Fronting Advance definition

Fronting Advance shall have the meaning set forth in Section 2.3.
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Fronting Advance. “Fronting Bank”, “Fronting Commitment”, “Fronting Event”, “Fronting Facility”, “Fronting Fee”, “Non-Qualified Lender”, “Other
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Fronting Advance has the meaning specified in Section 2.03A(a).
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Examples of Fronting Advance in a sentence

  • Each Participant expressly agrees, however, that it shall be obligated to fund its Pro Rata Share of requested Participant Funding with respect to Advances made by the Servicer with respect to unreimbursed drawings upon outstanding Letters of Credit whether or not a Credit Event, Unmatured Credit Event or Loan Default has occurred and is continuing and whether or not made as a Fronting Advance.

  • The purchase of such risk participation in each Fronting Advance by such Non-Qualified Lender shall satisfy such Non-Qualified Lender’s funding requirements under Section 2.02(a).

  • Each Non-Qualified Lender shall make the amount of its participation in each such Fronting Advance available to the Administrative Agent for the account of the Fronting Bank, by deposit of such amount (in Dollars) to the Administrative Agent’s Account, in same day funds, not later than 1:00 P.M. (New York City time) on the Business Day specified in such notice.

  • Upon the occurrence of an Event of Default and the conversion of all Advances denominated in any Committed Foreign Currency into Dollars pursuant to Section 2.09(b)(iii) (a “Sharing Event”), the Administrative Agent shall notify each Non-Qualified Lender of its obligation to fund its participation in each Fronting Advance.

  • Immediately upon the making of a Fronting Advance on behalf of a Non-Qualified Lender, such Non-Qualified Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Fronting Bank a risk participation in one hundred percent (100%) of such Fronting Advance.

  • At any time after any Lender has purchased and funded a risk participation in a Fronting Advance, if the Fronting Bank receives any payment on account of such Fronting Advance, the Fronting Bank will distribute to such Lender such payment (appropriately adjusted to reflect the period of time during which such Lender’s participation was funded) in the same funds and currency as those received by the Fronting Bank.

  • In consideration of each Fronting Advance made by a Fronting Bank, the applicable Non-Qualified Lender on behalf of whom such Fronting Advance is made shall pay to such Fronting Bank a fee on the principal balance of such Fronting Advance outstanding from time to time determined at a rate per annum equal to two-tenths of one percent (0.20%) (a “Fronting Fee”).

Related to Fronting Advance

  • Revolving Advance has the meaning given in Section 2.1.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

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

  • Servicing Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • Fronting Lender means, as to any Letter of Credit transaction hereunder, Agent as issuer of the Letter of Credit, or, in the event that Agent either shall be unable to issue or shall agree that another Lender may issue, a Letter of Credit, such other Lender as shall agree to issue the Letter of Credit in its own name, but in each instance on behalf of the Lenders hereunder.

  • Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.

  • Committed Advance means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Committed Advance, each of which is a “Type” of Committed Advance.

  • Revolving Advances means Advances made other than Letters of Credit.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

  • P&I Advance means an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service payment on the Note(s) securitized pursuant to such Securitization Servicing Agreement.

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.

  • Outstanding Advances means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances made as of or prior to such date, minus (1) all payments or collections as of or prior to such date which are specified in Section 4.04(b) and (c) as applied to reimburse all unpaid Advances with respect to such Receivable and (2) all amounts for which the Servicer has deemed to have released all claims for reimbursement of Outstanding Advances pursuant to Section 3.08.

  • Property Advance means an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

  • Monthly Advance The portion of each Monthly Payment that is delinquent with respect to each Mortgage Loan at the close of business on the Determination Date required to be advanced by the Company pursuant to Section 5.03 on the Business Day immediately preceding the Remittance Date of the related month.

  • Participation Advance shall have the meaning set forth in Section 2.12(d).

  • Unpaid Advance has the meaning assigned to such term in Section 2.05.

  • Administrative Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Subservicer Advance Any delinquent installment of principal and interest on a Mortgage Loan which is advanced by the related Subservicer (net of its Subservicing Fee) pursuant to the Subservicing Agreement.

  • Fronting Bank means each Lender identified as a “Fronting Bank” on Schedule II and any other Lender (in each case, acting directly or through an Affiliate) that delivers an instrument in form and substance satisfactory to the Borrowers and the Administrative Agent whereby such other Lender (or its Affiliate) agrees to act as “Fronting Bank” hereunder and that specifies the maximum aggregate Stated Amount of Letters of Credit that such other Lender (or its Affiliates) will agree to issue hereunder.

  • 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.

  • Servicing Advances All customary, reasonable and necessary "out of pocket" costs and expenses incurred in the performance by the Master Servicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any expenses reimbursable to the Master Servicer pursuant to Section 3.11 and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of any REO Property and (iv) compliance with the obligations under Section 3.09.

  • LC means Letter of Credit

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.