Examples of Fronted LC in a sentence
Notwithstanding anything herein to the contrary, any addition or removal of a Fronting Issuing Bank hereunder or change in its Fronted LC Commitment may be effected only with the agreement of such Fronting Issuing Bank and the Company (and with the consent of Administrative Agent (such consent not to be unreasonably withheld)) (provided that no such change shall increase the Commitment of any Bank).
The balances from time to time in a Fronted LC Collateral Account shall not constitute payment of any such obligations until applied by the Administrative Agent as provided herein.
The balances from time to time in a Fronted LC Collateral Account shall not constitute payment of any such obligations until applied by the Administrative Agent or the applicable Fronting Issuing Bank as provided herein.
The Administrative Agent shall, promptly following its receipt thereof, distribute to the Fronting Bank and the Fronted L/C Participants all commissions received pursuant to this Section 3.4(b) in accordance with such Person’s respective Revolving Credit Commitment Percentage.
With respect to payment to the Fronting Bank of the unreimbursed amounts described in this Section, if the Fronted L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m. on any Business Day, such payment shall be due that Business Day, and (B) after 1:00 p.m. on any Business Day, such payment shall be due on the following Business Day.
The Fronting Bank shall not at any time be obligated to issue any Fronted Letter of Credit hereunder if such issuance would conflict with, or cause the Fronting Bank or any Fronted L/C Participant to exceed any limits imposed by, any Applicable Law.
Each payment to the Administrative Agent of an Issuing Lender’s or Fronted L/C Participants’ commissions shall be made in like manner, but for the account of the applicable Issuing Lender or the Fronted L/C Participants, as the case may be.
As a condition of the issuance of any Letter of Credit under the Credit Facility, the Borrower shall pay to the Agent (i) in the case of a Fronted LC only, for the account of the Issuing Lender, the Fronting Fee specified in Section 3.3 and, for the rateable account of the Lenders, the Issuance Fee specified in Section 3.2(e) or 3.2(f), as applicable and (ii) in the case of a Swingline LC only, for the account of the Issuing Lender, the Issuance Fee specified in Section 3.2(e) or 3.2(f), as applicable.
In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Administrative Agent (in the case of a Syndicated Letter of Credit) or such Fronted LC Issuing Bank (in the case of a Fronted Letter of Credit) relating to any Letter of Credit, the terms and conditions of this Agreement shall control.
Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to Section 2.11A, the Administrative Agent shall distribute such payment to the relevant Fronted LC Issuing Bank or, to the extent that the Lenders have made payments pursuant to this Section 2.11C to reimburse such Fronted LC Issuing Bank, then to such Lenders and/or such Fronted LC Issuing Bank, as applicable.