Examples of Synthetic Letters of Credit in a sentence
All participation fees and fronting fees in respect of Synthetic Letters of Credit that are payable on a per annum basis shall be computed on the basis of the number of days elapsed in a year of 360 days.
From time to time, the Borrower may by notice to the Administrative Agent designate any Revolving Facility Lender (in addition to JPMCB) each of which agrees (in its sole discretion) to act in such capacity and is reasonably satisfactory to the Administrative Agent as an Issuing Bank with respect to Revolving Letters of Credit and Synthetic Letters of Credit.
With respect to its participation in the Loans and the Synthetic Letters of Credit, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity.
Notwithstanding any provision in this Agreement to the contrary, the sole funding obligation of each Synthetic L/C Lender in respect of its participation in Synthetic Letters of Credit shall be satisfied in full upon the funding of its Credit-Linked Deposit on or prior to the Closing Date.
As between Borrower and Synthetic LC Issuing Bank, Borrower assumes all risks of the acts and omissions of, or misuse of the Synthetic Letters of Credit issued by Synthetic LC Issuing Bank, by the respective beneficiaries of such Synthetic Letters of Credit.
Each Credit Party covenants and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations and cancellation or expiration of all Synthetic Letters of Credit, each Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 5.
Drawings under a Synthetic Letters of Credit shall be deemed to be reimbursed to the extent funds on deposit in the Synthetic Deposit Account are withdrawn and applied thereto in accordance with Section 2.16(c)(i).
Without limiting the foregoing and in furtherance thereof, any action taken or omitted by Synthetic LC Issuing Bank under or in connection with the Synthetic Letters of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of Synthetic LC Issuing Bank to Borrower.
The actual or contingent participating interests of the Synthetic L/C Lenders in Synthetic Letters of Credit shall at all times be allocated ratably to all Synthetic L/C Lenders, whether extending or non-extending, having Credit Linked Deposits at such time.
This Guaranty is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been paid in full and the Synthetic LC Commitments shall have terminated and all Synthetic Letters of Credit shall have expired or been cancelled.