be Tranche A Letters of Credit hereunder.
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Samples: Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD)
Tranche A Commitment. On and subject to the terms and conditions of this Reimbursement and Pledge Agreement, (a) the Fronting Bank agrees to issue, extend and renew for the account of the Borrower one or more standby letters of credit (a “The Tranche A Letter Commitment of Credit”HSBC Bank plc in its capacity as a Bank as at the Signing Date will be US$50,000,000 (unless it agrees in writing with the Parent to increase its Tranche A Commitment up to a specified amount).
(b) If and to the extent other banks or financial institutions (each a "NEW BANK") are willing to commit to participate in Tranche A following syndication efforts by the Arranger then, upon any Novation Certificate signed by a New Bank taking effect in relation to Tranche A, the New Bank will be treated as having taken a transfer from time to time before HSBC Bank plc of the Tranche A Commitment Termination Date, (b) each specified in that Novation Certificate as though HSBC Bank plc had increased its Tranche A Lender hereby agrees Commitment by the amount such New Bank is willing to issue severally, and for itself alone, Tranche A Several Letters so commit immediately prior to the Novation Certificate taking effect.
(c) Commitment fee in respect of Credit at the request such undrawn part of and for the account of the Borrower from time to time before the Tranche A Commitment Termination Date increased pursuant to this Clause 2.7 will accrue under Clause 23.2 (Commitment Fee) in such Lender’s relation to:
(i) the Tranche A Commitment Percentage of such aggregate stated amounts any New Bank, with effect on and after the effective date of Several Letters of Credit, the relevant Novation Certificate; and
(cii) each Lender hereby any increased Tranche A Commitment which HSBC Bank plc agrees to purchase Letter of Credit Participations as contemplated in paragraph (a) above, with effect on and after the obligations of the Fronting date it agrees in writing to accept that increased Tranche A Commitment.
(d) Nothing in this Clause 2.7 will oblige HSBC Bank plc in its capacity as a Bank to make any Advance under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth which would result in §2.2, and (d) with respect to the principal amount outstanding under Tranche A Several Letters being in excess of Credit, US$50,000,000 at any time (except to the Fronting Bank hereby agrees that extent it shall be severally (and not jointly) liable for an amount equal has agreed in writing to its accept a Tranche A Commitment Percentage plus each Participating Bank’s in excess of such amount)."
(h) All references to Tranche A Commitment Percentage and each Participating Bank hereby agrees to purchase Letter of Credit Participations B in the obligations of the Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment Percentage; provided however, that after giving effect to any Credit Extension pursuant to this §2.1.1, (x) the sum of the Total Outstandings shall not exceed the Total Commitment, (y) the sum of the Tranche A Outstanding Amount shall not exceed the Total Tranche A Commitment and (z) the Total Outstandings shall not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters of Credit listed on Schedule 2.1.1 Agreement shall be deemed deleted in their entirety so that:
(i) references to "Tranche A Letters B" in the definitions of Credit hereunder."Advance", "Commitment", "Facility", "Rollover Advance" and "Total Commitments" in Clause 1.1 (Definitions) shall be deemed deleted; and
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Samples: Revolving Credit Facility Agreement (Getty Images Inc)
Tranche A Commitment. On Upon and subject to the terms and conditions of this Reimbursement and Pledge Agreementhereof, (ai) the each Fronting Bank agrees (subject to issue, extend and renew for the account of the Borrower one or more standby letters of credit (a “Tranche A Letter of Credit”definition thereof) from time to time before the Tranche A Commitment Termination Date, (b) each Tranche A Lender hereby agrees to issue severally, and for itself alone, Tranche A Several Fronted Letters of Credit in Dollars or an Alternative Currency at the request of and for the account of the each Designated Subsidiary Borrower from time to time before during the Availability Period, (ii) each Tranche A Commitment Termination Date Lender that is not a Participating Bank hereby agrees to issue Tranche A Several Letters of Credit in Dollars at the request of and for the account of each Designated Subsidiary Borrower from time to time during the Availability Period in such Lender’s Tranche A Commitment Applicable Percentage of such aggregate stated amounts of Several Letters of Creditas such Designated Subsidiary Borrower may from time to time request, (ciii) each Tranche A Lender hereby agrees to purchase Letter of Credit Participations risk participations in the obligations of the issuing Fronting Bank under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth in §2.2an amount equal of such Tranche A Lender’s Applicable Percentage of such obligations, and (div) with respect to Tranche A Several Letters of Credit, the applicable Fronting Bank hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Tranche A Commitment Applicable Percentage plus each Participating Bank’s Tranche A Commitment Applicable Percentage of the amount of such Several Letter of Credit and each Participating Bank hereby agrees to purchase Letter of Credit Participations risk participations in the obligations of the such Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment PercentageApplicable Percentage of such obligations; provided provided, however, that after giving effect to any Credit Extension pursuant to this §2.1.1Section 2.01(a), (xA) the sum of the Total Outstandings Tranche A L/C Obligations outstanding shall not exceed the Total Commitmentcombined Tranche A Commitments, (yB) the sum of the Tranche A Outstanding Amount L/C Obligations of any Designated Subsidiary Borrower shall not exceed such Designated Subsidiary Borrower’s Borrowing Base, (C) the Total Tranche A L/C Obligations of any Tranche A Lender will not exceed such Lender’s Tranche A Commitment and (zD) the Total Outstandings total outstanding stated amount of Fronted Letters of Credit shall not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters Fronted Letter of Credit listed on Schedule 2.1.1 shall be Tranche A Letters of Credit hereunderSublimit.
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Tranche A Commitment. On Upon and subject to the terms and conditions of this Reimbursement and Pledge Agreementhereof, (ai) the Fronting Bank hereby agrees to issue, extend issue Tranche A Fronted Letters of Credit at the request of and renew for the account of the Borrower one Max Bermuda or more standby letters any of credit (a “Tranche A Letter of Credit”) its Insurance Subsidiaries from time to time before the Tranche A Commitment Termination Date, (bii) each Tranche A Lender that is not a Participating Bank hereby agrees to issue severally, and for itself alone, Tranche A Several Letters of Credit at the request of and for the account of the Borrower Max Bermuda or any of its Insurance Subsidiaries from time to time before the Tranche A Commitment Termination Date in such Lender’s Tranche A Commitment Percentage of such aggregate stated amounts of Several Letters of Creditas Max Bermuda may from time to time request, (ciii) each Lender hereby agrees to purchase Letter of Credit Risk Participations in the obligations of the Fronting Bank under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth in §2.2Credit, and (div) with respect to Tranche A Several Letters of Credit, the Fronting Bank hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Tranche A Commitment Percentage plus each Participating Bank’s Tranche A Commitment Percentage and each Participating Bank hereby agrees to purchase Letter of Credit Risk Participations in the obligations of the Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment Percentage; provided provided, however, that after giving effect to any Credit Extension pursuant to this §2.1.1Section 2.1(a), (A) the Tranche A Obligations outstanding shall not exceed the lesser of (x) the sum of the Total Outstandings shall not exceed the Total Commitment, combined Tranche A Commitments and (y) the sum of Tranche A Borrowing Base, (B) the Tranche A Outstanding Amount shall Obligations of any Lender will not exceed the Total such Lender’s Tranche A Commitment Commitment, and (zC) the Total Outstandings shall not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters of Credit listed on Schedule 2.1.1 conditions in Section 2.3(b) shall be Tranche A Letters of Credit hereundermet.
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Tranche A Commitment. On Upon and subject to the terms and conditions of this Reimbursement and Pledge Agreementhereof, (ai) the Fronting Bank hereby agrees to issue, extend issue Tranche A Letters of Credit at the request of and renew for the account of the Borrower one or more standby letters of credit (a “Tranche A Letter of Credit”) Max Re from time to time before the Tranche A Commitment Termination Date, (bii) each Tranche A Lender Issuer hereby agrees to issue severally, and for itself alone, Tranche A Several Letters of Credit at the request of and for the account of the Borrower Max Re from time to time before the Tranche A Commitment Termination Date in such LenderIssuer’s Tranche A Commitment Percentage of such aggregate stated amounts of Several Tranche A Letters of CreditCredit as Max Re may from time to time request, (ciii) each Lender hereby agrees to purchase Letter of Credit Risk Participations in the obligations of the Fronting Bank under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth in §2.2Issued by the Fronting Bank, and (div) with respect to Tranche A Several Letters of CreditCredit Issued by the Issuers severally based on their respective Percentages, the Fronting Bank hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Tranche A Commitment Percentage plus each Participating Bank’s Tranche A Commitment Percentage and each Participating Bank hereby agrees to purchase Letter of Credit Risk Participations in the obligations of the Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment Percentage; provided however, that after giving effect no Issuer shall be obligated to issue (and no Participating Bank shall be obligated to participate in) any Tranche A Letter of Credit Extension pursuant to this §2.1.1, if as of the date of issuance of such Tranche A Letter of Credit (A) the Tranche A Obligations outstanding shall exceed the lesser of (x) the sum of the Total Outstandings shall not exceed the Total Commitment, combined Tranche A Commitments and (y) the sum of Tranche A Borrowing Base, (B) the Tranche A Outstanding Amount shall not Obligations of any Lender would exceed the Total such Lender’s Tranche A Commitment and Commitment, or (zC) the Total Outstandings shall conditions in Section 2.3(b) are not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters of Credit listed on Schedule 2.1.1 shall be Tranche A Letters of Credit hereundermet.
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Tranche A Commitment. On Upon and subject to the terms and conditions of this Reimbursement and Pledge Agreementhereof, (ai) the each Fronting Bank agrees (subject to issue, extend and renew for the account of the Borrower one or more standby letters of credit (a “Tranche A Letter of Credit”definition thereof) from time to time before the Tranche A Commitment Termination Date, (b) each Tranche A Lender hereby agrees to issue severally, and for itself alone, Tranche A Several Fronted Letters of Credit in Dollars or an Alternative Currency at the request of and for the account of the each Designated Subsidiary Borrower from time to time before during the Availability Period (it being agreed that JPMorgan Chase Bank shall not be required to extend or increase any Existing Letter of Credit which is a Tranche A Commitment Termination Date Letter of Credit), (ii) each Tranche A Lender that is not a Participating Bank hereby agrees to issue Tranche A Several Letters of Credit in Dollars at the request of and for the account of each Designated Subsidiary Borrower from time to time during the Availability Period in such Lender’s Tranche A Commitment Applicable Percentage of such aggregate stated amounts of Several Letters of Creditas such Designated Subsidiary Borrower may from time to time request, (ciii) each Tranche A Lender hereby agrees to purchase Letter of Credit Participations risk participations in the obligations of the issuing Fronting Bank under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth in §2.2an amount equal of such Tranche A Lender’s Applicable Percentage of such obligations, and (div) with respect to Tranche A Several Letters of Credit, the applicable Fronting Bank hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Tranche A Commitment Applicable Percentage plus each Participating Bank’s Tranche A Commitment Applicable Percentage of the amount of such Several Letter of Credit and each Participating Bank hereby agrees to purchase Letter of Credit Participations risk participations in the obligations of the such Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment PercentageApplicable Percentage of such obligations; provided provided, however, that after giving effect to any Credit Extension pursuant to this §2.1.1Section 2.01(a), (xA) the sum of the Total Outstandings Tranche A L/C Obligations outstanding shall not exceed the Total Commitmentcombined Tranche A Commitments, (yB) the sum of the Tranche A Outstanding Amount L/C Obligations of any Designated Subsidiary Borrower shall not exceed the Total Tranche A Commitment such Designated Subsidiary Borrower’s Borrowing Base, and (zC) the Total Outstandings shall not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters L/C Obligations of Credit listed on Schedule 2.1.1 shall be any Tranche A Letters of Credit hereunderLender will not exceed such Lender’s Tranche A Commitment.
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Tranche A Commitment. On Upon and subject to the terms and conditions of this Reimbursement and Pledge Agreementhereof, (ai) the each Fronting Bank agrees (subject to issue, extend and renew for the account of the Borrower one or more standby letters of credit (a “Tranche A Letter of Credit”definition thereof) from time to time before the Tranche A Commitment Termination Date, (b) each Tranche A Lender hereby agrees to issue severally, and for itself alone, Tranche A Several Fronted Letters of Credit in Dollars or an Alternative Currency at the request of and for the account of the each Tranche A Designated Subsidiary Borrower from time to time before during the Availability Period, (ii) each Tranche A Commitment Termination Date Lender that is not a Participating Bank hereby agrees to issue Tranche A Several Letters of Credit in Dollars at the request of and for the account of each Tranche A Designated Subsidiary Borrower from time to time during the Availability Period in such Lender’s Tranche A Commitment Applicable Percentage of such aggregate stated amounts of Several Letters of Creditas such Tranche A Designated Subsidiary Borrower may from time to time request, (ciii) each Tranche A Lender hereby agrees to purchase Letter of Credit Participations risk participations in the obligations of the issuing Fronting Bank under Tranche A Letters of Credit that are Fronted Letters of Credit as more fully set forth in §2.2an amount equal of such Tranche A Lender’s Applicable Percentage of such obligations, and (div) with respect to Tranche A Several Letters of Credit, the applicable Fronting Bank hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Tranche A Commitment Applicable Percentage plus each Participating Bank’s Tranche A Commitment Applicable Percentage of the amount of such Several Letter of Credit and each Participating Bank hereby agrees to purchase Letter of Credit Participations risk participations in the obligations of the such Fronting Bank under any such Tranche A Several Letter of Credit in an amount equal to such Participating Bank’s Tranche A Commitment PercentageApplicable Percentage of such obligations; provided provided, however, that after giving effect to any Credit Extension pursuant to this §2.1.1Section 2.01(a), (xA) the sum Outstanding Amount of the Total Outstandings Tranche A L/C Obligations shall not exceed the Total Commitmentcombined Tranche A Commitments, (yB) the sum Outstanding Amount of the Tranche A Outstanding Amount L/C Obligations of any Tranche A Designated Subsidiary Borrower shall not exceed such Tranche A Designated Subsidiary Borrower’s Borrowing Base, (C) the Total Outstanding Amount of Tranche A L/C Obligations of any Tranche A Lender will not exceed such Lender’s Tranche A Commitment and (zD) the Total Outstandings total outstanding stated amount of Fronted Letters of Credit shall not exceed the Collateral Coverage Amount. The Borrower, the Fronting Bank and the Tranche A Lenders agree that the Existing Letters Fronted Letter of Credit listed on Schedule 2.1.1 shall be Tranche A Letters of Credit hereunderSublimit.
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